Blockchain, the technology behind the most valuable digital currency Bitcoin, has been accepted to be the next revolution in internet technology. Blockchain provides a way to conduct transactions on a decentralized network, eliminating a need for a third party like a bank, government or treasury. This also makes sure the transactions are faster, irreversible and cost much lower than with Fiat currencies. The technology is slated to have an impact in many industries and healthcare is no different.
In fact, healthcare industry has many areas that could use blockchain for industry-wide data sharing, collaborations, help prevent data thefts, maintain privacy and transparency in management of healthcare events by providing immutable and traceable records, tracking of pharma supply chain to reduce theft and pilfering, improving sharing of data for clinical trials and research, and secure sharing of data with insurance companies.
Let us look at some of the companies working hard on solving these problems. Here are the top 5 blockchain companies in the healthcare sector:
Solve.Care is the top contender of a disruptive startup implementing blockchain solutions for this industry. With a track record of innovative healthcare solutions in the US, this company has now launched a Care.Wallet for Physician application on the blockchain platform for the Arizona Care Network (ACN), one of the largest accountable care organisations in the US. Their app makes healthcare safer and more efficient and streamlines benefits administration. It displays actionable data for physicians to drive better care and the financial rewards they earn from ACN for improved healthcare delivery and reduced costs.
Solve.Care is the most interesting company because they have actually implemented a large-scale solution of value-based payments for a network of 5,500 providers of ACN using Care.Coin, their digital token. This, in-spite of the fact that the US healthcare industry is known for being conservative, is a huge deal. Their one more app Care.Wallet for Familys are is already available on Google Play as well as Apple’s app store for users from over 80 countries to download and use.
Humanity is solving one of the oldest and most important problems of this industry – securing of personal data. Currently, most of the patient data is randomly scattered and is sitting on a centralised database in multiple corporations, pharma companies, doctor’s computers, insurance databases and many other places.
Humanity’s blockchain solution, built on Ethereum, is a chain of chains solution called Human Data Consent and Authorisation. Their belief is that ‘Everyone has the right to legal ownership of their inherent human data as property’. This would include medical data.
Care Chain is another innovative company working to establish the blockchain infrastructure required to support such massive amounts of data. They are working towards Personal Data Management as well. Led by Ethereum Enterprise Consortium and HyperLedger, the Care chain intends to cast a wider net by including every stakeholder in the healthcare ecosystem.
Patientory is a consumer facing app with the vision to “empower you to securely access, store, track, and exchange your health data with your chosen medical professional”. Like most EMR on blockchain apps, they allow users to store, view, share and secure their medical records on the blockchain. Their mobile app is free to use where users pay only as they go for the records they store. They also have a support team that lets them communicate directly with the doctors and healthcare providers.
Medical chain has a telemedicine platform that allows users to consult and share their data directly with the doctors. The transactions and data transfer takes place on a blockchain where the users will be able to pay securely using the MedToken. MedicalChain has started pilots where practitioners and patients can register and use their platform.
Healthcare industry is projected to benefit in a big way from blockchain technology. Most solutions are at a nascent stage right now. But as the industry evolves, the biggest advantage will be seen by the users, who will get to control and secure their data. Apart from that, it will bring about huge efficiencies by eliminating paperwork and reducing complexity while allowing better collaboration. Healthcare expenditure is expected to rise to over $10 trillion by 2022 and these companies have the opportunity to grab a sizeable portion of this.