Blockchain may be used within the medical industry in many ways. But what is most promising in 2020? We selected four projects illustrating blockchain use cases in healthcare according to their growth speed, public bulletins, and signed partnership deals.
Some other blockchain startups are attempting to address specific healthcare challenges, Solve.Care aims to construct a healthcare delivery platform for many industry players, from insurance companies to government departments. What’s most striking would be that the solution has begun conquering the worldwide market with proper partnerships:
- In April 2019, Arizona Care Network had received the NAACOS Innovation Award for applying Solve.Care.Wallet for physicians.
- In June, Boehringer Ingelheim Pharmaceuticals, Corporation., among the top 20 global pharma companies, announced cooperation with Solve.Choose to launch a someone-centric care network according to its platform.
- This summer, an American insurer Uber Health, partnered with Solve.Care and integrated its transportation solutions into Care.Wallet.
Apart from that, Solve.Care continues to be positively generating buzz on television by getting various nominations and awards, hosting meetups, organizing contests, and doing a lot more. Unquestionably, it’s probably the most promising, revolutionizing, and ambitious project leveraging the blockchain in healthcare today.
Handling patient data comes with a lot of troubles. First, you ought to get patients’ acceptance to manage their data. You will want to remain HIPAA compliant whatsoever occasions. Data protection is yet another problem with the growing quantity of information leakages. HealthVerity is providing a blockchain-based platform that manages the data collected and stored by healthcare facilities. Through the elimination of data fragmentation and inconsistency, it’s stated to assist executives make data-driven decisions fast. In 2020 the organization has gone to live in three occasions bigger workplace, expects to develop its team from 100 to 150 people, and it is considered by Tracxn like a “soonicorn” (a potential unicorn, i.e., a business getting evaluation that exceeds the billion-dollar mark).
Probably the most apparent things medical blockchain companies might simplify is transaction processing. The Lumedic platform does precisely that and offers to reduce revenue cycle inefficiencies and accelerate claim processing. While other startups leveraging blockchain for healthcare frequently finish up failing using their product, Lumedic had been acquired by St. Frederick Health to assist them in enhancing their revenue management using smart contracts and machine learning. In 2019 they were polishing its solution as well as in 2020. They intend to announce new partnerships and also be further. Maintained by St. Frederick Health, a healthcare company with 60 medical facilities in three US states, they’ve all chances to develop quicker than every other project within the niche.
Since blockchain is frequently negatively connected with cryptocurrencies, it remembers this technology will not only help keep costs down and produce more privacy. Researches and studies may also be boosted through blockchain in healthcare today. Molecule Catalyst is really a crowdfunding platform for research that invented a cryptocurrency to finance its projects. While there’s nothing innovative within the idea, the founders have previously announced partnerships targeted at researching within the regions of rare illnesses and biogerontology. When blockchain technology assists you in accelerating scientific advancements, it is much simpler to convince politicians and executives to think about blockchain options for their projects and companies.
They were the three most promising blockchain healthcare companies in the market, but if you wish to keep close track of the highest market players, here’s a summary of them: Microsoft, IBM, Guardtime, Jewel, Pokitdok, Chronicled, Simplyvital Health, Farmatrust, Patientory, and Hashed Health.