With costs associated with healthcare significantly increasing around the world (with some experts estimating it accounts for 10% of gross domestic product in some developed countries), efforts are being made to improve the efficiency and cost-effectiveness of healthcare services. Blockchain technology has become a prime candidate for achieving this in the healthcare industry.
With the potential to revolutionize communication and the safe sharing and storage of data in healthcare, blockchain technology is being explored in many countries, by both public institutions and private companies.
At Crypto Med Innovation , we understand that the security of information, privacy of individuals and trust between institutions and individuals are of the utmost importance. Our unique and innovative platform enables the secure collection of health data sets (such as individual medical reports, lab test results, history of illness and general condition) and allows for the sharing of this information with the consent of the relevant individual.
Ensuring efficiency, security and accountability
Blockchain technology has substantial potential to eliminate hundreds of data breaches, which affect millions of patients every year, while simultaneously improving the efficiency, security and accountability of data sharing.
The platform we have developed ensures the authenticity of drugs and medicines, reducing the annual loss of some $200 billion incurred by pharmaceutical firms due to counterfeit products. With blockchain technology we are able to maintain the integrity and historical data of each company and their products with this information available to all network participants for verification.
It is also of significant note that as much as 50% of clinical trials are not reported and the findings of studies are often not widely shared, significantly reducing the potential for discoveries and treatments. Blockchain technology can help by recording and sharing information among all participants on the system and network, with the data recorded, time-stamped and irreversibly logged. Blockchains can facilitate collaboration and contribute to enhancing and propelling medical research, understanding and our collective knowledge with ease.