Blockchain and Innovation: Healthcare Industry Analysis Report

This report delves into the application of blockchain technology within the healthcare sector, highlighting its potential to revolutionize data management and security. The analysis centers on two real-world examples: Factom and MediChain, exploring how these organizations leverage blockchain to innovate within the industry. The report examines various distribution innovation concepts, including open innovation, platform economy, and open data, to illustrate how blockchain facilitates improvements in data sharing, patient care, and research. It also explores the benefits of blockchain, such as its decentralized nature, cryptographic security, immutability, and transparency, which collectively enhance the efficiency and integrity of healthcare processes. The report concludes by emphasizing the transformative impact of blockchain on healthcare, underscoring its role in fostering innovation and addressing critical challenges within the sector. The report also refers to the open data source known as the Electronic Health Record, with the help of this the organisation made a leap of 94% among the hospitals and increased the rate of research in the organisation.

Running head: EMERGING OF TECHNOLOGIES AND INNOVATION
EMERGING OF TECHNOLOGIES AND INNOVATION
Name of Student:
Name of University:
Author note:

1EMERGING OF TECHNOLOGIES AND INNOVATION
The aim of the report is to draw the use of the blockchain technology in the field of
healthcare industry. The way it will help the organisation is described in this report. Two
different organisation are chosen in this report where the blockchain innovation is applied
and in the last a clear conclusion is drawn regarding this discussion.
The technology of Blockchain is very important technology and it is also very disruptive
technology among the world (Crosby et al. 2016). There are various industries that are
adopting the technology of blockchain for innovating their fuction. Healthcare is such an
industry which is also aiming to adopt the technology of blockchain. There are various
features of this technology which will benefit the healthcare industry in certain aspect.
Blockchain diagram
Source:https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiA2u-
5qenkAhW7LqYKHRKdCEUQjB16BAgBEAM&url=https%3A%2F%2Fblogs.iadb.org%2Fcaribbean-dev-trends%2Fen
%2Fblockchain-technology-explained-and-what-it-could-mean-for-the-caribbean
%2F&psig=AOvVaw2AvkwWbfdrtW_wfi4wE2p0&ust=1569409852208500

2EMERGING OF TECHNOLOGIES AND INNOVATION
There are numerous number of advantages of the healthcare industry in the current world.
Though the healthcare industries are lacking behnd in term of using of the innovations. There
are hardly any technologies that are used by the industries (Pilkington 2016). There are
certain healthcare organisation around the world that are using various technological
innovations in their industry and beside they are willing to use this technology in a higher
extent as well.
Blockchain is such an innovation which is used in various type of healthcare industry
(Biswas and Muthukkumarasamy 2016). In this case the data are recorded and managed with
the help of computer systems. With the use of blockchain the data are secured and they are
also bounded with the use of various cryptographic principles. There are various reasons
behind the advantage of using blockchain:
 This is not a single entity thus it is also decentralised in nature.
 The data stored in this case are stored in a cryptographic manner.
 The blockchain used in the industry are immutable in nature and due to this reason the
data cannot be tampered along with the data which is present inside of the blockchain.
 The blockchain are always transparent and this is the reason the data can be tracked
when they are to be.
There are numerous number of healthcare industries that are using the technology of
blockchain for developing their business process (Sikorski, Haughton and Kraft 2017). The
two of the industries that are using the technology are:
 FACTOM
 MEDICHAIN
Open innovation: The technique of open innovation helps to increase popularity in the sector
of healthcare industry. The care of the patient gets benefited by the help of open innovation.

