The buzzword “blockchain” has been floating around almost every industry, and we won’t see it stopping any time soon. Mayo Clinic, the leading nonprofit organization, signed a deal with Medicalchain, a UK-based startup. The company uses blockchain technology to safely keep medical records of patients. Together, the companies will develop new ways to use blockchain to improve patient care.
“Mayo Clinic will provide their world-class healthcare and health IT expertise, while Medicalchain will provide our knowledge of blockchain and crypto.” Abdullah Albeyatti
The Mayo Clinic team said it’s still too early to predict the exact outcome of the partnership, but the two companies are already well versed in healthcare technology. Medicalchain is currently starting a program using “electronic health passports” which will give patients access to their electronic health records using their phones. And last year, Mayo Clinic started a single integrated electronic health record and billing system.
Let’s take a look into the benefits of blockchain entering the healthcare realm.
Medical Data Management
Blockchain will allow patients to have access to their personal medical records. You’ll be able to have your entire medical history, across all providers, in the palm of your hand. Also, if you wanted to give data access to researchers, you’d be able to do that too. The data would be shared anonymously in order to research, study and ultimately develop medical discoveries in a quicker amount of time.
Drug Development and Supply Chain Integrity
Pharmaceutical companies lose about $200 billion in counterfeit drugs. Blockchain would be able to reduce this as well as help with new drug development.
About 5-10% of healthcare costs are fraud and blockchain may be able to fix this. The US Department of Justice charged three people for $1 billion medicare fraud and money laundering. With blockchain, bill processes will be automated and we will no longer need intermediaries.
We can access so much information on our phones/devices and with the IoMT, it’s getting more difficult to keep information safe. Blockchain has the potential to not only keep this data secure, but keep a system while utilizing connected medical devices.
Other than the recent partnership of Mayo Clinic and Medicalchain, there are a number of companies bringing blockchain into healthcare including Patientory, Gem, Chronicled, Coral Health and Blockpharma. This is just the beginning!
About The Digital Healthcare Transformation Assembly
The Millennium Alliance is pleased to announce that application for our Digital Healthcare Transformation Assembly is now open! Seats are reserved for the C-Level executives leading the digital healthcare revolution.
Healthcare is changing. The need for customer-centric transformation is more vital than ever, to be open and transparent to patients as they navigate new policies. Healthcare systems and insurance carriers are being forced to respond to new demand rapidly.