When people hear the word “blockchain,” the first thing that comes to mind is “cryptocurrency.” This is mostly because blockchain and cryptocurrency seem synonymous, so many wouldn’t imagine that blockchain can also facilitate other decentralized applications across diverse industries. One such case is the healthcare industry.
Blockchain has the potential to revolutionize healthcare, particularly at a time when the global healthcare system has more vulnerabilities than can be fixed with the existing infrastructure.
According to Deloitte’s 2022 Global Health Care Outlook, the healthcare industry is on the brink of crisis. The COVID-19 pandemic has exacerbated an already fragmented healthcare industry, hampered by decades of inefficiency, funding cuts, failed reformation, and over-centralization. But this can be fixed by healthcare companies integrating blockchain into how they work.
With the full deployment of blockchain, patients can truly be the focus of all operations, which in turn will also be entirely overhauled with better security, privacy, and accessibility. These healthcare companies are paving the way for a blockchain revolution in healthcare all around the world. In this piece, you’ll get to know the top eight healthcare companies using blockchain to do more in 2022 and just how they are doing it. Let’s go!
Dental disease has a negative impact on people’s health and dental care is quite expensive. Many people in low and middle-income countries cannot afford it. This is the gap Dentacoin came to fill.
Dentacoin, founded in the Netherlands in 2017, is a blockchain-based cryptocurrency that connects patients and dentists. It combines secure blockchain infrastructure, patient-centered care, and intelligent prevention used jointly to improve long-term health, reduce costs and pain, and ensure benefits for all market participants.
Dentacoin has a token currency called “Dentacoin,” used to pay for dental care by participating dentists. The token, abbreviated DCN, has a value based upon a major cryptocurrency called ether (Ethereum).
Dentacoin is a subscription-based platform that connects patients to dentists and pays the dentists for treating the patients. It also rewards the patient by giving them incentives in the form of DCN to take care of their teeth and eat healthily.
So far, Dentacoin has 2,754 onboarded dentists with 268 partner locations accepting DCN and over 344,000 active users and subscribers. It also has more than 294,000 transactions in DCN currency.
Owned by CrystalChain, a biotech firm based in France, Blockpharma has developed a blockchain-based application that allows customers to trace the legitimacy of a drug at the time of purchase. They created an app that monitors pharmaceuticals through the supply chain, from manufacturing to the end consumer.
We all know that one of the problems facing the health industry worldwide is the use of substandard and counterfeit products. Substandard and counterfeit pharmaceuticals are particularly prevalent in low and middle-income countries.
Blockpharma is leveraging blockchain technology to combat the global problem of counterfeit and inferior pharmaceuticals. It offers a solution for drug traceability and counterfeiting using the latest Machine Learning technologies.
By scanning the supply chain and verifying all points of shipment, the company’s app lets patients know if they are taking falsified medicines with the help of a blockchain-based supply chain management system. Blockpharma helps weed out the 15% of all medicines in the world that are fake.
Imagine being rewarded for staying healthy and fit. That would be an opportunity anyone would jump at. Well, that’s exactly what Clinicoin does. Clinicoin is an open-source wellness platform for health and fitness. It is concerned with its subscribers’ well-being and connects them with suppliers while rewarding them for engaging in healthy activities.
Leveraged by a blockchain-based ecosystem, the platform is designed to connect people, developers, and providers worldwide, improving global health, wellness, and research.
The Clinicoin community covers all corners of health, wellness, healthcare, and research. From individuals to organizations, the community benefits anyone who is looking to improve health and wellness, whether for themselves, their company, or humanity at large.
Clinicoin rewards users with tokens, called CLIN tokens, when they register healthy actions on the Clinicoin app and verify them by third-party tracking apps connected to the business’s app. It also gives developers who connect their health-tracking apps to their app the chance to be rewarded.
