STRATO for Healthcare

Leveraging Blockchain to Save Time, Money, and Lives

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Top Industry Challenges

Disruptive changes in the healthcare industry require participants to remain vigilant, compliant and competitive.

Managing Health Data

HIPAA Compliance & Privacy Requirements
Health Information Exchange (HIE) Interoperability
Handling Genetic Data for Precision Medicine

Ensuring Drug & Supply Safety

Global Anti-counterfeit Tracing
Recall & Return Management
Pharmaceutical Supply Chain Visibility (incl. Cold Chain)

Keeping Operations Efficient

Portability of Electronic Health Records (EHR’s)
Serialization Requirements and Initiatives
Efficient Patient Sourcing and Employee Credentialing

Growing the Top Line

Digitizing Processes and Telemedicine
Patient Data Ownership & Monetization
Quickly Integrating New Technologies (AI, 3D Printing, CAR-T, CRISPR)

BlockApps’ STRATO platform is the blockchain solution that enables a global healthcare ecosystem of businesses, partners and competitors to transact and collaborate seamlessly across life science industry verticals.

Healthcare Blockchain Solutions & Resources

Top Industry Use Cases

News and events

Blockchain for Clinical Trials

Health-tech Partners

Alten Calsoft’s BioPharma Ledger on STRATO

ALTEN Calsoft Labs has already launched a blockchain clinical trial platform on STRATO. Read about the project or blockchain for clinical trials.

Top Industry Solutions

Encrypted Electronic Health Records (EHRs)

Data breaches cost the healthcare industry an average of $6.5M, over 60% more than other industries. It took the healthcare industry an average of 236 days to identify a breach and 83 days to contain it, meaning that in the case of a breach, patients’ records could be vulnerable for almost a year.

In addition to poor security, interoperability is a significant challenge for Electronic Health Records (EHRs), as their sensitive nature makes efficient sharing a complicated process.

EHR users are turning to blockchain because it offers a single consolidated ledger allowing parties to access the same data in real time without labor or time-intensive exchanges involved – all the while maintain patient privacy during data sharing. Learn more from our industry expert.

Protected and Monetized Personal Genetic Data

As an indication of the vast potential of genomic testing, the market has grown rapidly and dramatically, whereby in 2001 the first human genome was sequenced for $2.7 billion and today the same process can cost anywhere between $1000-$10,000.

Despite these numbers, genomic testing is seeing slow adoption rates due to cost and privacy concerns. Individuals are expected to relinquish control of their data to companies like 23andme who profit as middlemen between data owners and buyers.

Industry members are turning to blockchain’s capacity for tokenization to address this opportunity, which allows individuals to charge a fee in tokens for viewing or using their data. By offering this tokenization in combination with the extensive data tracking capabilities of a blockchain ledger, individuals and companies can engage in mutually beneficial and transparent data sharing practices. Learn more from our industry expert.

Faster Credentialing and Licensing

Before a clinician joins a medical or pharmacy staff, the institution or company in question must first verify their credentials, a lengthy process resulting in lost salary for physicians waiting to work and lost revenue for employers.

Not only are credentialing and licensing processes long and costly, they are also inefficient as 52.2% of directories contain inaccuracies, with 12-18% of provider directories incorrectly listing a provider as participating in a plan or being out of date.

Blockchain technology can both providers and payers to be credentialed swiftly and efficiently, saving months of lost time and money. The single source of truth aspect ensures that all parties have access to the same data in real time, allowing updates to reach multiple parties at once rather than moving slowly down the funnel as it does now. Meanwhile, the peer-to-peer network inherently simplifies and automates the process of verification, as data is transparent and can be confirmed by peers. Learn more from our industry expert.

Prevention of Counterfeit Drugs

Since 2010, counterfeit products have cost almost $1.6 trillion, with prescription drugs amounting to over $1 trillion of this number. This is largely facilitated by importation from foreign countries creating a portal of entry for counterfeit drugs into the US distribution system.

The drug distribution system is complicated and opaque, with the conventional linear supply chain being replaced by a more networked environment, and product traditionally being tracked through manual or spreadsheet-based methods.

It’s no secret that many different supply chains can be improved using blockchain technology – the same goes for a track-and-trace solution for the drug industry. The immutable single source of truth offered by blockchain will eliminate a great deal of repetitive, administrative work, cutting labor and time costs while ensuring the sources and movements of drugs can be immediately and accurately viewed, providing an unprecedented level of security. Learn more from our industry expert.

3D Printing for Personalized Medicine

3D Printing is expected to rise to $2.32 billion by 2020, with a CAGR of 26.2% during the forecast period. This growth is driven by a combination of increasing demand for personalized drug therapies and a dearth of organs for transplants.

For 3D printing to meet its potential, it must surpass geographic and production limitations and respond to data from multiple sources accurately and immediately. Additionally, it must verify the security of requests and producers as well as the mass of sensitive data at hand.

Companies in this arena are looking to build leverage blockchain’s smart contract capabilities to automate and ensure providers and patients enter into secure and efficient transactions. Learn more from our industry expert.

Storing and Sharing Data for Wearable Medical Devices

The global wearable medical device market is predicted to sit at $12.14 billion by 2021, an increase from $5.31 billion in 2016, representing a CAGR of 18%.

The data collected by devices is highly sensitive and personal and is currently stored within the device. Biometric measures are the main security mechanism for wearables, however these can be hacked and once possessed, will be permanently usable as unlike passwords, fingerprints and faces do not fundamentally change.

In this case, blockchain is intended to facilitate secure transfer of health and biometric data from wearables to necessary parties.

Learn more from our industry expert.

Virtual Clinical Trials

Clinical trial research is one of the costliest components of healthcare, with each trial valued at $100 million on average, pushing up the cost of developing a single new drug to a staggering $2.6 billion.

One of the greatest hindrances for clinical trials is the difficulty of patient recruitment. Over 10% of investigator sites fail to enroll a single participant and only 5% of the US population participates in clinical trials today, largely because trials are often inaccessible, and the consent process is cumbersome and time-intensive.

Clinical trial industry members are looking to innovate with blockchain as they digitize, taking advantage of the single source of truth the blockchain offers in combination with strong encryption standards and – in some situations – process automation. Learn more from our industry expert.

Learn From Our Expert

BlockApps’ Craig Recatto is an experienced industry veteran and trusted advisor to our healthcare clients and partners.

How can he help you?

Craig is constantly researching and vetting the capabilities of blockchain to help companies in the healthcare industry.

Craig values the input of all industry members and is available to help you determine the feasibility and value of a blockchain solution for your healthcare-related company, network or industry vertical.

Contact our Expert

Inquiries are sent directly to Craig

STRATO for Clinical Trials Management

With the decentralized security of blockchain technology, Contract Research Organizations (CRO’s) and pharmaceutical companies can radically improve both the quality and diversity of candidates selected for clinical trials.

The current clinical trials management process is increasingly complex, spanning many stages, multiple geographic locations, various third-party vendors, data collection methods and timelines.

At present, this process lacks transparency and trust, making it difficult to manage the steps while reducing costs and protecting the integrity of the data collected.

Currently, various intermediaries slow down the entire clinical trial process, from patient recruitment to publication of results

How can blockchain help?

BlockApps has outlined the many aspects of the clinical trials process that can be improved with STRATO – increasing trust and reducing time-to-market for lifesaving drugs.

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BlockApps Healthcare Partner Network

BlockApps’ extensive partner network includes many healthcare and health-tech companies who are ready to help turn your blockchain solution ideas into a reality.

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Industry News & Events

From the Web

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