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Innovation in Med-Tech: A blockchain perspective

Innovation in Med-Tech: A blockchain perspective

Medical companies are increasingly looking to use blockchain.

Medical companies around the world are constantly striving to make their services more efficient and more patient-oriented. While these companies have often approached these issues as ‘problems which need to be solved’, the introduction of Artificial Intelligence and blockchain technologies has allowed for the development of new solutions that allow companies to act in a more proactive way rather than being reactive.

This was a main panel discussion at the recent Technology of Tomorrow Conference in Warsaw, Poland. The panel was hosted by Artur Olesch (Editor-in-Chief of OSOZ) and included:

Kornowska began the panel by noting she is incredibly hopeful about the changes that AI and other new technologies will bring to the medical field. This extends beyond the diagnosis and treatment of patients to everything from the organisation and administrative functions of hospitals.

She specifically noted the importance of data within the hospital sector and being able to leverage that data for analysis. ‘If we want to use algorithms that are safe and efficient for patients, we have to have data to train these algorithms.’

However, she noted that it is important that this data is private and secure. ‘On the one hand, you have medicine development where we have to secure access development and on the other hand you have a patient’s right to data and not everyone wants to share this for research purposes.’

Blockchain, research and ‘data donations’

To help address these issues, Kornowska noted that new European regulations which take effect from September 2023 will allow all citizens (and in this case patients) to give their consent to use their data for research and development.

‘So we created the whole IT infrastructure based on blockchain technology to collect this consent. We don’t save actual medical data on the blockchain, as this might be problematic legally, but we save information on operations.

‘Because of that, we give the power of control to every citizen who has donated data – and it is already working.’

How the medical industry can leverage blockchain technology

Using blockchain to secure access to medical data involves creating a decentralised and tamper-proof system that allows patients, healthcare providers, and other authorised entities to access and share medical information while maintaining data privacy and security.

Here are some potential use cases for blockchain in the medical industry:

  • Electronic Health Records (EHRs) and patient data management: Blockchain can provide a secure and decentralised platform for storing and managing electronic health records. Patients would have more control over their data and can grant access to healthcare providers when needed, reducing the risk of data breaches.
  • Data interoperability and sharing: Blockchain can enable secure and standardised sharing of patient data between different healthcare providers, improving care coordination. Patients’ consent for data sharing can be efficiently managed on the blockchain.
  • Clinical trials and research: Blockchain can enhance the transparency and integrity of clinical trial data. Researchers and regulators can verify the authenticity of data, ensuring that results are accurate and unbiased. It can also streamline the process of patient recruitment for trials.
  • Counterfeit prevention: Blockchain can track the movement of pharmaceuticals from manufacturers to consumers, ensuring the authenticity and integrity of drugs. This can help in preventing counterfeit drugs from entering the supply chain.
  • Medical billing and claims processing: Blockchain’s transparency and auditability can streamline the medical billing process, reducing fraud and errors in claims processing between insurance companies and healthcare providers.
  • Telemedicine and remote patient monitoring: Blockchain can facilitate secure sharing of patient-generated health data from wearable devices and remote monitoring systems, ensuring the privacy and authenticity of the data.
  • Consent management and privacy: Patients’ consent for data sharing and use can be recorded on the blockchain, giving them more control over how their data is used and shared across different entities.
  • Supply Chain Management for Medical Equipment: Just like with drugs, blockchain can track the authenticity and movement of medical equipment, reducing the chances of counterfeit or substandard equipment entering the market.
  • Data sharing: Researchers can securely share and access medical research data on a blockchain platform, enabling collaboration while maintaining data privacy and ownership rights.
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