Blockchain and medicine: the expert told how technologies help Ukrainian refugees and defeat bureaucracy in hospitals


Posted March 30, 2023 by EternityLifeClinics

In the article, expert Denis Chernyshov talks about the connection between blockchain and medical innovations

 
Blockchain technologies are being fully integrated into medicine. Blockchain-based services already significantly simplify the lives of Ukrainian refugees abroad, help get rid of bureaucracy in hospitals and ensure the security of patients' data. Denys Chernyshov, CEO of longevity startup Eternity Life Clinics, a specialist in the field of cryptocurrency, told about how blockchain is becoming a driver of medicine.
According to the expert, blockchain, first of all, allows providing access to patient data and their safety. This eliminates the bureaucratic delays that are so characteristic of medical institutions. For example, the TransCrypts startup is quite successfully used in Canada. It is a blockchain-based platform that provides access to electronic medical records. Hospitals can freely and quickly upload patient information to a virtual database so that the user can view it, send it, and translate it into other languages (there is a translation option). Now a pilot project has been launched and about 4 thousand Ukrainian refugees in Canada have already been able to use the service.
"Electronic medical records are one of the main options for using blockchain in the field of healthcare. This allows you to ensure the authenticity of information and control its movement and change. Therefore, the technology is applicable for storing data, for example, patient medical history, and reports on prescriptions," says Denys Chernyshov.
The expert notes that due to the blockchain, it is possible to control the exchange of data between medical institutions - public and private clinics, R&D centers, pharmacies, and insurance companies. In some countries, the transfer of patient data without their consent is prohibited by law. Such requirements are contained, for example, in the European General Data Protection Regulation (GDPR). However, the blockchain contributes to the settlement of this aspect as well. MedRec, a joint project of MIT Media Lab and Beth Israel Deaconess Medical Center, allows patients to control their data and independently determine who can access it. Healthbank, Factom, Gem Health Network (GHN), HealthCombix, and others are working in the same direction.
"Gartner analysts state that low data security costs companies $15 million in average annual financial costs. Blockchain allows us to protect patients' personal information by making it available only to medical professionals. To this end, the Medicalchain project was founded – a platform for the secure storage and exchange of electronic medical records. The Iryo startup also focuses on cybersecurity," emphasizes Denys Chernyshov.
In addition to secure data management, the founder of Eternity Life Clinics names other opportunities that blockchain opens up in medicine. These are ordering medicines, signing medical insurance contracts, remote monitoring patients' conditions, paying for medical services, and much more.
"The developers of the CareX startup have created a cryptocurrency to simplify medical tourism. Our project Eternity Life Clinics is developing in the same vein. And the ANC pharmacy chain has launched an option to pay for goods via Binance Pay: since January, the service has been operating in pharmacies in Kyiv. By the way, it was the Ukrainian pharmacy chain that became the first Binance partner in Europe," the expert says.
Smart contracts allow you to get a doctor's consultation or referral for examination or tests. In addition, the blockchain regulates the management of drug supply chains and is applicable to combat counterfeiting and corruption in medical institutions.
Denys Chernyshov explains that blockchain also has a number of significant advantages for patients: the choice of a healthcare provider without an intermediary, the ability to pay with NFT tokens, and even participation in the promotion of various studies through decentralized autonomous communities.
A survey conducted in 2020 shows that out of 146 European medical institutions, only 4% use blockchain. This is probably due to a low level of understanding of the technology's capabilities, high barriers to use, and conservative habits.
Despite this, the number of medical startups of this kind is growing. Two years ago, the total cost of blockchain-based medtech startups was $531 million. According to forecasts of Allied Market Research, by 2031 this amount will exceed 16 billion.
"It is obvious that blockchain is turning into a real driver of medicine. Deloitte predicts that in 5-10 years, blockchain will displace outdated technologies from business: more than 70% of venture investors, entrepreneurs, and top managers adhere to this point of view. This trend will not be an exception for medtech," Denys Chernyshov believes.
There is already reason to believe that the use of blockchain in medical technologies will scale in the coming years. But doctors and researchers have yet to be convinced of the practicality of blockchain systems and the wide range of their capabilities.
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Issued By Eternity Life Clinics
Phone +380955501446
Business Address Kyiv, Basseinaya street, 7
Country Ukraine
Categories Blockchain , Engineering , Medical
Tags longevity , crypto , blockchain , medicine
Last Updated March 30, 2023