Blockchain Use Case: Healthcare – Deltec Bank perspective

September 30 17:30 2019
Blockchain Use Case: Healthcare - Deltec Bank perspective

DeltecBank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Nationalized systems of healthcare exist in almost every developed country in the world today. With the use of electronic health records (EHRs) in this structure, anyone with access can obtain the critical patient data needed to make a diagnosis when needed. It is a system that is already a lot like blockchain.

The United States uses a different system of healthcare management. Patients choose providers based on their insurance restrictions, but there are no preventions to seeking out services from anyone at any time. That means if a patient were to see three different doctors with each one at a different location, then there could be three independent EHRs to manage.

Blockchain can simplify this process by creating a secure method of data storage that patients could take with them to any provider. If a doctor needs to look at that person’s medical history, the entire history of diagnoses can be in one place. It could even include images, data on a person’s condition, and mobile access through an app.

Additional Healthcare Benefits of Blockchain Use

Any form of information tracking can improve when blockchain is in the picture. Ambrosus provides several systems that work with the Internet of Things right now. The company is currently working on expanding its services for use in the pharmaceutical industry.

The benefit of tracking information in this area is that clinical trials or medical results could be provided in real-time to improve patient health.

Hashed Health uses blockchain tech to make medical credentials more accessible and transparent for the healthcare industry. Their exchange allows members of the chain to track the records of individuals and verify their information in real-time. This benefit would streamline the hiring process for HR managers while creating a work history for doctors, nurses, and other professionals that patients could verify independently.

There is even the possibility that the use of blockchain in the healthcare industry could improve the relationship between patients and doctors.

MedicalChain provides individuals with complete control over their health information. Users can grant a doctor immediate access to this data using their mobile device. Coding on wristbands can allow professionals in the industry to access someone’s medical history if they are unable to grant permission because of their condition. This option even includes telemedicine opportunities to increase the efficiency of care.

Blockchain Can Guarantee Drug Authenticity

Thousands of people die every year because they consume counterfeit medicines. Some of these drugs even come from the patient’s doctor or pharmacist.

FarmaTrust uses blockchain to authenticate the medication in question by breaking down the information into four specific categories: regulatory compliances, tracking and tracing, supply chain visibility, and consumer access.

These blockchain use cases in healthcare are a small sampling of the various ways that companies are experimenting with this technology today. As the benefits of this structure become apparent, expect additional institutions to look for ways that they can implement ideas like these with their patient-doctor interactions.

The entire system will see improvements in time thanks to the built-in efficiencies that only blockchain can provide.

Disclaimer:  The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

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Country: Bahamas
Website: https://www.deltecbank.com/

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