Having fought the strides successfully, Blockchain completes a decade in 2018, and the voyage embarks the next big revolution after the internet. Brewing its repute, Blockchain shall be driving 10% of world GDP by 2025 followed by a swathe of enterprises across the scale chasing it to unlatch profits. AI has been around for decades, but lack of instantaneous data inputs and centralized structures nearly killed it. Left in the dust for long, AI has discovered solace with Blockchain’s anonymous data storing over a distributed network is rage and that’s what high performing business models had dreamt.

Blockchain with AI – Better Access to Data Sources, Intelligent Predictions, And Autonomous Processes

There’s no centered ownership of the Blockchain network that makes more data accessible within a highly secured ecosystem. That is, stakeholders can offer data extractions against a predetermined compensation, and the seekers can instantly engage in a quick smart contracting. Blockchain networks produce more volumes of real-time data for AI systems.  The data fed to AI will impact critical business decisions in the more extended run. Thus, accuracy is a prime challenge and shouldn’t be overlooked. The risk of unverified data sets can be effectively contained with Blockchain. The distributed network makes it a priority to authenticate data sources and implement repetitive checks thereby empowering AI platforms to consume original data.

Smart Contracts have predetermined patterns and behaviors that govern the instructions processed by AI systems. Since businesses have disrupted in the past, tampered proof instructions will ensure only legit instructions received by the AI channels, making external hindrance of any stance almost impossible.

Enter Blockchain in Healthcare – Smart Data Management with Unified Patient Record

Next, to currency trading (cryptocurrencies), Healthcare is the fastest adopter of Blockchain systems and has a specific mission to curb costs, fasten data accuracy and conceive better standards of healthcare, around the world.  16 % of 200 + healthcare executives when surveyed, confirmed moving to Blockchain driven platforms in 2018. The stats will grow to 56% in 2020, as smart contracting has resolved many of medical world’s real problems.

Duplicity is the most significant impediment while handling healthcare records as they are consumed from varied data sources each with a different schema for every single field. 

Differences in data entries such as name spelling or address formats are hard to resolve. Coveted for a working solution, Blockchain can hash the entire data set to a unified ledger. The distributed networks can securely archive a patient’s Electronic Medical Record (EMR) history covering details about disease registries, lab test findings and the treatments used, in the form of a unified and longitudinal patient record. Thus, redundant entries and accurate audits are executed. Drastically cutting down upon duplicity speculation, validation checks and the overall time & money that goes into the process, such one-stop access to the medical history will negate confusion. Since patient history is the highest value asset in healthcare, binding such degrees of fragmented data is a radical advancement. 

The billion dollars spending in tracking the medical services availed continues to be a challenging task for insurance organizations and other administrative units.

Computing such exponential flow of patient data gets complicated and often results in dispute amidst the insurance and healthcare service providers.  For its decentralized character, Blockchain can drive a highly transparent, instant and integrated tracking system that is prone to fewer errors in data updates and thus abbreviated fraud.

As far as Life Sciences are concerned, useful breakthroughs in areas of Biotech research & analysis are primarily dependent upon mutual data cooperation amongst research institutions, administrative agencies and healthcare service providers. However, data theft speculations have discouraged many agencies from releasing their findings. Not to miss, a patient can anonymously share EMR insights with researchers and contribute towards faster medical breakthroughs.  Fostering collaborative R&D, Smart Contracts in association with the growing community can leverage trust as the tool to verify sources. The same has successfully worked in financial transactions driving on Blockchain networks with is a more complex use case.

However, the most exciting use case of Blockchain in the healthcare ecosystem has been mining the Genomics for information.

Earlier, patients were not convinced with the idea of granting access to their sequenced genetic code as no real compensation could be rewarded. With Blockchain, licensed access can be given with transparent releasing of compensation while the identity of the owner stays anonymous.

What’s Ahead?

Next to finance, healthcare is the fastest adapter of Blockchain networking and vows to benefit the everyday user in years to arrive. As the enterprise acceptance grows, Blockchain possibilities will continue to explode. Be it implementing anti – tempering protocols in the manufacturing stage for genuine pharmaceuticals or defining accountability of clinical reporting, Blockchain use cases in the healthcare ecosystem have promising potential.

About Author: With a background in investment banking and wealth management, Gourish is an accomplished business leader, angel investor and social entrepreneur with a focus on performance, growth, and innovation. He is COO and Co-founder Shivom, a healthcare based blockchain startup.