23 May, AtoZMarkets – One major beneficiary of this technology will be the pharmaceutical companies, which lose an estimated $200 billion to counterfeit drugs each year. The use of blockchain will enable complete transparency and visibility through the drug supply chain, that will track drugs to the point of origin, in order to minimize counterfeit medication. Another major issue that blockchain technology is poised to transform is the the growing concern about security and privacy of data, especially with the increase of data breaches and malicious attacks on healthcare organizations. This is where the blockchain healthcare industry steps in.
Medicalchain’s ICO started and concluded on February 1st 2018. On the day, they managed to raise $4 million, in addition to gathering $20 million in pre-sale, making the total amount raised to $24 million. Medicalchain uses blockchain technology to securely store patients health records and maintain a single version of the records. Medicalchain is not only used for patients health records, there are many other parties that are benefiting from this technology such as doctors, hospitals, laboratories, pharmacists and health insurers. They can request permission to access a patient’s record for their purpose and record transactions on the distributed ledger.
Dentacoin is a blockchain project specifically designed for the global dental industry. The company held their initial coin offering on the 1st of October 2017, for a period of one month and managed to raise $2.1 million. Dentacoin is an ERC-20 compliant token has been created to be used globally by individuals in need of dental services. Since the beginning of the year four dental clinics are accepting Dentacoin now include F3T Dental Clinic (U.K.), Swiss Dentaprime (Bulgaria), Dentech Dental Care (India) and MR Iteech (Taiwan) are accepting the digital currency. Dentacoin has announced several milestones for 2018, including launching its cornerstone ‘Dental Asurance’ program, and the company is also planning to launch a second token sale this October.
Grapevine World is a decentralized, borderless ecosystem for the seamless exchange of health data in a standardized, secure manner. Grapevine unlike most of its competitors has one big advantage: it already has the database. Unlike most of Grapevine’s competitors have to build the existing database with all their patient’s information. Grapevine is tapping into the IHE’s – “Integrating the Healthcare Enterprise”. This was an initiative that was started by the European Union to try and digitalize patients information in order for it to be shared among healthcare practitioners. Grapevine will be connecting all existing medical database’s internationally. Patients will receive GRAPEs for providing informed consent to share their anonymized data. Their ICO is scheduled for the 19th of June, with the GRAPE token valued of $0.10.
Is a global ecosystem analyst – Hi:Health will be the data broker of personal medical records based on artificial intelligence and blockchain technology. Artificial intelligence will be able to analyze the slightest deviations, which humans can’t notice. In addition artificial intelligence will be able to monitor the effectiveness of treating patients in real time and correct doctor’s prescriptions. Hi:Health will work with early detection of those diseases, increasing of which concerns WHO and other international organizations throughout the world that deal with health issues. To get a better insight into diagnostics Hi:Health will use gadgets and mobile applications for survey-taking in real time. The project is in its Pre-Sale for another week at the moment of writing, and the ICO launches on 31st of May. The value of each HIH token will be $0.027 each.
NurseToken is tackling a very big problem in the medical sector, and that is the shortage and accessibility of nurses around the globe. Nurses are the single-largest workforce in the world. Yet the WHO estimated a nursing shortage of over 17.4m people in 2018, with individual hospitals spending as much as $2m per month in recruiting, training and hiring nurses. NurseToken streamlines this recruiting / hiring process and incentivizes nurses, increasing the flow of new nurse into the workforce. With additional benefits of cross-border payments, misaligned incentives and data accessibility. Participating nurses will gain increased control over their schedules and enhanced reliability in providing their services to the numerous member facilities throughout the world. The Pre-Sale starts on the 1st of June, followed by the ICO on the 1st of July, and it will be open until 13th of October. The value of each NUR token will be $0.44 each.
To conclude the medical sectors will greatly benefit from blockchain and artificial intelligence technology, as the above projects show there are big gaps to be filled, and improved on. We are still in the early stages of blockchain adoption, thus it will take some time for the projects to realise their full potential and elevate the medical industry into the decentralized environment.
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