3EMERGING OF TECHNOLOGIES AND INNOVATION
The delivery on the healthcare industries gets increased (Parker and Van Alstyne 2017). Top
ideas are gathered from various platforms which also link the patients and the clinicians.
Open innovation is also used as a tool to interact in between the healthcare and various
different field including big data.
Open innovation
Source: https://www.innoget.com/open-innovation-definition
Closed innovation: Closed innovation is the innovation technique which is performed during
the time of closed confinements in the healthcare industry. There are a number of healthcare
firms that uses the closed innovation technique. With the help of these various useful ideas
are created by the healthcare firms which helps to compete in the industry of healthcare.
Closed innovation
Source: https://www.innoget.com/open-innovation-definition

4EMERGING OF TECHNOLOGIES AND INNOVATION
Platform innovation: In the healthcare field it is very important in considering the caregivers
of the individual patient beside to that of the professionals. By understanding of this a useful
system can be easily provided. In this case it is very important to implement a clear approach
(Lausch, Schmidt and Tischendorf 2015). Thus the introduction of platform helps to form a
relation in between the professionals and the caregivers of the individuals. In this way the
platform innovation is useful in healthcare industry.
Platform Innovation
Source:https://www.google.com/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiaruyxq-
nkAhWtGqYKHZMGCHcQjB16BAgBEAM&url=https%3A%2F%2Fwww.applicoinc.com%2Fblog%2Fplatform-innovation-
future-professional-services-industry%2F&psig=AOvVaw0YTYopJAOsjSg_qNorPC8n&ust=1569410374792062
Web APIs: The application programming interface helps to enable a communication in
between various type of sources. The software serve a type of educational resource for the
providers of the healthcare and to all other technological staffs associated with the healthcare
industry. This is the reason the use of API is important for the healthcare industry.
Crowd innovation: This is innovation where the crowd is used for the purpose of gaining
various insights. All the unique knowledge and opinions can be contributed in this case. Due
to gaining of the unique knowledge it helps the healthcare industries to implement various
new technologies in the healthcare industry. They can implement various technological

5EMERGING OF TECHNOLOGIES AND INNOVATION
implementation in terms of managing health treatments. There are several of the medical
organisations which who take the advantage of this innovation. Though around all, this is one
of the practice that is used least number of places.
Free and open source software: The free and open sourced software provides flexibility and
various type of scalability to the IT infrastructure of the healthcare industries. This is how the
free software help the industries to participate in various type of IT innovations taking place
in the market.
User innovation: In this case the healthcare organisation switches from the disease
orientation to that of the patient-centred approach. The use of user innovation uses the virtual
patient network which acts as of a tool that helps to switch towards the user innovation where
the users are involved to various online communities for the process of innovation in the
healthcare organisation. This make rise to various innovations in the healthcare industry.
Open data: Various type of challenges that are faced by the developers of AI related to
medicine. Getting access to the clean, verified and ground-truth data related to medical is a
big challenge now. In this case the open data plays a vital role (Hanley and Tewari 2018).
With the help of open data the developers get accessed to the clean and verified data very
easily, thus it is very important for the healthcare industry.
Platform economy: In the revolution the w0orld is connected constantly with the human
touch and the social interaction. Due to this the instrumental health and wellbeing in the
healthcare is maintained by the platform economy. This is the reason the reason the business
model problem of the healthcare industries are solved by the implementation of platform
economy.
When FACTOM and MEDICHAIN is considered, they provides an open platform which
is connected among the patients and the providers including both the hospitals and the home.

6EMERGING OF TECHNOLOGIES AND INNOVATION
This is a platform based on cloud which helps to collect, compile and analyse various clinical
data. This are the data that are collected from different type of sources related to their own
organisation and from other resources as well. This is how the bridge is formed in between
the home and the hospital to integrate various type of care team. Thus both of the
organisation uses platform economy.
The organisation named FACTOM uses the open data source known as the Electronic
Health Record, with the help of this the organisation made a leap of 94% among the hospitals
and increased the rate of research in the organisation (Dusil and Cerny 2018). Beside to this
MEDICARE is the organisation which also uses the open data where in any case of a critical
situation an alarm is raised where from a real time alert is send to the professional to take
instant action. This is how the organisation uses the technique for their organisation.
The report draws a clear conclusion regarding the use of the technical innovations in the
organisation. It describes the way this innovation will help in the development and the fulfil
the purpose of the organisation.

7EMERGING OF TECHNOLOGIES AND INNOVATION
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