How medtech and blockchain interact: from helping refugees to defeating corruption

Published March 23, 2023
Eternity Life Clinics - How medtech and blockchain interact: from helping refugees to defeating corruption

The founder of Eternity Life Clinics, Denys Chernyshov, spoke about the implementation of blockchain in medical technologies. He said that recently there was news in the media about the startup TransCrypts, which has developed a blockchain-based platform for patient access to electronic medical records. As part of the pilot project, hospitals can upload medical data to a virtual platform that allows users to view, send and translate it into a foreign language using a built-in translator. Denys also noted that more than 4,000 Ukrainian refugees in Canada have already benefited from this innovation, which is a great example of the combination of blockchain technology and medical technology.

According to Galaxy Digital, venture capitalists will invest more than $33 billion in blockchain projects in 2021. Two years ago, the total value of blockchain projects in the medical field was $531 million. Allied Market Research predicts that this amount will exceed $16 billion by 2031. which shows that the blockchain is becoming a real driver of medicine. Denys emphasizes that the founder of Comply, Guy Anbar, also talks about this in his author’s column in Med Tech Intelligence.

The main areas of interaction between blockchain and medical technology

Denys Chernyshov believes that blockchain can be used in several promising directions in the field of medicinal technology. One of these areas is access to medical data. As an example, he mentions TransCrypts, which created a blockchain-based platform for storing electronic medical records. Blockchain ensures the authenticity of information and control over its movement and changes, making it ideal for storing medical data such as patient medical histories and prescription reports.

Denys also points out that blockchain can control the transfer of data between healthcare facilities, such as public and private clinics, research centers, pharmacies and insurance companies. In some countries, such as the European Union, the exchange of data between institutions is prohibited without the consent of customers under GDPR requirements. Blockchain can help solve this problem and ensure the secure exchange of data between different institutions.

With the help of blockchain, you can control the process of storing and transmitting medical information. For example, a joint startup between the MIT Media Lab and Beth Israel Deaconess Medical Center called MedRec offers patients complete control over their data, deciding for themselves who to give access to it. In addition, the projects Healthbank, Factom, Gem Health Network (GHN), HealthCombix and others are also working in this direction.

Cyber security

The application of blockchain can ensure the safety of personal data of patients, which is very important for medical institutions. For example, the Medicalchain project proposed a platform for safe storage and exchange of electronic medical records, which allows only medical professionals to store data. Similarly, the startup Iryo focuses on controlling the security of personal data.

Payment of medical services

Blockchain-based cryptocurrencies can also be used to facilitate the payment of healthcare services. For example, the CareX startup has developed a cryptocurrency for the convenience of medical tourism, and the Ukrainian pharmacy chain ANC now provides the opportunity to pay for goods through the Binance Pay service, becoming the first Binance partner in Europe.

Management of drug supply chains

According to analysts at HitInfrastructure, the development of blockchain in the medical industry will help save more than 100 billion dollars in operating costs in the coming years. With the help of smart contracts, you can receive specialist advice, referrals for examinations or tests, conclude health insurance contracts, remotely monitor the condition of patients, and more.

What are the prospects of blockchain in medical technology

Blockchain gives patients the possibility to independently choose a provider of medical services without an intermediary, control their personal medical data, buy services for tokens, make an appointment with a specialist, receive advice and even participate in the promotion of research in the field of longevity. Eternity Life Clinics is preparing to launch a decentralized autonomous organization (DAO), which will allow users to participate in the promotion of medical research. According to a survey of 146 European healthcare institutions in 2020, only 4% use blockchain, 14% are considering the possibility of using it, most do not plan to use blockchain-systems, and one in three does not have an answer to this question. Ukraine lags behind Europe in this process, perhaps due to a low level of understanding of the technology’s capabilities and high barriers to start using it.

According to estimates, the development of blockchain in the medical industry will save more than 100 billion dollars in operational costs in the coming years. It is important to understand that blockchain systems have significant potential in medicine, so we must actively promote their implementation and popularization among medical professionals so that they can appreciate all the opportunities that these technologies provide.

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