Longenesis (blockchain data market) and Insilico (biotechnology firm) have announced that they have collaborated with Gil Medical Center (South Korea-based medical center) in order to provide a blockchain based data management system to the latter. The official press release in this regard was put out on April 23rd which has all the details pertaining to this coming together of these companies for the creation of effective data management for boosting the overall efficiency of operations.
Giving specific details about the new blockchain platform, the press release said that the system will be developed using the blockchain framework of Bitfury. It will be used for collecting the data, enhancing the efficiency related to the various medical research problems and to make sure that all the data related to the patients will be used in a transparent and secure manner.
According to the agreement, Longenesis will be providing a blockchain ecosystem to the medical center for uploading, storing, and managing customer data in a transparent manner. This data will also be available to the customers to access at any point in time and will work under the compliance promulgated by the Health Insurance Portability and Accountability Act (HIPAA). Further, the data management will also meet the regulatory requirements put up by General Data Protection Regulation (GDPR) as the medical centre also provides health services to patients from foreign countries.
Just a couple of weeks ago, Longenesis and Bitfury announced the joint development of a new “Consent Management System” that can be useful for a number of players in healthcare domain including nursing homes, hospitals, and medical centers. This new data management system is based on the blockchain platform and meets the regulatory compliance requirements laid out by HIPAA and GDPR.
We have also witnessed the announcement of launching a blockchain-based data management system by one of the major hospitals in the capital city of South Korea, Seoul in the month of March earlier this year. The project is dubbed “Smart Hospital”, and it aims to reduce the processing time related to various functions to enhance the overall efficiency of operations in addition to ensuring the accuracy of the data. The government is also playing its part in order to boost the adoption of blockchain in the country, and as a strategy to spread its usage, it has announced “Seoul innovation Growth Fund” in February 2019. According to the announcement, the government is going to spend a hefty amount of $1 billion in the various blockchain related projects by 2022. This fund will be provided to various companies and startups which are doing commendable work in the blockchain domain and intend to further their research to provide new innovative solutions to the market.