The use of blockchain technology has been established by the demands of the world economy. Distributed ledger systems are now operational in almost every industry.
However the healthcare sector has been slow to embrace blockchain technology when comparing the field to other industries. The Seoul Medical Centre is now revealing its intentions to launch a medical blockchain-based project to improve its services. This is according to the CoinTelegraph the South Korean media outlet Daily Medi. The Seoul Medical Centre is one of the most significant medical facilities in South Korea’s capital.
The healthcare blockchain project will be a realization of the “Smart Hospitals” initiative. It is mutually coordinated by the Korean Ministry of Science & ICT and the Seoul Medical Centre. The medical blockchain platform is preparing to be launched in April 2019. It has a goal of increasing data accuracy and minimizing the processing interval of services at the facility.
“Seoul Medical Centre will build an automated, personalized, integrated medical information platform by providing electronic prescription delivery, certificate issuance, and insurance claims through the blockchain-based system.”
Blockchain Adoption in the Past Five Years
Distributed ledger systems are emerging as one of the greatest inventions of the 21st century. Nations worldwide are striving to be earlier pioneers as blockchain adopters. Fortune 100 companies like IBM, Facebook, Twitter, Google, JPMorgan, and others are diving into the blockchain industry. According to a report prepared by the UN World Intellectual Property Organization (WIPO), registration of blockchain patents is increasing tremendously last year.
China is emerging as the champion of blockchain-based patents, having registered a total of 930 blockchain patents. The US closely trails it with 860 registered patents. Interestingly, even developing countries like India are betting high on this invention. Tata Consultancy Services (TCS), an Indian IT firm, are reporting at the beginning of March 2019 that it would champion blockchain technology in India via its invention bases in Bangalore and Hyderabad.
To lift the nation’s blockchain adoption rate, South Korean authorities have set up the “Seoul Innovation Growth Fund” to establish investments of more than $1 billion in blockchain ventures, in the next four years.
Other Medical Blockchain Use Cases in South Korea
Recently another medical facility in South Korea, Myongji Healthcare, struck a deal with a local IT company to a build blockchain-based healthcare service platform.
Meanwhile, several trials and surveys have been carried out on the potential of the ledger system in healthcare. Through collaborations between medical personnel and blockchain professionals, the findings appear irresistible. Most noteworthy, this technology solution will solve the issue of medical records by minimizing expenses and time spent.
Besides, the distributed ledger system will also enable secure and swift medical information sharing globally. In addition, The information can be applied to carry out studies. For example, such studies will improve on serious chronic health conditions like Cancer and AIDS.
The use of blockchain in countries that are densely populated will be critical. As a result of the ever-swelling number of patients in countries like India and China, it is a necessity. Likewise the immutable patient data can be gathered and shared with healthcare professionals. This will lead to the best safety and security applications worldwide for medical research and development.