Healthcare Blockchain

Savings: approximately $291,4 billion worldwide.

Generally interoperability means the ability to exchange and make use of information between different software and hardware systems. By unifying different platforms in the health care sector MEDO could reduce these costs.

• Problem – no unified data format and ability to share
• Solution – MEDO NETWORK provides a single format and sharing channel for all healthcare institutions, specialists and patients

Savings: approximately 100,000 lives annually & $217 billion worldwide.

Following the first solution, this brings a huge new opportunity for pharmacies to track and monitor the data flow for R&D and logistics. The blockchain is one of the most secure and efficient technologies for data management, which has the potential to optimize enterprise resource planning (ERP) and help track goods from production to delivery stages. Integrated Supply-Chain solution could help mitigate the risk of counterfeit drugs reaching the markets and hence the consumers.

• Problem – goods handling from production line to consumer
• Solution – ability to track each phase of the supply chain at the individual drug level and maintain chain of custody log

Savings: approximately $16,25 billion worldwide.

Companies from the healthcare sector often work with sensitive data, which can include patient’s medical records, business partner’s commercial data and R&D information. All of that combined presents a prime target for data breach, due to its value. MEDO project, with its blockchain network can provide with a whole new level of security and user confidentiality solutions.

• Problem – conventional databases are susceptible to hackers
• Solution – blockchain is cryptographically encrypted, hence extremely hard to breach

• This technology is patient centered. It empowers the patients by making them the owners of their own medical data. The data cannot be deleted, however patients decide with whom to share it.
• Up-to-date data can help providers make informed and intelligent decisions. Generally, this technology supports health care specialists in their daily tasks and responsibilities
• Saves not only administrative costs, but supply chain implied costs as well by helping to monitor and ship goods more efficiently. But most importantly it would help avoid counterfeited drugs entering into the market in both physical and virtual shops/markets
• Interoperability may help to coordinate payments between hospitals, insurance claims (can help avoid duplicates and fraud) and manage revenue cycle (reduce time lag and ensure correctness of necessary data)
• With blockchain technology comes increased data accessibility potential, which could provide with a more efficient and reliable method for managing electronic health records (EHR) between different medical institutions and transform the process altogether, which could result in less waiting time for patients, less repetitive tests and questions, faster and more accurate decisions from providers, ensure that it is reliable, up-to-date and mobile
• Data transmission is no longer interrupted by intermediaries as with blockchain technologies comes direct peer-to-peer communication method. This would also result in lower transaction costs, as the information broker is no longer needed, this means less service charges
• Information is always updated, as once a new entry is made it is irreversible
• Huge benefits could potentially come to R&D sector due to multiple data accessibility options and various new channels that would come together with IoT and blockchain. This would provide multiple benefits both to the industry and society, as new; better products could potentially reach the markets faster. Also, blockchain secures information that moves via IoT devices.
• With blockchain technology comes the elimination of duplicated information
• Clinical trials would become more transparent due to data accessibility and irreversibility of updates
• This new technology also helps by providing new solutions for prescription handling – no more lost, duplicated or paper prescriptions required
• By handling the data in a more manageable it is possible to reduce physicians burnouts from unnecessary stress of mismanaging the data, making it easier for them to analyze it.