Blockchain can be defined as chains of blocks where blocks refer to digital information and chain, a public database. Blockchain has transformed almost all industries, and it is still making efforts and transforming the healthcare industry. From record-keeping technology to enhance the way healthcare used to be, blockchain has covered a lot of distance.
Due to its specific characteristics, many industries have already adopted blockchain technology to innovate the way they perform their tasks. When it comes to healthcare, this distributed technology is taking the health department to the next level, and it won’t be fair to overlook the transformations it has made.
Blockchain can bring a global development in healthcare, says the report by Zion Market Research, “Blockchain, which was approximately valued at $34.47 million will see a steep rise in 2024 with revenue close to $1415.59 million. Moreover, the CAGR growth will be around 70.45% between 2018-2024”.
List of Top Healthcare Projects Powered by Hyperledger
Compared to decades ago, the way hospitals used to function has changed a lot. By looking into a little deeper, we can notice how things used to work when we talk about the functionality of healthcare. Blockchain is helping healthcare providers that require efficient and secure access to the complete patient’s record.
Here is the list of best healthcare projects powered by hyperledger.
Machine learning ledger orchestration for drug discovery, MELLODDY project is based on blockchain, which aims at enhancing predictive machine learning models. It is a drug discovery project, which uses Amazon Web Services technologies for running machine learning algorithms with a central dispatcher allowing each partner to share a common model. Also, for traceability, it uses blockchain with Substra, for scoring security of distributed machine learning tasks.
Owkin project coordinator Mathieu Galtier said in the report that “The goal is to harness the collective knowledge of the consortium in a platform containing amongst others multi-task predictive machine learning algorithms incorporating an extended privacy management system, to identify the most effective compounds for drug development while protecting the intellectual property rights of the consortium contributors.”
The project involves 10 pharmaceutical companies, two academic universities, four subject matter experts, and one large AI computing company, NVIDIA.
Axuall, a digital network, offers verification of identities and credentials using Sorvik Network and Hyperledger Indy in real-time. Axuall uses a patent-pending technology architect, enabling fast and easy integration with existing procedures and workflows. It eliminates the need for tedious paperwork, thus allowing physicians to spend more time practicing medicine rather than doing manual work.
Also, Axuall and MetroHealth are soon going to collaborate with their teams, which will use new technologies to manage and share digital information through a nationwide network. Axuall network leverages digital wallets, thus enabling secure sharing and monitoring of credentials in real-time.
Medicalchain was the first telemedicine platform launched in 2017 to provide easy access to patients in terms of consulting a doctor over a video call and paying securely with Medtoken (MTN). It’s an application based on blockchain technology where patients can choose the best physicians anywhere across the world, and doctors will have a complete record of the patient’s condition in real-time.
Moreover, patients can schedule appointments and request further assistance by using a smartphone. The company thus assures a single and accurate platform where unnecessary data is flagged out, and the patient’s medical record is kept safely.
KitChain, powered by hyperledger, offers a robust collaborative model for running pharmaceutical clinical supply chains. It creates an immutable digital record for shipment of packages, inventory, and record tracking, eliminating the burdensome of paperwork and human intervention. Like other collaborative models, Kitchain has a front end as a mobile application and a backend as a blockchain server, implemented in Golang and used Hyperledger Fabric, allowing securely recording and sharing of records.
A blockchain-based digital identity network launched by Securekey in early 2019 offers a secure and convenient way to verify identities to Canadians. The network is in cooperation with the major financial institutions of Canada, built on Hyperledger Fabric 1.2, offering new identity providers to consumers. The network enables consumers to keep their information safe as it allows what type of information to choose and whom to send, gaining safer and faster access to the consumers.
Verified.me can be seen as a boom as many reputed providers of health and wellness are joining this network for managing their platforms.
Blockchain is an emerging technology that is creating unique opportunities with its decentralized approach, leading to secure and immutable information. Blockchain can be seen as a game-changer, but still, there are few challenges associated with this technology. Interoperability, storage, and social acceptance are the few focal points in this direction. In the giant field of the medical field, we can say blockchain is a must-have technology.