Blockchain technology will change how property rights are used in private data works. The patients will own their personal health data and may decide how they will use it.
A major industry partnership between RMIT University and DB Results, which will use blockchain technology, will pioneer innovative healthcare solutions.
The University’s world-leading interdisciplinary capabilities and research combined with the company’s global industry and digital business expertise will bring together a business transformation that will be starting with health.
With the development of protected uses of blockchain technology, the new patient care model will leverage technology to disrupt traditional healthcare.
According to the report made by the University, the new partnership aims to define and build solutions that can have a positive impact on the Australian and global health industry, as well as society in general.
DB Results CEO Mr Gavin Bunshaw said that the opportunity made available through blockchain provides not just a secure method of recording health information but also a framework for supporting the use of information as a valuable asset that can be protected and traded.
He added their delight to be collaborating with the University as it is one of the world’s leading universities. Initially, he said, the collaboration will focus on innovative solutions for health using blockchain to make a positive and lasting impact on the healthcare system.
Healthcare System (RMIT Australia)
The partnership will maximise the deep industry experiences of both organisations in domains such as financial services, utilities and health as well as the university’s expertise in global research, development and design.
A platform for innovating new ideas that have applied models from other industries and disciplines has been developed as a result of their partnership.
RMIT Blockchain Innovation Hub Director Professor Jason Potts explained that blockchain technology will change how property rights in private data works. The patients, for the first time, will own their personal health data and may personally decide how they will use it.
The can opt to share it with trusted medical professionals, gift the data to research pools, or even sell the data for commercial use, which actually opens a new source of revenue for the people.
The researchers at the Blockchain Innovation Hub, he added, are excited to be working with a great team to develop the next generation of health technology infrastructure.
Mr Bunshaw agreed and said that the alliance was a catalyst for creating significant opportunities to drive advancements and transform the health industry globally.
More so, it will also provide an opportunity for the students to gain hands-on experience with a global company at the Innovation Centre of DB Results in Melbourne.
He discussed that the proof of the value of the relationship has been achieved already. Both organisations have successfully transferred learnings from the finance industry to create a solution for health, which enables secure management and sharing of medical records.
Blockchain technology has given the patients full control of their secure medical record.