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Healthcare Industry Leads In Blockchain Deployment

Posted on January 19, 2017 I Written By

Anne Zieger is a healthcare journalist who has written about the industry for 30 years. Her work has appeared in all of the leading healthcare industry publications, and she’s served as editor in chief of several healthcare B2B sites.

A new study by Deloitte concludes that healthcare and life sciences companies stand out as planning the most aggressive blockchain deployments of any industry. That being said, healthcare leaders are far from alone in paying close attention to blockchain, which seems to be coming into its own as corporate technology.

According to Deloitte, 39% of senior executives at large US companies had little or no knowledge of blockchain technology, but the other 61% reported their blockchain knowledge level as broad to expert. The execs who were well-informed about blockchain told Deloitte that it would be crucial for both their company and industry. In fact, 55% of the knowledgeable group said their company would be at a competitive disadvantage if they failed to adopt blockchain, and 42% believed it would disrupt their industry.

Given this level of enthusiasm, it’s not surprising that respondents have begun to invest in blockchain internally. Twenty-eight percent of respondents said their company had invested $5 million of more in blockchain tech to date, and 10% reported investing $10 million or more. Not only that,  25% of respondents expected to invest more than $5 million in blockchain technology this year.

While the level of blockchain interest seems to be pronounced across industries studied by Deloitte, healthcare and life science companies lead the pack when it came to deployment, with 35% of industry respondents saying that their company expects to put blockchain into production during 2017.

All that being said, aggressive deployment may or may not be a good thing just yet. According to research by cloud-based blockchain company Tierion, the majority of blockchain technology isn’t ready for deployment, though worthwhile experiments are underway.

Tierion argues that analysts and professional experts are overselling blockchain, and that most of blockchain technology is experimental and untested. Not only that, its research concludes that at least one healthcare application – giving patients the ability to manage their health data – is rather risky, as blockchain security is shaky.

It seems clear that health IT leaders will continue to explore blockchain options, given its tantalizing potential for sharing data securely and flexibly. And as the flurry of interest around ONC’s blockchain research challenge demonstrates, many industry thought leaders take this technology seriously. If the winning submissions are any indication, blockchain may support new approaches to health data interoperability, claims processing, medical records, physician-patient data sharing, data security, HIEs and even the growth of accountable care.

If nothing else, 2017 should see the development of some new and interesting healthcare blockchain applications, and probably the investment of record new amounts of capital to build them. In other words, whether blockchain is mature enough for real time deployment or not, it’s likely to offer an intriguing show.

IBM Watson Partners With FDA On Blockchain-Driven Health Sharing

Posted on January 16, 2017 I Written By

Anne Zieger is a healthcare journalist who has written about the industry for 30 years. Her work has appeared in all of the leading healthcare industry publications, and she’s served as editor in chief of several healthcare B2B sites.

IBM Watson Health has partnered with the FDA in an effort to create scalable exchange of health data using blockchain technology. The two will research the exchange of owner-mediated data from a variety of clinical data sources, including EMRs, clinical trial data and genomic health data. The researchers will also incorporate data from mobiles, wearables and the Internet of Things.

The initial project planned for IBM Watson and the FDA will focus on oncology-related data. This makes sense, given that cancer treatment involves complex communication between multispecialty care teams, transitions between treatment phases, and potentially, the need to access research and genomic data for personalized drug therapy. In other words, managing the communication of oncology data is a task fit for Watson’s big brain, which can read 200 million pages of text in 3 seconds.

Under the partnership, IBM and the FDA plan to explore how the blockchain framework can benefit public health by supporting information exchange use cases across varied data types, including both clinical trials and real-world data. They also plan to look at new ways to leverage the massive volumes of diverse data generated by biomedical and healthcare organizations. IBM and the FDA have signed a two-year agreement, but they expect to share initial findings this year.

The partnership comes as IBM works to expand its commercial blockchain efforts, including initiatives not only in healthcare, but also in financial services, supply chains, IoT, risk management and digital rights management. Big Blue argues that blockchain networks will spur “dramatic change” for all of these industries, but clearly has a special interest in healthcare.  According to IBM, Watson Health’s technology can access the 80% of unstructured health data invisible to most systems, which is clearly a revolution in the making if the tech giant can follow through on its potential.

According to Scott Lundstrom, group vice president and general manager of IDC Government and Health Insights, blockchain may solve some of the healthcare industry’s biggest data management challenges, including a distributed, immutable patient record which can be secured and shared, s. In fact, this idea – building a distributed, blockchain-based EMR — seems to be gaining traction among most health IT thinkers.

As readers may know, I’m neither an engineer nor a software developer, so I’m not qualified to judge how mature blockchain technologies are today, but I have to say I’m a bit concerned about the rush to adopt it nonetheless.  Even companies with a lot at stake  — like this one, which sells a cloud platform backed by blockchain tech — suggest that the race to adopt it may be a bit premature.

I’ve been watching tech fashions come and go for 25 years, and they follow a predictable pattern. Or rather, they usually follow two paths. Go down one, and the players who are hot for a technology put so much time and money into it that they force-bake it into success. (Think, for example, the ERP revolution.) Go down the other road, however, and the new technology crumbles in a haze of bad results and lost investments. Let’s hope we go down the former, for everyone’s sake.