How Blockchain Is Transforming Healthcare: Industry Insiders Reveal the Hidden Opportunities
“2018 Blockchain and Healthcare Innovation Seminar” Successfully Held!
On the afternoon of March 24, the “2018 Blockchain and Healthcare Industry Innovation Seminar,” jointly hosted by the Future Healthcare Innovators Alliance, Northeast Securities, Health Intelligence Valley, and VCBeat, was successfully held at Health Intelligence Valley in Beijing. Li Datao, Founder of VCBeat, and Liu Lu, Deputy General Manager of Health Intelligence Valley,Liu Zongyu, Executive Dean of VCBeat Research Institute; Qian Jing, Partner at Cryptape Technology; Zheng Kewei, Solutions Director at ZhongAn Technology; Li Junming, Founder & CEO of YiHubao; Jia Qiuzhen, Founder of Yilian Technology; Gu Xinping, Product Director at Boundary Intelligence; Wen Xuechen, Chief Analyst at Northeast Securities; and He Bingyu, Senior Analyst at Northeast Securities, attended the sharing session. Additionally, over 100 small and medium-sized startups focused on the implementation of blockchain in the healthcare sector registered to participate.
Organizer:Future Healthcare Innovators Alliance, Northeast Securities, JianKangzhigu, VCBeat
On-site of the 2018 Blockchain and Healthcare Industry Innovation Seminar
Liu Lu, Deputy General Manager of Health Intelligence Valley
Liu Lu, Deputy General Manager of Health Intelligence Valley, introduced the company’s business model, ecosystem, and accolades. Health Intelligence Valley is an innovative healthcare industry cluster centered on health management and precision medicine. Leveraging Meinian Onehealth—China’s largest health-focused traffic gateway and big data platform—it provides medical innovation enterprises with support in samples, data, market access, and capital.
Li Datao, Founder of VCBeat
Li Datao, founder of VCBeat, outlined the platform’s key areas of focus, which primarily span two dimensions: emerging technologies and the business model transformations driven by these technologies. As a groundbreaking technology, blockchain has become a major focus. From 2017 to 2018, and in the subsequent years, several factors have been driving industrial change, including artificial intelligence, big data, and blockchain. VCBeat’s research arm is currently dedicated to systematically organizing and studying these developments.
Liu Zongyu, Executive Dean of VCBeat Research Institute
Liu Zongyu, Executive Dean of VCBeat Institute, introduced the technical characteristics and developmental history of Bitcoin and blockchain, and elaborated on the institute’s current research achievements in the field of blockchain-based healthcare.
The four fundamental technical features of blockchain that have garnered widespread acclaim are as follows: First, the chain-like structure ensures data immutability. Second, distributed storage disperses the ledger across individual computers, enabling universal verification and further reducing the likelihood of hackers tampering with the ledger. Third, asymmetric encryption algorithms are used not to encrypt data, but to verify identities. Fourth, smart contracts involve the integration of scripting technology into blockchain, a practice pioneered by Ethereum.
Qian Jing, Partner at Miyuan Technology
Qian Jing, a partner at Cryptape, outlined the legal boundaries for blockchain development from a professional legal perspective.It explores the potential impact and changes that blockchain may bring to healthcare from three perspectives: how blockchain alters rights in the medical process, the new opportunities created by smart medical contracts, and who should bear what responsibilities in the medical process.
The application of blockchain technology has brought about two major changes to the healthcare sector. First, modern medicine is evidence-based, relying on medical evidence to make scientific clinical judgments. Blockchain addresses the need for trustworthy and tamper-proof record-keeping. Second, the introduction of blockchain into this industry has significantly disrupted existing distribution mechanisms. Historically, doctors and hospitals have operated within a system characterized by a strong monopoly position, enjoying monopoly profits while also suffering from its drawbacks. Blockchain’s incentive mechanisms enable doctors and hospitals to disintermediate efficiently, allowing them to receive substantial compensation directly from patients and other demanders of medical services, without relying on government funding or pharmaceutical industry support. This shift has the potential to reshape the revenue structures of both physicians and healthcare institutions.
Zheng Kewei, Director of Solutions at ZhongAn Technology
Zheng Kewei, Director of Solutions at ZhongAn Technology, shared extensive insights from practical blockchain implementation cases. Blockchain is a distributed ledger technology that naturally lends itself to three primary application scenarios. The first is bookkeeping and reconciliation. The second involves a network-wide shared ledger; scenarios such as data sharing, data transmission, or the sharing economy are well-suited for blockchain. The third scenario is smart contracts.
Li Junming, Founder & CEO of YiHubao
Li Junming, Founder & CEO of YiHubao, shared an overview of the blockchain industry’s development, the development path for “blockchain + digital health” products, strategies for building application-level blockchain product systems, and several existing projects where blockchain has been applied in the digital health sector.
How to Build Products in the Blockchain-Enabled Healthcare Sector? First, all data—such as pharmaceutical, production, and distribution data—is recorded on the blockchain. This enables standardization and system development, effectively transforming data into assets. Finally, asset-backed securitization transactions can be conducted.
Jia Qiuzhen, Founder of MedChain Technology
Jia Qiuzhen, founder of Yilian Technology, focused on the innovative development of blockchain + medical supply chain,This article introduces MedChain Technology’s practical experience in the implementation of blockchain applications. The primary application scenarios for blockchain deployment include traceability,Anti-counterfeiting Verification,financial scenarios, etc.
Gu Xinping, Product Director at Bianjie Intelligence
Gu Xinping, Product Director at Bianjie Intelligence, introduced the company’s practices in implementing blockchain applications. Bianjie Intelligence is dedicated to buildingApplied in the healthcare and medical fieldBlockchain-based distributed intelligent information services aim to unlock the value of medical data through technology, ultimately better serving healthcare institutions and individual patients.
Wen Xuechen, Chief Analyst at Northeast Securities
Wen Xuechen, Chief Analyst at Northeast Securities, analyzed the investment opportunities in “Blockchain + Healthcare IT” from the perspective of industrial investment. In terms of practical application scenarios, the most likely initial use cases for blockchain are, first, digitalized scenarios and, second, complex scenarios involving multiple stakeholders.
Roundtable Discussion: Healthcare + Blockchain, What’s the Next Step?
He Bingyu, a senior analyst at Northeast Securities, moderated the roundtable discussion, where panelists engaged in an in-depth and insightful exploration of the topic, “Healthcare + Blockchain: What’s the Next Step?” The discussion primarily centered on the following questions: Which industry pain points can blockchain-based healthcare solutions address? Which application scenarios are poised to achieve breakthroughs first? And ultimately, which types of enterprises will emerge as winners?
This sharing session provided a multi-dimensional, in-depth interpretation of blockchain implementation in the healthcare sector, covering perspectives such as underlying blockchain technologies, case studies of blockchain applications, and investment logic related to blockchain. VCBeat will continue to host more thematic salons in related fields. VCBeat members can attend these events free of charge. Join VCBeat to interact and engage with industry leaders!
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