While ostensibly associated with cryptocurrency and the many impacts that the alternate currency has, the Blockchain is a tool that can be best utilized across a variety of sectors. Blockchain technology has long been lauded for its ability to provide transparency by way of a public digital ledger. A report published by Grand View Research furthered this mindset by pointing out that the global value of Blockchain technology is north of $10.2 billion.
Dr. Leen Kawas is the co-founder of Athira Pharma as well as the Managing General Partner at Propel Bio Partners. Uniquely focused on the impact that the Blockchain can have on the medical field, Dr. Kawas took the time to share her insights while forecasting future outcomes.
Traditional Business Practices are Changing
The business landscape relies on stakeholders adhering to traditional practices. With that being said, real change has been machinating over the years. Now, companies are embracing digital technology when it can help them to improve upon efficiencies.
Dr. Kawas points to Blockchain technology while emphasizing the importance of its distributed ledger technology. The ledger retains copies of each adjustment, validating them at the same time for everyone involved. As a result of this practice, the entire system is transparent and accessible, which limits traditional fears, including fraud, data breaches, and other forms of theft.
Blockchain In Healthcare
Dr. Kawas is particularly tuned in to the reality of the human genome and its successful mapping by genomic sequencing businesses. This information is going to be pivotal in helping to predict diseases while promoting and enhancing human health. Along the way, medical facilities are going to need to secure this genomic data for the safety of their clients. The Blockchain can act as a secured element whereupon it accommodates billions of data elements. Researchers can then access this information as needed.
Stuart Hanson of Avaneer Health suggests that the industry is still going to drag its feet on widespread adoption. Hanson stated, “Blockchain is not an app that can be easily installed, nor is it a platform that can be added to the tech stack. In order to use Blockchain effectively, entire processes have to change.”
Once these processes are changed, however, big differences will be seen in daily operations. From secured ledgers helping reduce data breaches to enhancing research capabilities, the Blockchain can have a very real impact on the human element.
Adoption and Change is Coming
Despite the difficulty that some businesses will have in adopting Blockchain technology, Dr. Leen Kawas is still optimistic that change and growth are coming. Since early 2022, Proprel Bio Partners has been working steadfastly to equip these companies with the financial and technical expertise necessary to continue propelling growth in the sector.
Dr. Leen Kawas is presently focused on providing multifaceted business and biotech solutions to her clients at Propel Bio Partners.