Blockchain Technology Company, Gem, has partnered with Philips to launch a new Blockchain-based Healthcare Initiative aimed at revolutionising eHealth around the world.

The initiative, introduced as Gem Health, is an inclusive and collaborative blockchain ecosystem for healthcare IT and emerging technology.

This new system will allow medical institutions to store, access, update and share medical records in a secure manner, while also allowing healthcare applications to be integrated into the system.

Blockchains are a system protocol that produces a secure log of network additions and changes that are cryptographically secured and relayed across a vast distribution network. The information stored in a Blockchain can be mathematically proven to as accurate, thus ensuring data security.

Founder and CEO of Gem, Micah Winkelspecht, believes that this technology is the way forward in integrated healthcare. “Blockchain technology will create a new fabric that connects the entire healthcare industry, weaving together critical data from every stage of the continuum of care,” said Winkelspecht.

While current eHealth systems are capable of centralising and sharing data, they are limited by data security concerns and limited interoperability. Winkelspecht believes that Blockchain technology is the solution to these problems.

“Blockchains address the trade-off between data availability and data security,” said Winkelspecht.

“For healthcare, this enables hospitals, insurance companies and labs to connect in real-time and share information instantly and seamlessly – without exposing those channels to theft or forgery,” continued Winkelspecht.

Eventually, Gem intends to expand Gem Health to include interoperability with other medical devices and applications, where the data they collect can be safely stored and used appropriately.

Gem does not intend to own and control the network, preferring to position itself as a consultant and match-maker for different organisations working on Blockchain related projects.

Winkelspecht states that they intend to encourage the healthcare industry to explore the potential benefits blockchain could have in the creation of wellness apps, global patient ID software and secure electronic medical records (EMRs).

“We’re launching a network that will allow the healthcare companies to participate in pilots and build cross-industry applications to solve different use case. We’re helping to establish that environment with companies that have been largely working in silos,” said Winkelspecht.

“This is a very large opportunity, but an important one. Healthcare affects everyone and we saw an opportunity to be able to help change an entire industry that,” concluded Winkelspecht.

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