Transparency

The process of performing clinical trials is lengthy, subject to error (and, some might say, corruption), and very expensive. At this very moment there could exist valuable medicine that someone could benefit from but cannot use for many years until the trials are complete.

There are three clinical trial phases in the United States. Phase I assesses the safety of the drug and is relatively quick to complete, taking only a couple of months, as opposed to Phases II and III, which can take many years. Phase II tests the effects of the drug over time and can involve hundreds of people, and Phase III is large-scale testing involving sometimes thousands of people.

A blockchain application can be used to record the results of these trials, and therefore create an immutable record of how the medicine performed. In addition, smart contracts can alert stakeholders of important testing results.

This case is another example where buy-in and cooperation from other agencies will pose a great challenge. Unless the current laws change, it could still take years to approve drugs—even with blockchain technology. However, trust in the data will be higher because blockchain is immutable, and it will be less expensive to record and report on results than the paper-intensive process used today.

Streamlining

Combined with a crypto-currency such as Bitcoin, funds can be quickly transferred to countries in need, such as in a disease outbreak or natural disaster. A crisis aid blockchain application could allow individuals and organizations to contribute, without the delay caused by intermediaries such as banks. Most citizens in emerging markets have cell phones, and therefore can receive crypto-currency.

There could even be unique currencies created, allowing these coins to be spent only on items deemed appropriate and necessary. For instance, some crypto-coins could be used on food instead of tobacco; this is similar to the existing supplemental nutrition programs of many developed countries.

Privacy

There are many privacy issues involved when healthcare professionals and insurance companies access patient records.

Using the blockchain ledger to store the Electronic Medical Record (EMR) would allow doctors, pharmacies, and insurance companies to access an EMR with permission from the patient. All communication would transpire with public keys and blockchain addresses.

A challenge with this process, however, is to ensure no patient privacy laws are violated such as HIPPA. The patient will need to invoke a smart contract to give medical professionals permission to access his or her EMR.

Permanence

A blockchain application could store records of the healthcare administered to each patient. If there are malpractice lawsuits, then, all of the evidence is immutable and easily retrievable.

This can save legal fees and reduce litigation that is not warranted.

As usual, cooperation of other agencies will prove challenging in this case. Courts will first have to accept such documentation as indisputable evidence. After precedence is established, it will be easier to use healthcare records stored in the blockchain ledger for future cases.

Distribution

A blockchain application can be used to quickly determine whether a disease is spreading. Medical professionals could record symptoms in the blockchain ledger and the government could quickly react.

Smart contracts could be used to trigger action. For example, an alert could be sent to the Center for Disease Control (CDC) if certain symptoms are being reported in certain areas.