Long-term prospects of using blockchain technology in the healthcare industry are promising, with various areas where the technology may be applied. In general, blockchain healthcare companies may be classified by the problems they address into several major groups. Electronic patient data management (EHR) is the largest application area for blockchain technology, and for now, it is the most common reason to adopt blockchain for healthcare companies. Technology offers an easy and powerful solution addressing the most common industry challenges when it comes to data storage and transfer. What is more, the encryption method lying under this technology provides better data security and enables users to deal with an enormous amount of data eliminating the need for intermediaries.
Blockchain applies to all areas where the need for data management and coordination emerge, such as clinical trial data management, claim adjudication, genomic studies, and supply chain tracking, resulting in more blockchain startups worldwide.
Blockchain In Healthcare Companies
The leading blockchain healthcare company Solve.Care addresses the most common healthcare challenges associated with bureaucracy, the system’s complexity, and intricacies of care coordination. The company aims to improve care outcomes and care standards not only by simplifying administration processes and assess to qualified care but also through a patient-centric and value-based approach the company uses in their every product. Gibraltar’s Minister for Digital and Financial Services Albert Isola mentioned the Solve.Care platform as an example of blockchain innovations potentially able to strengthen healthcare global systems.
In August 2020, Solve.Care was announced as Industry Solution of the Year at Enterprise Blockchain Awards. Pradeep Goel, CEO of Solve.Care commented, “We’re proud that Solve.Care’s solution to redefine administration processes and broaden the accessibility of healthcare has been recognized at this year’s Enterprise Blockchain Awards. The caliber of finalists at this year’s awards gives expression to the ongoing delivery of tangible blockchain use-cases and wider mainstream deployments – a trend that I expect to continue in the months ahead.”
In 2019, Blockchain Life Forum announced Solve.Care the Most Innovative Blockchain Project. The World Blockchain Forum named the company as one of the Top 3 Innovative Blockchain Solutions and one of the Top 3 Outstanding Projects.
The first blockchain company which joined the UN Global Compact. Established in Colorado in 2014, BurstIQ has grown into a big company having over 100 partners on 5 continents. Their HIPAA-compliant blockchain-based platform allows healthcare organizations to manage and exchange large amounts of data safely. Leveraging blockchain features of data recording and updating visible for the whole network of users, the BurstIQ platform helps to detect an abuse usage of prescribed drugs, such as opioids, and notify the practitioners.
PokitDok is another example among healthcare blockchain companies. The solution aims to optimize business processes enabling healthcare organizations to build modern commerce experience across the value chain. Blockchain platform simplifies asset transfer with the potential intermediaries, supporting all transfer and transaction types between various devices, providers, patients, and other engaged parties.
A San Francisco-based startup that combines both blockchain and the Internet of Things (IoT) for improving traceability and transparency of pharma supply chains. The solution also helps to minimize discrepancies and avoid counterfeit medicines entering the supply chain.
A U.K. company uses blockchain for secured patient data storage and coordination, maintaining a single point of truth, and ensuring records integrity. All parties involved in the care delivery may access patient records. Blockchain platform guarantees patient confidentiality and protects data from unauthorized accessing and editing.
An American company that offers blockchain technology for patient data management and health information exchange that is fully compliant with the HIPAA requirements. Patientory platform allows patients to access all their available medical data collected from such EMR systems as Epic, Meditech, Cerner, etc.
Apart from data storage and management on a blockchain-based platform, the company equips physical hospital papers with security chips holding all patient information. Only authorized hospitals or administrators can access records that are made through special portable devices. A fully decentralized Factom’s blockchain-as-a-service platform ensures data integrity and provenance.
Their main product ConnectingCare connects various medical providers for exchanging health data of shared patients. Artificial intelligence leveraging clinical and financial algorithms offers users actionable strategies, including strategies for conducting patient follow-ups.
A US-based company offers a blockchain-based marketplace for health science products and services and genomic data. The platform ensures the security of the participants’ genomic data and financially encourages them to share DNA data with researchers for cryptocurrency tokens.
A France-based blockchain company provides solutions for the prevention of counterfeit and improvement of pharma traceability. Apart from blockchain technology, Blockpharma solutions imply cryptography and complex algorithms for machine learning, alerting labs if a fake drug has been purchased.