According to a February 8 press release, the Pistoia Alliance has added data sharing, data integrity and data identity to its blockchain project. The non-profit organization, which was established in the year 2007, has representatives from known brands in the pharmaceutical industry including GSK, Pfizer and Novartiz. The alliance was founded to aid in the integration of emerging technologies that will help companies in carrying out research and development.
The latest project by Pistoai will focus on using blockchain technology to validate the sources of data during data verification. This would ensure data integrity in every stage of the verification process. This would also improve the data sharing process between organizations.
Before venturing into data management, the company was focused on educating medical professionals about blockchain technology. The company stated that a recent survey revealed that some of the barriers that are preventing the adoption of blockchain technology in the medical industry are inaccurate understanding and lack of skilled personnel. One-fifth of the respondents in the survey said they don’t see the value of blockchain technology beyond standard data management. The president of the alliance, Steve Arlington said:
“The medical industry is still mainly at the discussion stage of blockchain technology. We want to progress beyond this stage and make moves that will actively support everyone and lead to tangible outcomes that will be beneficial to R&D. We want blockchain to accelerate the discovery of new treatments and promote innovation.”
Over the past few years, they’ve been many implementations of distributed ledger technology in the healthcare sector. Platforms have been built to make medical data more secure and shareable. Last November, a hospital in South Korea, Myongji Hospital, signed a Memorandum of understanding with BICube, an IT company in South Korea.
The terms of the MoU stipulate that the parties involved would use decentralized ledger technology to create a system for the exchange of healthcare information. It would also be used for a hybrid cloud that involves both a private and a public cloud.
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Also, the Austrian government gave Lancor Scientific a significant sum to support its system that users blockchain technology to detect diseases. Since then, the platform has developed a device that can detect different types of cancer. The results are subsequently saved using smart contracts.
Do you think the use of blockchain technology in the medical industry is going to be impactful enough to reinvent it?
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