ConsenSys, a U.S based Ethereum oriented company, has recently announced it will be creating a blockchain subsidiary known as ConsenSys Health, which will focus on tackling healthcare problems in the United States. This move forms part of the company’s on-going wholesale restructuring process that involves a transition into a product-focused organization. ConsenSys Health blockchain solutions will be encompassing, cutting across the public and private sectors.
The ConsenSys Health Blockchain Solution
ConsenSys Health, as a new independent company, will concentrate on addressing some of the most prominent problems of the healthcare industry. Some of these problems could range from the rising cost of administration and research, as well as data security and accessibility issues in healthcare. ConsenSys Health blockchain solutions will require the company to leverage its advanced technical capabilities to create Ethereum-based products capable of enhancing cybersecurity, bioethics, compliance, and privacy.
To achieve its goals, the new company will rely on partnerships with industry leaders and will launch several other products previously developed under the ConsenSys umbrella. Some of the core products created by ConsenSys like PegaSys, Infura, and Codefi will also be used by ConsenSys Health to build new infrastructure, tools, and applications that will power the Ethereum-based solutions for healthcare purposes.
Why was ConsenSys Health Created?
According to Joe Lubin, Founder of ConsenSys and co-founder of Ethereum; when it comes to any endeavor, focusing on a particular area will allow for the development of specialty in that field. This is the reason why ConsenSys Health is dedicated to the healthcare industry as it will enable the company to devote its resources to the creation of functional blockchain solutions uniquely tailored towards solving healthcare industry problems.
Speaking on the matter, Lubin said that:
“Technology for the healthcare ecosystem demands the foundational security, identity and efficiency that comes with distributed ledger technology, along with unique privacy and ethical considerations that deserve singular focus. Spinning off a separate company in this area is an opportunity for us to combine the powerful technology built by ConsenSys with a team of domain leaders to provide solutions to the biggest challenges in healthcare, many of which we feel the impact daily.”
Based on information from sources close to the matter, ConsenSys Health will be led by former division manager, Heather Leigh Flannery. Flannery is also the Co-Founder and Board Chair of Blockchain in Healthcare Global (BiHG).
Flannery also chipped in on this latest development. According to him:
“Global leaders see the need for change in the current healthcare system, as it lacks the affordability, access, and inclusivity that patients need. The combination of innovative technologies such as machine learning and blockchain enables us to approach old problems in new ways.”
Is Blockchain the Healthcare Fix?
Healthcare is one of the most debated topics in the political world especially in U.S politics, and this is rightly so. The healthcare industry is plagued with a myriad of problems ranging from accessibility, rising costs, data security, and transparency. This is one of the reasons ConsenSys Health blockchain solutions are targeting the United States market with its alternative to the flawed traditional healthcare system.
Blockchain technology may not be the ultimate panacea for the healthcare industry, but most experts agree that its implementation will go a long way to improve the overall situation. With the efficient database that the blockchain provides, solutions that enhance drug supply chain transparency, improve medical information management, and even amplify medical trial security are all now within reach. As more companies like ConsenSys attempt to create blockchain fixes for these healthcare industry problems, blockchain will play an essential role in augmenting healthcare services in the future.