The blockchain represents a list of linked digital records. Every transaction must be verified and stored by every network participant, based on a set of rules, which were previously agreed upon, without a central authority. Each block contains some information and a digital fingerprint called hash of the data.
Security, trust, traceability, and control — these are the promises of the blockchain, the technology with the most potential in healthcare at the moment. The blockchain is slowly, but surely paving its way into the healthcare industry. A study from IBM showed that 16% of surveyed healthcare executives had plans to incorporate blockchain this year, while 56% expected to do so by 2020.
Below is a list of top 10 companies, in no particular order, who are embracing blockchain in healthcare:
The Nebula Genomics is a company focusing on the genome sequencing. In 2017, Illumina, a DNA sequencing giant introduced a new machine that the company says is one day expected for you to order your whole genome for less than $100. The Nebula Genomics’ team believes this market will face similar obstacles as any market where data is involved. Furthermore, they believe that the best way to ensure security for data is through blockchain.
Doc.AI proposes a near future which is consumer-controlled, blockchain-based, AI-powered and revolves around a lot of biological data, such as genome and microbiome. The platform generates insights from medical data. Anyone can launch a collection of health data on the platform for a particular cause. Then data scientists must connect the data dots and make predictive models. As a result, each will get insight into his or her own data which he or she can bring to the doctor…
- Stem Cell Innovations
Stem Cell Innovations (SCI) is a company changing the face of healthcare by expanding access to stem cell research, development, and treatments around the world using blockchain technology.
SCI is devoted to the international research, development, and implementation of stem cell therapy. They are expanding their network with professionals, labs, clinics, hospitals, and nonprofit organizations.
SCI’s ultimate goal is to connect people who need treatment with the right dedicated solutions and professionals for their unique needs. Imagine a world where each and every person, no matter where they come from, will be able to connect with a Stem Cell Specialist instantly through Stem Cell Innovations application (SCI Application), and in the same connection be able to decide when and how much confidential information to share with professionals.
The slovenia-based company says it is creating a global and participatory healthcare ecosystem. The start-up was established two years ago, but it is building an open-sourced OpenEHR platform with tremendous efforts and zero-knowledge data repository.
Iryo’s mission is building a platform for keeping health records ’’in one place’’. Instead of medical data being scattered across different systems, Iryo’s solution promises to store data securely and allow patients to share their medical history anywhere in the world.
Patientory, from Atlanta, is developing a blockchain-based platform for securing health data for patients, providers and medical institutions. The healthcare app allows users to create a patient’s profile in order to track their health history. The software ensures that the patients have an easy way of tracking doctor visits, medical bills, personal medical information, insurance, immunizations, and pharmacy medications.
The company from Estonia consisted of over 150 cryptographers, developers and security architects with decades of experience defending networks from (Russian) state attacks, is a pioneer in K.S.I. blockchain technology. They work in the Netherlands, Estonia, US, UK and Singapore and are tackling data breach management, secure critical infrastructure, enable the safe operation of e-governments, work with financial markets, telecommunication stakeholders, insurance companies or defense and aerospace enterprises.
Located in Venice Beach, CA, this company was established four years ago. The main goal is to build tools to connect large and disconnected data sets on one platform, GemOS, powered by the blockchain technology. In healthcare, they are exploring how blockchain can support patient-centric healthcare and personalized medicine.
The company from San Francisco is combining blockchain technology with IoT systems in order to supply chains, thus helping improve traceability and accountability. It is crucial in industries such as pharma, precious metals or other high-value commodities. Healthcare products such as vaccines, which are temperature sensitive, must be delivered promptly and under termo-regulation. Certain products need to be kept at a precise temperature. For instance, sensors that could be included in the shipment could transmit the temperature data to the blockchain
Located in Canada, this company is hoping to leverage the power of blockchain to make personalized medicine happen. In their Whitepaper, the team describes how stakeholders in healthcare store patient data. Sharing data poorly is one of the many reasons Coral Health’s wishes to create a platform where patients could securely and easily share their health records with other stakeholders if they give their blessing.
DNAtix is developing the future ecosystem for Genetics where consumers, researchers, laboratories and clinics meet to use and make Genetics in a more transparent, accessible, applicable and secured manner.
DNAtix enables everyone to control and manage their genetic information:
DNAtix makes raw data of DNA sequence accessible to end users, enabling them to take active actions towards preventive medicine.
DNAtix platform will allow uploading of partial and/or full genome sequences as well as storing, transferring and testing of these sequences.
DNAtix platform is based on advanced blockchain technologies enabling anonymous and secured digitized genetic services.
Transforming The Future
Even though the healthcare industry is being transformed by blockchain technology and innovation, it will be a long process before it’s widely accepted and integrated. There are still many outstanding issues that need to be resolved before everyone can board the blockchain train, particularly an industry like healthcare which comes with heavy regulation world-wide.
However, it is almost certain that blockchain technology and the startups focusing on it will eventually revolutionize and transform the world of healthcare. This will be one fascinating ride, so buckle up for the future.