Currently, blockchain in healthcare has been applied in various aspects of healthcare, from the security of sensitive patient data to drug and device supply chain management. In 2021, healthcare costs in the United States accounted for nearly 20% of its GDP. Higher operating costs, lower operating efficiency, and continued data leakage may cause its expenditure to continue to increase, but this harsh reality is also the driving force for people to innovate.

Blockchain in healthcare's distributed ledger technology facilitates the secure transmission of patient medical records, improves the security of medical data, efficiently manages the drug supply chain, and helps researchers unlock the genetic code. Because it can reduce the "spending bubble," protect patient privacy data, and improve the overall medical and health service experience, blockchain technology has been used for "various matters" in the medical and health field: from encrypting and transmitting patient data to preventing infectious disease outbreaks.

The following 17 representative companies reflect how blockchain in healthcare is playing a role in the healthcare field.

Blockchain in Healthcare and Medical Data Security

Ensuring the security of medical data is the most widespread application of blockchain technology in healthcare. Data security is a major issue that the healthcare industry must face. According to statistics, a total of 692 large-scale medical data breaches occurred between July 2021 and June 2022, and hackers successfully stole patients' credit card and bank information, as well as patient medical records and genomic test results.

Blockchain in healthcare can help relevant institutions and organizations save all patient data and generate clear, decentralized, and transparent logs, making it an ideal technology for achieving medical data security. In addition, although blockchain is transparent, it is also private. This technology can hide any personal identity through complex codes, which can improve the security of relatively sensitive medical data. The distributed nature of this technology also supports patients, doctors, and healthcare service providers to share relevant data quickly and securely.

Read more: Blockchain Privacy & Scalability

Representative Companies:

  1. AKIRI: Based in Foster City, California, Akiri operates a "network-as-a-service" platform designed for the healthcare industry, ensuring secure transmission of patient health data.

  2. BURSTIQ: Located in Denver, Colorado, BurstIQ offers a blockchain-powered platform that enables secure storage, transmission, and sharing of patient data while ensuring compliance with HIPAA regulations.

  3. MEDICALCHAIN: A London-based company that leverages blockchain technology to ensure the integrity of health records, providing traceable patient information to doctors and hospitals while safeguarding patient identity.

  4. GUARDTIME: Based in Lausanne, Switzerland, Guardtime has integrated blockchain technology into the Estonian healthcare system and partnered with a UAE healthcare provider to enhance data security.

Blockchain Medical Records

According to statistics, delayed nursing services and ineffective care due to poor coordination waste 16% of the U.S. national healthcare expenditure. Obtaining patient medical records is often time-consuming, contributing to these inefficiencies. However, blockchain in healthcare-based medical records can solve this problem.

By leveraging the decentralized nature of blockchain technology, an ecosystem of patient data can be created where doctors, hospitals, pharmacists, and other healthcare participants can efficiently use this data. This leads to better diagnosis and personalized care solutions.

Companies Utilizing Blockchain for Medical Records:

  1. AVANEER HEALTH: Supported by Aetna and Cleveland Clinic, Avaneer uses a public ledger to enhance claims processing and medical data security.

  2. PROCREDEX: Based in Tampa, Florida, ProCredEx uses blockchain to securely store healthcare credential data, ensuring tamper-proof and traceable records.

  3. CORAL HEALTH: A New York-based company, Coral Health leverages blockchain in healthcare to automate nursing processes and improve healthcare service outcomes.

  4. PATIENTORY: Headquartered in Atlanta, Georgia, Patientory employs end-to-end encryption to ensure the secure sharing of patient data among healthcare providers and clinicians.

Blockchain and Medical Supply Chain Management

Drug authenticity and regulatory compliance are critical concerns in the healthcare supply chain. Blockchain in healthcare technology ensures complete transparency by tracking the origin, handling, and movement of pharmaceuticals while monitoring waste emissions.

Companies Innovating the Medical Supply Chain with Blockchain:

  1. CHRONICLED: A San Francisco-based company that develops blockchain networks to regulate pharmaceutical supply chains.

  2. EMBLEEMA: Located in New York, Embleema offers a virtual clinical trial and compliance monitoring platform for tracking drug development securely.

  3. BLOCKPHARMA: A Paris-based provider of blockchain-based drug traceability and anti-counterfeiting solutions.

  4. TIERION: This San Francisco company logs audit records and drug data on a blockchain to maintain proof of ownership throughout the supply chain.

  5. SOLULAB: Headquartered in Los Angeles, SoluLab supports healthcare firms in developing blockchain applications for drug tracking and regulatory compliance.

  6. FARMATRUST: A London-based company that ensures the traceability of pharmaceuticals and protects patient data using blockchain technology.

Genomics Breakthroughs

Advancements in genomics have significantly reduced the cost of genome sequencing. Blockchain in healthcare plays a key role in securely storing genetic data and enabling data sharing for research purposes. This has led to the emergence of a blockchain-powered market for encrypted genetic information.

Leading Blockchain-Based Genomics Companies:

  1. SHARECARE: Based in Atlanta, Georgia, Sharecare uses blockchain technology to power a decentralized research platform called Smart Omix.

  2. NEBULA GENOMICS: Located in San Francisco, Nebula Genomics eliminates intermediaries in genetic research, allowing individuals to securely sell their encrypted genetic data.

  3. ENCRYPGEN: A New York-based blockchain platform that facilitates the secure purchase, sale, and storage of genetic data using encrypted tokens.

Conclusion

Blockchain in healthcare technology is transforming the healthcare industry by enhancing data security, improving medical record management, streamlining the pharmaceutical supply chain, and driving genomics research. As adoption grows, blockchain will play an even greater role in ensuring transparency, security, and efficiency across various aspects of healthcare.