The blockchain technology has been working wonders when applied in the already existing organizations of today, from the financial institutions to business platforms; nothing seems to have missed the repercussions of this technology. In addition to the business and finance sector, the blockchain tech is moving towards the medical and healthcare sector, in order to revolutionize and decentralize it for the better. And its not merely limited to the health related blockchain startups that have been popping up on the map, it is working its way its the mainstream hospitals.
South Korea seems to be taking the lead in this matter.This just in, one of South Korea’s largest hospitals, has struck a partnership with a local tech company for the purpose of developing a blockchain-powered medical services platform.
The hospital is located in the city of Goyang called, Myongji Hospital and according to the press release, has signed a Memorandum of Understanding (MoU) with the Korean IT comaony, BICube, which is a platform for machine learning.
Both the parties’ involved, aim to develop a healthcare information exchange system leveraging the blockchain tech; “a hybrid cloud [platform] that combines a public cloud and a private cloud”, to be more exact, according to the hospital’s release.Which is understandable as in the traditional healthcare system, the exchange of crucial information is extremely inefficient and cumbersome.
With the new and improved medical information exchange services, the functionality of the hybrid cloud will give patients control over their medical data and the power to share that sensitive information with other medical institutions of their choice, upon authorization. With the added advantage of the data not being stored anywhere centrally. Which will be a sigh of relief for the patients. As per the release the service will officially be commercialized by 2019.
This particular decision from South Korea shouldn’t come as much of a surprise because only in September, did the Korea Internet and Security Agency (KISA), along with the Ministry of Science and ICT, announce for plans for the extension for their public blockchain pilot program. The expansion plans includes a budget of about $9 million, specifically to spread blockchain far and wide throughout both, the public and the private sector. The expansion further includes a rise in the number of blockchain projects, from six to twelve.
The Korean government has also made an announcement projecting an investment of a whooping $35 million in next year’s budget for the development of blockchain technology, thus tripling the budget of the industry, that was previously set.
Stay tuned to BlockPublisher for updates.