Blockchain enthusiasts will be thrilled to hear that the healthcare industry is starting to widely adopt decentralized ledger technology. IT firms are now embracing the potential of this tech to improve the lives of patients and generate greater profits for large healthcare corporations. In the process, these firms are both bringing new tools to the forefront and repurposing existing medical systems.
In this article, we’ll look at three ways in which blockchain is already changing the game in healthcare.
Genome Sequencing Exchange
Nebula Genomics, a startup company from Massachusetts, plans to create a unique open-source software platform based on genome sequencing and blockchain technology. The core idea is to provide detailed DNA analysis for platform users at no cost from their own pocket.
Here, users can sell their DNA data to researchers of their choosing and get Nebula tokens in exchange for it. They can also use these tokens to buy their or their family’s data from genome sequencing. The platform will employ blockchain to secure and hide the participants’ data.
Prescription Medicine Tracking
MediLedger aims to unify a peer-to-peer messaging network with a decentralized blockchain to monitor and trace prescribed medicine and stop counterfeit receipts. Right now, the program will oversee the transfer and ownership of drug prescriptions, but there are plans to expand this network to other countries.
This project resulted from the Drug Supply Chain Safety Act (DSCSA) and FDA legal requirements for stricter control and tracing of medical prescriptions. Those rules mandate that pharmaceutical companies move to a supply chain with an interoperable system to track medications and confirm the authenticity of a returned medicine before reselling.
Chronicled, a blockchain-leveraging IT company, is building a blockchain system that will meet FDA and DSCSA requirements. This network has nodes run by participants from pharmacological companies. The blockchain network completely obfuscates supply chain handshake transactions. It is mainly used to validate the origin of serialized global trade identifiers (SGTINs) and track drug prescriptions.