Traditional blockchain technology has historically been associated with cryptocurrency. It came to mainstream attention back in December 2017 when the price of Bitcoin soared from $900 to $20,000. Here’s the catch though: blockchain is not only applicable to cryptocurrency. In fact, blockchain, as a secure public ledger, is exactly what the healthcare industry needs. Blockchain in healthcare is ALL about removing the middleman. It’s about increasing the security of various transactional activities in the healthcare space, while eliminating bureaucracy and manual inefficiencies, improving quality of care and democratizing patient data.
Blockchain is a decentralized list of digital records linked together by cryptography. Each record is known as a ‘block’. Every block contains a cryptographic hash of the previous block ie a mathematical algorithm, a timestamp, and data of that transaction. Blockchain technology was developed to be a secure open ledger to record digital transactions, managed by a peer-to-peer network. According to an article in Digital Authority Partners, HIPAA reported that in 2018, there was at least one data breach of healthcare records every day.
Between 2009 and 2018, more than 59% of the US population has had their healthcare records compromised from data breaches. In the age of data-insecurity, health organizations should look at utilizing blockchain technology. There’s a lot more to it than simply transactional activities’ – blockchain is about securely sharing data previously deemed impossible to extract. Active Companies in the markets today include Healthcare Triangle Inc. (NASDAQ: HCTI), Accolade, Inc. (NASDAQ: ACCD), Teladoc Health, Inc. (NYSE: TDOC), Cigna Corporation (NYSE: CI), UnitedHealth Group Incorporated (NYSE: UNH).
According to Healthcare Weekly, “40% of healthcare executives see blockchain technology as one of the top 5 priorities in the industry. Furthermore, the adoption of the blockchain in healthcare could save the healthcare industry up to $100-$150 billion per year by 2025 in data breach-related costs, IT costs, operations costs, support function costs, and personnel costs, and through a reduction in frauds and counterfeit products. Blockchain technology can prove to be just as effective a solution as AI. It can help improve the drug supply chain and make the clinical trials process more efficient. One of the main issues in pharma is preventing counterfeit medicines from getting to market.”
Healthcare Triangle Inc. (NASDAQ: HCTI) BREAKING NEWS: Healthcare Triangle Releases Methodology for Blockchain Transformation for Pharma Supply Chain – Healthcare Triangle Inc. (“HCTI” or the “Company”) a leading provider of cloud and data transformation solutions, is pleased to announce the release of Blockedge Glu, which provides a framework and methodology for a blockchain transformation of pharma supply chain eco system in partnership with blockedge.io a leading blockchain transformation provider.
Creating end-to-end visibility in supply chain management and maintaining prescription drug traceability and integrity hold utmost importance in the pharmaceutical industry, which is currently accelerated by the compliance requirements DSCSA from FDA.
“FDA’s requirements alone are not the driving factor behind accelerating the blockchain transformation of pharma supply chain”, says Chairman and CEO of Healthcare Triangle, Suresh Venkatachari. Per BIS Research, Pharma companies currently lose $200 billion a year to counterfeit drugs. The health issues caused by such drugs are alarming to an extent WHO (World Health Organization) has also gotten involved in solving this problem using Blockchain.
“Blockchain is the best track & trace solution available for us today, giving complete end-to-end supply chain visibility, thus can make a significant difference, if adopted right.” Venkatachari continued, “Blockedge Glu is designed to make this adoption right by addressing major challenges involved by providing a framework which reduces the complexities of integrating existing large and complex IT systems with one or more blockchain networks while also providing a transformation methodology that servers as a playbook for IT and business leaders to implement, what’s becoming to be, the multi-year transformation program.”