The Blockchain Enabled future of Medical Devices
How can the Medical Device Industry Benefit from Blockchain?
Unless you have been living under a rock for the last few years you have probably heard a lot about how blockchain is going to change the world. In this article we will look at some real world use cases.
Blockchain is a game-changing technology for many fields courtesy of its decentralization and guaranteed authenticity of records, it lends itself well to many industries. Our focus to date has been concentrated on pharmaceutical manufacturing but we believe it lends itself well to all forms of regulated manufacturing. Given the similarities to the regulations pertaining to pharmaceutical and medical device manufacturing, Servblock have recently begun working on an exciting project.
Blockchain has plenty of benefits to offer in the healthcare industry. But this untapped potential is rarely an illuminating feature of the discussions orchestrated around blockchain. Hence, we will take the initiative and highlight the role blockchain can play in the medical device industry.
Healthcare & Blockchain: Finding the Link
For some known and unknown reasons, the healthcare sector is often the slowest to adopt new technologies. Given the highly sensitive nature of the data and the risk-averse nature of the industry, this is no surprise. Believe it or not, thousands of healthcare setups are still inclined to store data on paper even in the 21st century. But for those who are a little more discerning of digitalization, blockchain can open up many exciting avenues.
For example, the technology can allow patients complete access to their data but more importantly have full control over how this data is used in a clear and transparent manner.
Medical Devices Development & Regulation
Along with the points discussed in the previous section, blockchain technology can greatly impact medical device development and certification.
For example, Servblocks technology can allow regulators to follow every step of the device’s life cycle. Please note that we are talking about right from the ideation stage to the final steps of commercialization. Our advanced permission-based system ensures that we can be highly selective about the data being shared in a cryptographically secure manner which is of utmost importance during audit situations. Opening the possibilities of remote auditing and verification.
Servblocks traceability platform allows for cradle to grave transparency within the medical device industry.
What is to be achieved by this?
Ensuring that regulatory guidelines are followed all the way is a must, and that is what is made easy by this monitoring. As a result, a significant factor will diminish the chances of any compromise on a device’s quality and safety. Once the approval processes are automated, less budget and time can be dedicated to regulatory and documentative procedures freeing up time to work on more value adding tasks.
It is a massive step in the right direction!
Coming towards the devices themselves, blockchain technology will allow for the ordinary and extraordinary features in such devices that many feel the need of. For example, the devices will automatically load the patient data and then validate the procedures on the mentioned name. Some are even experimenting with sharing patient data with regulators, of course, in an anonymous manner. The advantage of doing this is that it will allow regulators to understand different treatment regimens and their efficacy better. Then, further recommendations could be made in this regard, themed on device approval or disapproval in the future. Furthermore, blockchain implementation can lead to introducing the much-needed element of neutrality in this industry.
Nearly all the medical devices used in the current times are concerned with collecting, storing, and transmitting patient-specific information and data. It so happens that when the data is centrally stored and consequently transmitted to a neighbor central data center, chances of data being hacked increase by an uncomfortable percentage. The hacking event may occur during data transmission, perpetuated by those with malicious intentions. That’s where blockchain technology can prove to be of real benefit. It provides a solution in which the data is protected cryptographically. Not only that, the data is immutable and private as well.
As you can see, the implementation of blockchain technology can help pave the way for faster device approval and increased patient safety coupled with more effective treatments in the future.
The blockchain era has just started; it is a picture still being painted. But a glance at the sketch suggests that it will be quite a masterpiece. Historically, humans are rather shy of radical ideas. But in the case of blockchain, acceptance, and adaptation have happened at a rather remarkable pace. At Servblock we believe this technology may bring about the medical device industry revolutions that forever change the industrial landscape.