You’ve no doubt heard about blockchain technology as it pertains to Bitcoin and other cryptocurrencies. It is, by definition, a digitized, decentralized ledger used to log cryptocurrency transactions as they occur. It’s unalterable, permanent, and nearly impossible to hack, meaning it’s more secure than traditional record keeping. The financial industry has quickly adopted this tech, however, it is also making its way into other industries as a means of securing data, sharing information and improving communications. Three major industries where it is being employed are health care, human resources and even the music industry for many of the same reasons that financial organizations find it useful.
Blockchain In Health Care
Doctors and other health care providers are required by the Affordable Care Act to implement electronic health records (EHRs) for their patients. However, EHRs are not designed to manage the complexities of sharing medical records across multiple institutions throughout a patient’s lifetime. Oftentimes, patients change doctors, or use different clinics and hospitals for their care. When data is scattered in this way, it is difficult for patients to have control over their records and for providers to access them. Blockchain offers an elegant solution, allowing data to be shared across institutions quickly and accurately. One company currently using blockchain in this way is Medrec. While they do not store medical records directly, encoded metadata allows records to be accessed securely, thus unifying access to data across many providers while ensuring the integrity and security of the data.
Blockchain In Human Resources
Performing background checks, verifying information on resumes and checking references take up a lot of time for human resource professionals. Without these verification steps, however, companies find themselves hiring people based on inaccurate or false information. Blockchain technology, however, allows employers a more accurate view of an individual’s credentials, work history and other relevant information, making it easier to determine whether a candidate is qualified. What’s more, it simplifies payroll processes, eliminates costs associated with third-party financial institutions and ensures faster payments to employees. It also enables payments to be converted from cryptocurrency, such as Bitcoin, into the preferred local currency of the recipient without the cost of currency conversion. The time, energy, and resources saved allow human resource departments to focus on more pressing matters.
Blockchain In Music
Not so long ago, streaming music services and peer-to-peer music sharing applications were all the rage. Music fans were able to download songs, and even entire albums by their favorite artists, oftentimes for free. The industry cracked down on these illegal download services in an attempt to ensure they, and the artists they work with, are compensated appropriately. However, many artists are bucking the system, choosing instead to create music without the bureaucracy and oversight associated with working with record labels. Mycelia for Music, is a blockchain based platform specifically created for musicians. It allows them to use smart contracts to share free-trade music and sell directly to consumers, circumventing labels, lawyers and accountants. Using this system means that royalties are not delayed, but rather paid out automatically to the artist whenever a purchase is made.
Blockchain technology, while still in its infancy, certainly has the potential to disrupt many aspects of our lives, beyond cryptocurrency. The way health care records are managed and shared, employees are hired and paid, and how music and other entertainment is produced and sold will all be affected. That said, these are only three of the industries that are currently working to incorporate it into their business’s operations. If you would like to learn more about blockchain technology and how it applies to your industry, please contact us. We will be happy to show you how to take advantage of this innovative technology to increase your revenues and grow your organization.
Majid Abai – May 2018 – Los Angeles
About The Author:
Majid Abai is Managing Director of Concepts Rise, LLC. (www.ConceptsRise.com), a High-Technology and Innovation Consultancy based in Los Angeles, CA, USA. With over 30 years of experience in supporting US and global organizations, Mr. Abai focuses on strategic and tactical approach to use of innovation and technology to increase revenues and reduce costs for organizations. Majid could be reached at 424-320-0524 or via email at majid.abai@ConceptsRise.com.
Tags: BitCoin, Blockchain, CryptoCurrency, HealthCare, Music, Concepts Rise.