Blockchain is an elegantly distributed cryptographic solution for the transformation of record keeping across any industry. It satisfies two needs that help industries stay ahead: the need for innovation and the need for governance.
Why Blockchain
Blockchain satisfies two very important needs that help industries stay ahead of the game. First is the need for innovation, and second is the need for governance. In addition, blockchain technologies help in lowering cost, increasing speed, and empowering people.
This is unique and important because very few other technologies can fill these needs. Blockchain increases trust, durability, and security. In the arena of big data, where the exchange of data is incredibly and increasingly frequent, the need for governance is becoming extremely prevalent.
Blockchain was originally pioneered by finance, which is why so many people equate it with Bitcoin. However, we have already seen applications of blockchain that stem beyond just finance. The reason we have not seen blockchain take hold more broadly is that it is incredibly complex and disruptive.
Value Proposition Across Industries
The value proposition for blockchain in industries is also critical. In certain industries, blockchain is able to reduce costs, decrease time to market, and increase accuracy. I gathered this information through research and by conducting interviews with industry leaders. The individuals I interviewed are involved in:
- Financial services
- Manufacturing
- Cellular services
- Trading
- The pharmaceutical industry
Proof of Concept: A Blockchain Engine for Healthcare
The evidence gathered from these conversations was used to develop various business cases. The project selected from these business cases was to build a proof of concept of a blockchain engine for the healthcare industry.
The engine selected for this implementation was Openchain. Coding changes were made to the Openchain engine to create a new wallet, which was used for transacting and validating the identity of the customer. The central server kept all the records and was implemented on the Google Cloud Platform.
The final POC product provided a digital record of every customer at a medical office, so they can go to any pharmacy and retrieve medications by scanning the wallet. In addition, the customer’s complete medical record is stored on the blockchain transaction, which can be accessed by any physician, given the consumer’s consent.
Closing Thoughts
Blockchain’s real promise is not cryptocurrency — it is trusted, governed record keeping. The healthcare POC showed that even a modest implementation can put customers in control of their own records.