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Reference for the image. The Global Healthcare market is fragmented - in terms of delivery, financing, technology - in every way possible. We must leverage technology to synergize and collaborate throughout the continuum of care. There are many mom-n-pop shops, especially in the emerging economies, which need come them together for a coordinated care delivery. But Healthcare is not just any industry as we have successfully evaded revolutions after revolutions, or at least deferred them until inevitable - as in case of Internet, Electronic records, or Cloud.
Moving one step at a time, it might solve issues encompassing financial transactions, information handoffs, supply chain management, inventory management, and probably more. It is perhaps too soon to gauge the actual impact Blockchain will have on healthcare, but some investors like Cryptocurrency Partners, Digital Currency Group and RRE Ventures are unfazed by the uncertainty around this technology in general.
Recently, IBM took another leap of faith by venturing into technologies of future, by setting up a Centre for Blockchain Innovation in Singapore. Watson is a computing breakthrough bringing in the era of cognitive computing, where machines understand stuff, the way we do!
The machines are continuously learning from the endless data we generate every moment, and adapting. IBM Watson cognitive computing leverages cloud-based technologies to commercialize artificial intelligence. Watson Health is the healthcare specific offering which helps clinicians, researchers and health organizations generate insights for contextually precise healthcare.
Watson is helping transform healthcare business by making operations efficient, outcomes better and every interaction smarter - and very fast! Now IBM ventures into Blockchain and we can surely expect something great down the line. Blockchain technology could revolutionize the healthcare we know and change the way healthcare organizations and patients interact with information. We have pulled up a list of possible applications of Blockchain technology in healthcare wave, hoping to make it big using first mover advantage.
Reference for the image The Global Healthcare market is fragmented - in terms of delivery, financing, technology - in every way possible. Based on Tracxn data, the investor activity looks promising as seen in the graph below. Only when both the codes are present, the records will be accessible. The patients would also be able to control when and how much information they share through conditional access.
Curbing the menace of counterfeit drugs - Counterfeit drug market is a multi-billion dollar issue. We can afford to have solutions like Chronicled for Pharmaceutical products. I surely feel that access to life-saving drugs is more valuable than access to authentic sneakers. By the way, Blockpharma has recently entered this space. Materials Management using Blockchain - Smart Sensors and Blockchain technology can help bid adieu to bulky log-books or multiple inventory modules, manual data entry and material tracking.
A sensor can keep track of where the materials are being moved while there is a backend blockchain which maintains a log of every movement. This could be a whitespace right now. Telemedicine platform - A startup named PointNurse provides a platform built on Ethereum's blockchain, to healthcare professionals for video, voice, and text based consultations.
The health professionals join the community as members, and receive a proportional stake in the software platform along with a fee for services provided. Collaboration and Innovation - Initiatives like Gem and EyePi offer platforms to bring commercialize blockchain through crowd-sourced medical innovation and develop blockchain applications.
Gem has partnered with Philips to develop a platform to unify disparate databases, synchronize changes in real-time, automate workflows and reporting. EyePi uses a crowd-sourcing platform where researchers and innovators can collaborate to solve problems, like breast cancer. We can have a discussion on this. Please feel free to share your thoughts.