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Three Industries That Are Adopting Blockchain Technology & Changing The World

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

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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.

How IoT Data is Changing the Healthcare Industry

IoT, or the internet of things, is making a big impact on the healthcare industry. A report by Allied Market Research predicts the IoT healthcare market will reach $136.8 billion worldwide by 2021. The internet of things is changing the way patients and healthcare personnel interact with many ways. Below are three ways IoT is revolutionizing the healthcare industry.

Internet of Things Can Integrate Different Medical Devices

Only a few decades ago doctors used to record their notes by hand and enter patient data into antiquated devices. Now, with modern technology and the internet of things, it’s easier than ever before for people to seamlessly connect medical devices to one another. This means physicians can easily get access to patient data using a range of devices. For example, tools like blood pressure cuffs can automatically transmit vital signs and other important data into the hospital’s electronic medical record. Patients can also use in-home medical devices to submit data to their healthcare provider. When medical devices are integrated, it can make life simpler for both patients and physicians.

Internet of Things Can Help Streamline The Workflow 

The internet of things can also help healthcare organizations streamline their processes and optimize their workflow. The powerful technology gives physicians and healthcare personnel the power to collect, view and analyze patient data faster than before. Instead of creating a paper trail for every patient, hospitals can identify patients using wrist bands with sophisticated tagging technology. Integrated medical devices and streamlined work processes can help medical staff identify and diagnose health issues more quickly than before.

Internet of Things Can Help Healthcare Organizations Manage Inventory

Hospitals and other healthcare organizations have to track a wide range of expensive medical equipment. They can learn a lot from the retail industry, which was one of the first industries to use the internet of things to track physical inventory. The technology can make it easier for hospitals to monitor their devices and integrate data into their inventory management systems or ERP systems on the back-end.

Internet of Things Can Improve Member Engagement with Payers and Hospitals

Healthcare IoT can also improve member engagement between payers, hospitals and patients. Members can use the technology to monitor their personal health information and access their health records. Internet of things can also help patients submit real-time information about their health directly to their provider. When patients play a more active role in their healthcare, it can help doctors understand what they need.

The IoT phenomenon will likely grow due to technology like smart sensors and wearable devices becoming more affordable for hospitals and patients. More hospitals also have access to high-speed internet.

Unfortunately there are some disadvantages associated with using internet of things in a healthcare environment. It is expensive to develop a complete infrastructure for connected devices connected. Payers, hospitals and other players also have to make sure to have security provisions that will protect patient data from hackers.

Overall, IoT can make healthcare more personalized and increase patient engagement. Although the technology currently focuses on inventory management, workflow optimization and device integration, it has unlimited potential and can impact other parts of the healthcare industry. The internet of things healthcare market is also expanding due to companies rushing to develop devices and fitness applications that can help physicians collect data and monitor patients.

Please contact us today to learn more about how you could use high-tech innovations in artificial intelligence, predictive analytics, Internet of Things, etc. to help your company increase revenues and streamline operations.

 

Majid Abai – September 2017 – Los Angeles.

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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.