The transfer of patient records from one physician to another can be complicated, and any potential leak might have serious consequences because these health records are among the most sensitive types of personal information. The IRYO network, however, has discovered a solution by employing blockchain technology to store and decentralize access to medical data.
Since patients have little or no control regarding how they interact with their medical records all over the world, IRYO allows patients to choose how they interact with their medical history by sharing medical histories with hospitals, specialists, and researchers anywhere in the world, or selectively revealing what the patient considers to be the relevant parts of a medical record, and with a predefined time limit.
Patients are compensated as well, as these suppliers are required to pay them IRYO tokens. Patients can use these tokens to process payments given by the providers. So far, IRYO has over 150,000 happy users running their clinics with the help of Moshi and more than 100,000 patient records, securely stored.
PokitDok is a healthcare marketplace and software platform supporting transparent healthcare shopping with cash, HSAs, and insurance payments on the web and mobile devices. Today, the API platform-as-a-service enables you to plug directly into over 700 trading partners to access real-time transactional data at scale.
Pokitdok helps in aggregating the information from different sources for users registered on the Dokchain service on the platform. Dokchain utilizes blockchain technology to ensure safe and decentralized access to patient information.
Moreover, Pokitdok is a reliable blockchain healthcare company with additional protection for medical records that require double verification before allowing access to information about any patient. Users can share the information with insurance companies, third-party entities, or healthcare providers.
Pokitdok has a couple of great investors including Mckesson Ventures, New Ground Ventures, and Healthy Ventures.
Located in England, Medicalchain puts the patient in control of their medical data, giving them the power to share the single-most comprehensive version of their record with every organization in their medical network. This way, doctors, hospitals, and laboratories can all request patient information that has a record of the origin and protects the patient’s identity from outside sources.
Also, considering fragmented, siloed patient records create inefficiencies and inaccuracies across the breadth of the healthcare system. The platform, established in 2017, leverages blockchain technology to securely manage health records for a collaborative, smart approach to healthcare.
Not only that, pharmaceutical and research companies can access a database of patients who have opted in to be contacted by researchers. Similarly, patients have the ability to grant access to their electronic health records (EHR) to other users and revoke access by setting up a time-limited gateway, thereby improving their experience and guaranteeing data security.
Founded in 2017, Akiri is a developer of a healthcare data platform, Akiri Switch, which addresses data liquidity challenges and facilitates the simple and secure movement of information. Its founding investor is the American Medical Association (AMA).
Akiri Switch is not a health information exchange, an extract-transform-load process, or an electronic health record. Instead, it is an invitation-only, subscription-based, private network. Rather than store health information, it transmits data among healthcare organizations through a standardized system of codes.
In addition, Akiri Switch offers secure information access, reduces data dependencies, uses medical data better, and expands product interactions.
Furthermore, the platform is a vendor-agnostic system, implying that it uses a software-defined network and secure routing protocol technology to optimize healthcare data.
Patientory has earned quite the reputation for itself as being one of the most favorable choices for the benefits of healthcare inventory management. It is a blockchain healthcare platform offering actionable insights on healthcare data.
The decentralized healthcare platform serves as a vital tool for users to take control of their health. More so, with the support of HIPAA compliance, the platform uses blockchain architecture to ensure the decentralization of healthcare data.
In addition, Patientory ensures safety against different data breaches by using maximum-grade encryption and blockchain technology via the PTOYMatrix Network.
The platform also provides personalized healthcare plans alongside rewards, which include NFTs. You can track the past, present, and future of your healthcare data.
Most important of all, Patientory has entered into various collaborations with notable names such as Atlanta Startup Village, Georgia Tech, Life Science Washington, Novartis Grant Recipient, and many others.
Why You Should Care
There are different applications of blockchain in the healthcare industry and the ones mentioned above are just the tip of the iceberg. As adoption increases, more companies will be using blockchain to solve global healthcare problems. The introduction of blockchain technology will equally allow for a decentralized and distributed environment that ultimately serves and protects every stakeholder in healthcare.