Blockchains are fascinating. I am exploring this space for “electronic medical records”. However, there are certain caveats to the EMR space via practical implementations. An immutable record would invite an overactive scrutiny. I foresee blockchains limited to bringing about efficiences in the supply chains alone.
To fix some of these supply chain vulnerabilities, the industry is turning to blockchain technology. With a blockchain — which can make it cheaper, easier, and faster to verify what is true when a business process spans organizations with competing interests — companies can safely work together in a shared, permanent ledger. They can do this without giving up control of or even revealing their data, as mathematical proof of data can stand in as a trustworthy proxy for actual data.Why Big Pharma Is Betting on Blockchain
Instead of being owned and managed by a single company that everyone must trust, the ledger is governed by all members of a network. Because this makes it possible to delegate the work of checks and balances to cryptography and code, blockchains can reduce friction, expose fraud, and assure product authenticity with new speed.
I am still skeptical of the claims made by HBR because it seems like a “plant” in the ongoing pandemic crisis and the response by different organisations. However, it still doesn’t dilute the key message, and it is a welcome sign that hospitals are increasingly looking at it.