Benzinga - Blockchain and cryptocurrencies have long extended beyond traditional financial instruments. They are now a universal and progressive technology that benefits various industries and sectors of the economy.
One niche where blockchain can be beneficial is medicine. Primarily, it addresses the primary issue associated with it: the lack of privacy. Even digital information storage only partially protects patients' data, making global management of such data challenging.
Blockchain, however, provides a unique environment where the required confidentiality and transparency of stored information are realized. In the Bitcoin ecosystem, we know when and for what amount of transaction occurred, but we do not know who the person behind it is. A slight modification of this technology to suit the needs of the medical sector would allow for the storage and transmission of patient data while keeping what should remain anonymous.
The second application of blockchain in medicine is to ensure transparency in the pharmaceutical market. Inputting data into a publicly distributed ledger will not only reduce illegal drug trafficking but also optimize logistics costs, delivery times, and expenses. The third application is the data exchange among research institutions to advance international medical science and facilitate collaborative work among scientists from different countries.
In practice, only a small number of companies have been able to integrate blockchain into their operations, leaving plenty of room for growth in the sector.
Blockchain in Medicalchain Medicalchain is one of the first medical organizations offering patients a decentralized ecosystem based on Hyperledger Fabric. The ecosystem includes storage for medical data accessible to patients, medical professionals, and research institutions. Access to the data is granted through token-based identification.
Medicalchain also offers incentives. Patients can profit by providing their medical data to the blockchain, including data from wearable health tracking devices. At the same time, scientific researchers can access the data required by paying with tokens. Currently, the project is in the beta testing phase. Still, after full deployment and popularization, it can significantly contribute to the development of crypto-medicine.
Blockchain in Mediblock Another project created by Dr. Vukyun Ho, a physician who, at the beginning of his practice, decided that data control should belong to the patient, not medical staff.
Consequently, the Mediblock platform primarily focuses on patients and offers several solutions: a mobile application for convenient data access and management, a service for verifying and assessing medical data, and a cloud service for medical professionals to optimize workflow processes.
Mediblock's developments are already being used by the Seoul Medical Center, Hessen City Hospital, other medical institutions, and 600,000 patients.
Cannafarm Solutions However, hospitals, patients, and medical data are not the only areas where blockchain technology can be applied. As mentioned earlier, it is also highly needed in the pharmaceutical market, and there are innovative solutions in this sector.
Cannafarm, a company specializing in the production of medical cannabis and supplying distillates to the international pharmaceutical market since 2018, also utilizes blockchain in its business processes. The Ethereum ecosystem and smart contracts are employed in certifying batches of marijuana for subsequent control, tracking, and quality verification of the supplied raw materials.
Cannafarm's solution contributes to developing the often unseen but critical aspect of patient health and well-being. Quality control through blockchain ensures that only high-quality raw materials from verified producers are brought to the market, subsequently used in the production of medical products. Cannafarm's cannabis serves as the foundation for essential pharmaceuticals for oncology patients, individuals suffering from epilepsy, and those experiencing depressive episodes, which is why the company strives to ensure optimized and stable deliveries by applying progressive technologies.
To expand production and meet the growing demand for medical cannabis, Cannafarm also uses blockchain to attract investments, using them to increase the number of batches. Investors, choosing one of the four investment plans with returns of up to 3% per day, manage their deposits in cryptocurrencies. Profits from selling raw materials are distributed among project investors through smart contracts.
This is how Cannafarm Ltd. has developed its unique approach to advancing the medical sector: blockchain in production and blockchain as a tool for secure investments supporting the medical marijuana sector.
For more information, visit:
Telegram: https://t.me/cannafarmltd
Twitter: https://twitter.com/cannafarmltd
LinkedIn: https://www.linkedin.com/company/cannafarm-investment-ltd/
Facebook: https://www.facebook.com/people/Cannafarm-Investment-LTD/100089439097406
YouTube: https://www.youtube.com/@cannafarm
This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice.
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