The blockchain has been adopted for many different use cases across various industries. One such industry that has the potential to benefit greatly from the technology is healthcare. As an immutable digital ledger, blockchain technology in healthcare can offer endless possibilities when it comes to recording health information, as well as verifying and tracking it as needed, and digitalizing of complicated processes such as healthcare coordination and payment to reduce fraud and waste.
People's health and well-being are very important, which is why many people are looking to utilize the blockchain to improve some of the problems that are currently faced in the industry. With so much potential, it is understandable that a few projects have already begun this process. There are four projects that look to adapt the blockchain for the needs of the healthcare industry.
Solve.Care: Reducing The Cost Of Healthcare Administration
One of the main goals of the Solve.Care project is to utilize the blockchain to significantly reduce administration costs, which can amount up to 30% of total healthcare spending. This reduces the time of professionals like doctors, as they need to input data and fill in forms. With this solution, doctors can instead focus on delivering their service.
In order to achieve this, Solve Care developed a platform that uses the blockchain to connect all the involved parties such as patients, their doctors, insurance companies, etc., and to facilitate authorized peer-to-peer transactions. It all gives the authority back to the individual stakeholders, rather than to centralized systems and streamlines the processes linked to payments and administration.
The Team: Experienced In The Industry
The team behind Solve.Care has experience relevant to the industry. This not only includes a background in the healthcare industry but also in IT, balancing the need for development and understanding of the inner workings of healthcare. CEO of Solve.Care, Pradeep Goel has over 26 years of experience at various innovative technology companies and was deeply involved in building solutions for several public healthcare programs. Their advisory board also provides some key strategic value, with years of experience.
All these factors will help lead the project to success and deliver the solution to a market which an industry actually needs.
The project uses a dual-token approach to build an ecosystem for their platform. The SOLVE token is a utility token that is used to participate on the platform, as well as for making transactions. The price of the token is variable based on demand. The Care.Coin is a stable payment currency that is issued by insurance companies.
It also has a customizable ecosystem thanks to Care.Cards – purpose-built apps inside the platform. They make it easy to link, sync, and customize, making them ideal for use by all stakeholders around the globe.
Medibloc: Putting Health Data In The Patients Hands
Medibloc’s approach to the healthcare industry is to build a blockchain platform that is optimized for the exchange of medical data. This data can be utilized in many different ways, such as for highly personalized treatment or for medical research. It remains in the ownership of the patients, allowing them to keep it safe and have quick access as needed.
The blockchain is ideal for this application, as it allows for the secure, immutable, and verifiable exchange of personal and private data for each individual. Each patient is able to safely keep their own medical records that they can provide as needed without the worry of forgery.
The Team: Promising Backgrounds
The two co-founders of the project both have a background as software engineers, as well as in the medical field. This means that they have an insight into the industry which helps them to make it as relevant as possible in the real world.
Medi tokens (MED) is the main source of socio-economic exchange on the Medibloc platform. It links all parties together, offering a single currency for the use of payments and for powering interaction. There is also Medi Points, a point-based system that is used to measure participation on the platform.
Medicalchain: Using The Blockchain To Transfer Data Securely
For Medicalchain, the goal is to establish a real-time, secure communication channel between doctors and patients, while also helping to securely store health records on the blockchain. The digitization of medical records and the opening of communications will help to improve the current systems in place while providing more power to users over their data. They are building a one-stop-shop for health data requirements thanks to having the health passport incorporated into the MyClinic platform.
Medicalchain was developed as a decentralized platform using the blockchain to facilitate the exchange of medical data transparently and securely. Other developments include the telemedicine application that allows users to contact their doctors remotely.
The Team: Relevant Experience
The founders of the Medicalchain project have experience within the healthcare industry and IT. The development of the project was based on their observations working in healthcare, while the knowledge of tech and entrepreneurship helps to move the development forward. Combined, their skills fit well with the project’s focus.
MedTokens are the utility tokens for the project and are used for transactions within the platform. It can also be used as a means to earn money by monetizing the user's data for medical research purposes in the Health Data Marketplace. More use cases are planned in the future.
Patientory Inc: Cybersecurity With The Blockchain
This project looks to empower users by enabling them to manage their own health data for actionable insights. Patients, clinicians, and healthcare organizations will make up an ecosystem that facilitates the transfer of information quickly and securely between all parties. Cybersecurity is seen as one of the major drivers in their platform, effectively connecting centralized medial systems.
Patientory hopes to integrate its own private blockchain with public blockchain technologies developed by Dash and BlockCypher. This would allow users to use Dash wallets to transfer payments, while BlockCypher’s APIs make it possible for the swift and secure transmission of records.
The Team: Backed By A Strong Team
The team at Patientory has a range of experience in industries such as healthcare, cyber security and consumer technology. Together, this covers all the main areas the project focuses on. An advisory team of experts also help to guide the project, using their background in healthcare and blockchain spaces.
The tokens of Patientory (PTOY) are used as a means of transaction within the platform. It helps to pay for storage of records, and is designed with security in mind thanks to the encryption techniques used.
Blockchain In Healthcare: The Future Of The Industry
There are many projects that look to revolutionize the healthcare industry, and these are just a few examples of what is currently available. The current uses of blockchain in healthcare put a lot of emphasis into empowering users by giving them their information, and cutting down on unnecessary administrative tasks to place the focus back on patient care.
This adds to the growing adoption of blockchain in traditional industries and goes to show exactly how it is possible to use the technology to improve people's lives for the better.