Recent Advancements in Blockchain for Healthcare
Blockchain is a relatively new technology, but it’s driving virtually every digital industry in new and exciting directions. Recently we wrote about how it could even improve the healthcare industry, so today we’ll be talking about some specific applications that other companies have developed.
Hyperledger is an open source collaboration between businesses and developers striving to innovate a vast number of industries. Their main focus is how data is maintained and shared around the world. Their work with healthcare is set to benefit everyone involved, from patients to doctors, to record keepers, to pharmaceutical companies, and more.
Thanks to the decentralization of the records that define blockchain technology, data can be updated and synced almost instantaneously. And thanks to the lack of central servers, every device connected to the system serves as backup, so if there are any problems with one of them, the rest fill in. This is amazing in an industry where lives depend on data being current and safe. Privacy and accountability are also ensured using blockchain technology. Encryption ensures that only people who should be accessing and changing data are able to, while transparency allows every action to be tracked back to its actor.
Hyperledger is looking to revolutionize other aspects of the healthcare industry, as well. Insurance, payments, research, and more can all be improved through the use of blockchain to handle records and transactions.
Luna DNA is undergoing a more specific enterprise. Using blockchain, medical and genomic research can be made even better. Thanks to decentralization of records, a more community-based approach to gathering and sharing data is possible. As mentioned previously, encryption and transparency ensure that the records are kept accountable and can only be accessed by people who should be accessing them in the first place.
Luna DNA also has its own proprietary cryptocurrency, Luna Coins. These serve as an incentive to contribute genetic data and to give back to patients and trialgoers in a way that medical science has previously failed to do. The ICO for Luna Coins raised $2 million in capital last year.
Unlike many other ventures in this field, Luna DNA started out as a genomic research organization, with many of its top brass being veterans of the field. With their experience in the many setbacks that the genetic research field faces, they set out to ensure that there would be a better way to carry out this research.
In an effort to update and combine existing healthcare records for mental health and long-term care communities, VitalHub is offering a software-as-a-service platform that will improve the quality of life for patients and caregivers. VitalHub grew out of a mental care service company, giving it years of field expertise. Additionally, its management team knows the global industry inside and out, has a top-notch IT team, and most importantly, has a large customer base whose trust they have built over the years.
Through a history of good work, some key partnerships and acquisitions, and a drive to improve the health and safety of people with mental health issues, VitalHub is poised to revolutionize the field thanks to their embracing of blockchain technology. They are currently researching and developing new ways of maintaining and tracking records, and like Hyperledger and LunaDNA are exciting prospects to watch.
At IDLogiq, we are working on ways to improve the healthcare industry by focusing on drugs and the supply chain. It takes many different people to make change for the better, and we’re proud of and excited about all the wonderful advancements our colleagues are making in their various fields.