What is Blockchain (BC) technology? Basically, it is a linked, hashed, time stamped, decentralized record which makes it very secure because no one can modify the records. The technology behind of Bitcoin is blockchain. How does it affect medical device industry? According to Yoav Raiter, Star Fish Medical, there will be significant changes in the medical device industry as listed below.
1. Have patient control their data not the hospital.
2. Have regulators take full control of real time anonymous patient data.
3. Arrange financial coverage by governments and insurance companies.
4. Support new treatment releases.
5. Control outbreak of disease by health organizations.
6. Disrupt the development and certification of medical devices.
7. Manage Device Master Record (DMR) and Device History File (DHF).
8. Manage the life cycle of each manufactured medical device unit.
9. Help provide faster FDA approvals.
10. Help regulators automate audit, even real time background audits.
Will the block chain technology change our current technology with data, which is highly centralized by Google? If then, how should we prepare our medical device industry for the new blockchain world? I clearly see the benefit of blockchain in that it will increase security, agility, and innovation in the medical device industry.
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