Blockchain technology can make a big impact in various industries. Outside of the financial sector, a few options are being explored right now. The medical industry, for example, can benefit from distributed ledgers as well. South Korean startups are pushing hard to bring healthcare and blockchain together in the years to come.
South Korea Promotes Blockchain
Most people know South Korea plays a big role in the cryptocurrency world. It’s local exchanges generate a lot of volume for Bitcoin and altcoins every single day. A little unknown fact is how various startups in the country are looking to embrace blockchain technology as well. Not necessarily in the financial sector, but rather in the medical industry. A lot of different blockchain-based services are in development as of right now.
In terms of recordkeeping, a distributed ledger makes a lot of sense. It provides an immutable record of information which is not subject to a central point of failure. This is why XBLOCK SYSTEMS is working on a medical proof application service. This solution will issue these medical documents through public key infrastructure on a distributed ledger. The firm is confident they can make this entire business model more streamlined and efficient by embracing this method.
Other companies are exploring different avenues in the medical sector. Ranging from reward programs to follow-up management solutions and open platforms for medical information, they are all being looked at by South Korean startups. Competition in this space will ultimately benefit the consumer and healthcare professionals alike. More importantly, it appears a wide range of services is being created at this time.
The Medical Sector Needs an Upgrade
Over the past few years it has become evident the medical sector needs a technology upgrade. With record keeping still being done on paper, for the most part, this industry hasn’t entered the 21st century in full. Additionally, there are multiple central points of failure to contend with. These issues allow for data breaches, successful malware attacks, and so forth. Blockchain technology can solve a lot of those problems if companies develop the right solutions. A South Korean spokesperson explains:
“The medical and healthcare sectors have had the structure in which the public have no access to information. However, the blockchain technology now allows the public to review information more easily and safely. The new era where individuals can ultimately manage medical information instead of hospitals or medical organizations is expected to begin.”
With South Korea setting this precedent, other countries may follow its example. Blockchain is an innovative form of technology which opens up a lot of new opportunities. At the same time, the technology needs to be scalable, transparent, and still offer privacy up to a certain extent. Getting that balance just right for the medical sector will be challenging. Even so, the South Korean startups are confident they can bring a lot of value to this industry moving forward.