The blockchain is a ledger, a database that keeps everything in one place and cannot be changed without leaving a mark in the ledger in the event of information changing. According to Jacob Kostecki of Blockhead Factor, blockchain makes it perfect for the recording of both research and treatment information, as well as medical histories. “Right now information is siloed and because people know that a lot of the information contained in medical records is false, there is a lack of trust that causes delays in diagnosing and treating patients,” Kostecki said. “In a blockchain-enabled world, patients will hold their whole medical histories in a wallet — from birth to where they are now in life. These EHRs will include medical records, procedures and everything else.”
When a patient visits a doctor he or she will have access to the patient’s full records instantaneously, making diagnosing cancer, for example, much easier. But blockchains mean more to healthcare than providing assistance at the point of care. Blockchain securely shares health data, standardizes formatting and improves healthcare transactions overall. Its impact can affect every major participant in the care cycle, from patient and provider to payer, pharma and even researchers and federal regulators.
It’s not a stretch to say that blockchain is everywhere in healthcare. Its application to healthcare has not reached its full potential, but the results may be profound as it comes of age, according to industry insiders. To better understand blockchain, we asked some insiders – technology experts, investors, professors, vendor reps and physicians – about what the technology may mean to the future of healthcare.
Healthcare technology continues to proliferate the sector, the developments almost too many to track. The sector abounds with innovation and push forward in the name of better – even the minutest – advancements of care and better care outcomes. The coming year will be no different. As we enter the final year of the 21st century’s second decade, we’ve witnessed a tremendous amount of evolution in just 19 years. What role will our healthcare technology play in the healthcare industry in the next year?
A lot. And not just for a few, but members of many, many areas, even those peripherally involved with the boundaries of care. We must understand where current innovation is, but also the challenges these migrations attempt to solve. Being aware of the trends ahead can give us all a better grasp of how care delivery is changing and we can better understand how new areas can resolve real industry problems.
To help us navigate the year ahead for healthcare and its technology, the following are some of the trends that it leaders, observers, insiders, consultants and investors think are important or need to be taken notice of in 2019.
Unlocking the genomic code to usher in a new era of medical technology.
Founders’ story
The core Shivom team came together after numerous meetings at blockchain and genomics conferences. During these, we frequently reached conclusions on how to solve the current issues in the medical domain, by combining the bleeding-edge of blockchain technology with genomic sequencing.
Marketing/promotion strategy
The fuel that powers the Shivom platform is community involvement. We aim to forge meaningful partnerships with medical groups around the world, which can then interact directly with the Shivom blockchain and its users.
Market opportunity
Shivom’s target audience? Everyone. Big data analysis requires big data sets, and in the case of the platform, the more users having sequenced and uploaded their genomic data means that there is a larger pool of information to draw from. Of course, a large part of the offering is the secure storage of this information is securely stored, and the individuals to whom it belongs can choose to monetize it by allowing access to innovators in the medical space.
Who are your competitors?
There are few competitors in this space – somewhat reassuring, as our vision is to unite players in the medical field. However, Nebula is a blockchain platform also occupying the genetic niche.
How your company differentiates itself from the competition and what differentiates Shivom?
Simply put, Shivom is a blockchain storage and analytics platform for genetic information. On top of its core functionality, it also enables users to profit from their data by sharing it with institutions.
Differentiating it from similar projects is its magnitude – a global reach and a unique classification system for genomic ID. On the roadmap are integrated AI protocols for in-depth insights.
Business model
Shivom is still in its infancy, although we anticipate that, in moving forward, revenue will be generated by pharmaceutical companies wishing to use data in their research. Additional revenue will stem from a range of apps and services (to glean insights on one’s uploaded data) and the sale of sequencing kits.
Unlocking the genomic code to usher in a new era of medical technology.