Oct 28, 2018 06:39 UTC
Jan 31, 2019 at 07:49 UTC
Can Blockchain Help to Find Cure for Cancer?
Some of the main pain points of modern healthcare are low trust between patients and healthcare service providers, lack of data integration, and source of confidential patient data for robust computer analysis. And here is blockchain technology to revive the trust and transparency in the healthcare industry. Blockchain in healthcare is changing the way of disease diagnosis and treatment. If we talk about cancer, it is one of the most deadly diseases in the world. Even after the rapid development in modern medicine and biology, the disease takes millions of human lives every year. The fatal disease employs millions of people from researchers to medical practitioners from cancer hospitals to non-profit organisations to the radiology industry and pharma industry. Now the question is “How Can Blockchain Help to Find Cure for Cancer?”
Current situation of the healthcare industry
Every day scientists around the world are trying out to find the cure of various diseases. Just think if someone discovered the cure for cancer then what would be the economic impact. These can be tons of financial benefits. The newly developed treatment can be cheaper than the traditional cancer treatment so the patients will be able to save a lot. If the new method does not require improved infrastructure than the public and private organisations will be able to save on the development of new infrastructure. Ideally, it should happen that if someone finds the cure of cancer, it should reach to all cancer care providers so that all cancer patients can get benefitted.
Even certain centralized organisations want to continue to profit from the costly cancer treatment. Such kind of organizations place ‘Cure for Cancer’ in the threat section of their Strength Weakness Opportunity Threat (SWOT) analysis. This may not sound true, but it is a truth. If there is a profit to be made in cancer treatment, then some healthcare service providers will try to keep a cure at bay. On the other hand, there are several cancer charities in the world which are offering non-for-profit cancer treatment. But the question is how many of these charities are working together and sharing the idea and insights? How many are working together to reach their ultimate goal with greater efficiencies and effectiveness?
Blockchain’s role in finding the cure for cancer
The blockchain is a decentralised and distributed ledger technology. Similar to other industries, blockchain in healthcare is also restructuring the functioning of the healthcare industry. Blockchain can also have a great impact on the pharmaceutical industry, to know more, check our post Blockchain’s Role In Pharmaceutical Supply Chain Management. Unlike the centralized data pools, the data can be shared on the blockchain while maintaining the anonymity of the personal details of the patients.
Blockchain and donation for cancer
Cancer research is the key for cancer cure. Most of us want to end cancer that is why we donate for the cancer research funds but how many of us follow where our money is going and what impact it is living on cancer research. The blockchain is the answer which is an effective way to trace the money into the cancer sure ecosystem.
Have you ever imagined about the cancer coin? We are talking about cancer Initial Coin Offering (ICO). If you do not have any idea about ICO then check, What is Initial Coin Offering (ICO)? The companies which are looking forward to developing the cure of cancer and have a shortage of funds for research purpose can move forward with ICO.
A cancer diagnostic company, Luven Diagnostic believes that early diagnosis is the key to successful cancer treatment. If cancer is detected at an early stage when there are no visible symptoms, cancer can be treated without aggressive therapies. The scientists of Luven Diagnostic developed an advanced cancer screening method which is known as Luven screening test method. With the method, cancer can be diagnosed at an early stage with an accuracy of up to 96%. Early diagnosis of cancer is helping thousands of people by preventing the further development of cancer. The company is using blockchain technology for fundraising purpose. In December 2017, Luven Diagnostic launched its ICO project for meeting its fund requirement for the development of cancer detection and treatment methods.
So by subscribing the ICOs, we can not only help the legitimate companies in finding the cure for cancer but investors can also get good returns in the future.
Blockchain and unused medicine
We all know medicines for cancer are very costly. Some cancer patients have unused medicines, and on the other hand, some patients cannot afford the expensive medicines. Blockchain technology can bridge that gap.
The FedEx Institute of Technology has recently partnered with Good Shepherd Pharmacy to develop a blockchain infrastructure which will help cancer patients to get quick access to vital unused medications. With the help of blockchain technology, Good Shepherd Pharmacy will retrieve unused medications from the patients and then offer them to patients who are financially weak and cannot afford such treatment.
Companies around the world are experimenting on blockchain technology to improve the current situation of the healthcare industry. Implementation of blockchain technology will help not only the cancer patient but also those who are suffering from other diseases. We hope in the near future the scientists will able to find the cure for cancer with blockchain technology.