Innovated merely as a foundation block for Bitcoin and other cryptocurrencies, the Blockchain technology is disrupting practically every aspect of human endeavor, and field of medicine is no exception! Starting from fundamental research to patient care to managing patient records, Blockchain innovations are making attendant processes more efficient, reliable, and secured. Out of a myriad of Blockchain applications in medicine, nothing has been more imaginative than its application in Precision Medicine. Electronic Medical Records (EMR), and genomic research are two other medical areas, where Blockchain technology is making inroads.
What is precision medicine?
The following You Tube video, from University of California at San Francisco (UCSF) describes precision medicine in few simple terms. It is an individualized course of health care that accounts for a person’s genetic, environmental, and life style factors. In particular, it is beyond personalized health care, where the precision medicine evaluates a person’s response to treatment at the molecular level. It also encompasses Pharmacogenomics that combines pharmacology and genomics.
Precision medicine and Blockchain:
Precision medicine intakes data for a person’s health from various data banks (Doctors, hospitals), past medical history, genetic and/or cellular information, her socio-economic background, and a host of other sources to arrive at health care diagnosis and management. This will demand unparalleled collaboration between patients, health care providers, and medical researchers. The communication among all these stake holders will have to happen at a lightning speed, and in a most trusted environment. Patient anonymity will also be of paramount importance, though transparency of the Data Transfer Protocols (DTPs) will have to be maintained. Immutability of information in the medical communication link will have to be preserved, along with attendant lower costs. A summary chart prepared by a US healthcare agency demonstrates various applications of Blockchain technology in medicine. Albeit, Blockchain technology is also finding use in EMR and Genome research areas also due to integrity, immutability, transparency, and the speed of data transmission offered by Blockchains.
Does the Above Offer Any Trading Opportunities?
Blockchain implementation has started earnestly in Health care industry. In particular, the new Initial Coin Offering (ICO) platforms leverage the concept of distributed ledger to:
• Mitigate risks associated with data forgery,
• Provide safety and transparency to medical data,
• Facilitate easier and rapid access to healthcare information,
• Disrupt data silo thinking among doctors, pharmacies, and hospitals alike, and
• Process payments accurately, rapidly, and seamlessly across all the health care stake holders.
Among various healthcare ICOs, the following are noteworthy.
Medical chain – An Electronic Health Record (HER) ICO.
Medical chain uses blockchain technology to manage all electronic health records (EHR) into a single block for use. It has mechanisms through which the users can give conditional access to health care providers, and insurance agencies alike. Medical chain platform can also acquire, store, and disseminate a person’s health data from a variety of internet devises.
This is another ICO that capitalizes on the concept of building a strong, secured relationship between health care providers and patients. Based on Ethereum, the token TDH price is set to about 0.000058 ETH. The TDH platform is in the development stage with significant number of doctors and hospitals signing up for being a part of the network.
The above two are only a fraction of number of health care, pharmacological, and medical research ICOs are available in the crypto and ICO markets. At Platinum Trading Institute (PTI), we take developments in Blockchain technologies and the use thereof – very seriously. In addition to FOREX trading, cryptocurrency investments we view blockchain investments as critical part of an overall investment portfolio.
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