Healthcare is among the industries that are set to benefit from the integration with blockchain technology. South Korea has introduced the nascent technology in the healthcare industry to enjoy the benefits of data management and storage on blockchains.
The South Korea government is currently trying its level best to assist in the adoption of blockchain technology in different sectors. Notably, the country’s central bank is reviewing the use of central bank digital currency (CBDC). Also, several government ministries want to adopt decentralized identification features within the current systems. Pharmaceutical companies, hospitals, and research centers are also considering various blockchain solutions.
It is known that blockchain can greatly help the medical sector but simultaneously, utilizing a new blockchain service system to the traditional industries is not quite quick and simple. A lot of testing needs to be done before it can be applied in people’s daily lives.
The South Korean government is encouraging and supporting blockchain technology and also conducting many proof-of-concept projects aiming to find a proper manner to connect blockchain to the current system. Even the National IT Industry Promotion Agency and the nation’s Ministry of Science and ICT launched blockchain proof-of-concept projects in 2019.
The Pandemic Aftermath
As governments and authorities around the world struggle with the healthcare effects of the current pandemic, their focuses have invariably shifted from the many chronic diseases and conditions to the more urgent efforts of controlling the health crisis.
Nonetheless, behind all that noise, the government health organizations are constantly making impressive steps forward in the manners in which they use the technology to analyze and even respond to the challenges that chronic conditions like diabetes and the cardiovascular disease place on healthcare systems and the populations.
Professionals and experts working within the health departments have had to contend with inadequate funding that mostly forces them to rely heavily on the legacy computer software and hardware that is unsuitable for the fast-changing healthcare system.
That is where blockchain and the many underlying cryptos that support it come in handy. They can introduce decentralized solutions to departments that rely on clear and accurate daily information to treat their patients.
In the case of South Korea, a country that is highly open to blockchain technology and its vast potentials, the new technology is now being utilized to develop a blockchain-based data registry platform that has now been set up to assist over 11 million people living in the country who suffer from various chronic conditions like the cardiovascular disease and diabetes.
Diabetes affects its victims greatly leading to a diminished quality of life; and a dependence on continuous treatment and drugs to help in keeping the disease at bay. According to the International Diabetes Foundation estimates of 2019, around 463 million people suffer from diabetes worldwide. South Korea has at least five million people who struggle with this disease.
Most of the labs and hospitals rely solely on centralized solutions and databases to coordinate data collaboration. This method makes it almost impossible to track the use and manipulation of the large volumes of data; that is collected and used by the healthcare providers.
The implementation of blockchain in ordering; and storage of huge amounts of data will eventually result in efficiency enhancements for the healthcare staff. That means they can spend more time with the people who matter in the entire process: the patients.
South Korea passed new data-related regulations that will come into effect in December. After these regulations are applied, additional corporations are anticipated to consider the benefits of blockchain for data management and storage.
The current data management systems do not authorize the corporations to manage data properly; since they cannot track data use or access. Thus, some feel that data management and storage can be streamlined and enhanced using blockchain.
Blockchain adoption is not too far away since the government has offered its support. However, it will depend on whether people are ready to accept the new business structure in various industries. Nobody wants to be the first one to integrate the technology and handle the risk. But, the work of pioneering businesses means that we are a step away from the much wider adoption of blockchain technology.