South Korea Brings Blockchain Technology to Healthcare
The government of South Korea is working its best to utilize blockchain technology in different industries. The country’s central bank is reviewing the application of a central bank digital currency, and several government ministries need to adopt decentralized identification features within their recent systems. Hospitals, pharmaceutical companies, and research centers are also seeing at blockchain solutions.
Everyone understands that blockchain can help the medical industry while implementing a new blockchain service structure to conventional industries is not so quick and simple. Lots of testing must be done before it can be applied in people’s daily lives. The South Korean government is promoting blockchain technology and administering several proof-of-concept projects to discover a proper way to combine blockchain to the current system.
As governments globally grapple with the healthcare implications of the coronavirus pandemic, their focuses have shifted continuously away from various chronic diseases and conditions to the more pressing concern of causing the pandemic under control. However, behind all the noise, government health organizations are making significant steps toward using technology to examine and respond to the difficulties that chronic conditions like diabetes and cardiovascular disease place on populations and healthcare systems.
In South Korea, a country that is very open to blockchain technology and its potential, this new technology is now being utilized to create a blockchain-based data registry platform that has been set up to help more than 11 million people residing in the country who suffer from chronic conditions like diabetes and cardiovascular disease. Diabetes weakens its sufferers, leading to a decreased quality of life and a dependence on ongoing treatment and drugs to keep the disease at bay. The International Diabetes Foundation predicts that as of 2019, 463 million people worldwide have diabetes, while South Korea has over 5 million people who fight with the disease.
Numerous hospitals and laboratories depend on centralized solutions and databases to coordinate data collaboration. This method makes it almost difficult to track the use and manipulation of the typically vast volumes of data gathered and utilized by healthcare providers. The utilization of blockchain in ordering and storing such a large amount of data will eventually lead to efficiency improvements for healthcare staff, which implies they will be able to spend more time with the people who matter: the patients.
South Korea passed new data-related regulations that will be active in December. Once the regulations are applied, more corporations are anticipated to look to the blockchain advantages for data management and storage. Recent data management systems do not enable corporations to manage data properly. They cannot track data access or use, so some feel data management and storage could be streamlined and enhanced utilizing blockchain.
With government support, blockchain adoption isn’t far away, but it relies on whether people are ready to acquire this new structure in certain industries. Nobody wants to be the first to take the risk, but the work of pioneering businesses suggests we are only one step away from a much broader adoption of blockchain technology.