Blockchain-Based Medical Data Trading Platform Being Developed through Busan Regulatory-Free Zone Contributors

Sejong Telecom CEO Hyungjin Kim has signed a MOU with Pusan University Hospital CEO Hyungjoo Lee, A-I Platform, and Jaeyoung Soft to promote a blockchain-based medical data trading platform.

Prior to this MOU, the four companies had formed a consortium to publicize the Busan Blockchain Regulatory-Free Zone organized by the Small and Medium Venture Business Department of the Busan metro area.

Through this agreement, Sejong Telecom pledges to establish a personal medical data ecosystem where individuals can manage and control their own medical information. The platform will be developed with underlying blockchain technology and Hyperledger Fabric mainly to prevent counterfeiting and forgery. Reliable security and transparency of medical data transactions can be expected from this platform.

Skeptics of such a blockchain-based platform point out that blockchain technology is unnecessary and impractical in the case of medical record keeping. “The hospital you visited does the record keeping, it verifies to the insurance companies, and you verify/check it as well… In this case, blockchain isn’t really needed.”

“Hospital revenue models rely heavily on additional tests and screenings. If they applied this blockchain-based platform to their existing systems, they would be undercutting themselves by obviating that revenue model.”

Conversely, proponents of such a project point out the sheer convenience offered by having such services be provided via blockchain. They comment, “To go and get a diagnosis paper in Korea, I’ve had to go back to the original doctor, make a new appointment, and pay a fee for the document,” but with the proposed platform, the treatment process can be far more streamlined.

The platform is also expected to provide patients with convenience services such as proof of authentication, electronic prescription issuance, and one-stop insurance support to some medical data owners, and medical analysis data to pharmaceutical companies and research institutes.

In addition to consortium operators, Sejong Telecom will cooperate closely with patients, hospitals, and actual users as well as owners of medical data.

Pusan National University Hospital is expected to contribute to the enrichment and digital enhancement of the medical information industry in Busan by demonstrating how the platform can allow users to save data in new ways and prevent forgery and alteration to crucial medical records.

Via this new platform, it is hoped that medical services providers can administer medical treatment more conveniently and precisely to patients and deliver appropriate data to pharmaceutical companies as needed to help develop new drugs.

It should be interesting to see how a blockchain-based medical records platform, and the services expected to be offered on it, compete with existing medical records services off blockchain, profitable, and highly reviewed.