Intermountain is using blockchain-based technology coupled with artificial intelligence to identify waste in its massive healthcare system, creating better outcomes for patients, and significant savings all around.
According to Frank Ricotta, CEO of BurstIQ, the future of healthcare will be driven by data, and blockchain technology is the enabling foundational technology. He explains, “Blockchain is a trust overlay over the Internet that allows parties to transfer representations of value, like health data, safely and securely.” BurstIQ’s HIPAA compliant blockchain-based platform provides an efficient way for health care organizations to manage, store and analyze big data.
When Intermountain combined Empiric’s analytic solution with BurstIQ’s blockchain-based platform in the surgical area, they drove down the cost out of surgery, saving the hospital system tens of millions of dollars over a two-year period. And this is just for starters. Empiric’s analytics-enabled technology is now being introduced to new areas in the Intermountain system and across the country.
BurstIQ is not the only blockchain provider in the healthcare space, but it appears to be the only blockchain-based solution that has been public about commercially deploying its blockchain-enabled solution in the healthcare sector in the U.S. Ain Aaviksoo, the Chief Medical Officer and General Manager for Guardtime in Estonia, explains that because the medical data is hashed, Estonians trust that medical data is not being misused. According to Aaviksoo, the innovation in the healthcare space starts from the same premise which is that there is a single version of truth about medical data, namely, how and when it was created and by whom. The hash function ensures that the single version of truth is captured at the time it is created.
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