Page 26 - Healthcare News Nov_Dec, 2020

HEALTHY OUTLOOK
More Than Just Bitcoin
Blockchain Can Provide Efficiencies in Healthcare and Other Sectors
By MATTHEW OGRODOWICZ, MSA
‘Blockchain’ is a term used to broadly describe the cryptographic technol-
ogy that underpins several appli- cations, the most widely known of which is Bitcoin and other similar cryptocurrencies.
Even though it is the largest current appli- cation, a survey conducted on behalf of the American Institute of Certified Public Ac- countants (AICPA) in 2018 found that 48% of American adults were not familiar with Bitcoin, Ethereum, or Litecoin, three cryptocurrencies among those with the largest market capitaliza- tions. The largest of these, Bitcoin, currently
sits at a market capitalization of approximately $355 billion. If half of all adults are unfamiliar with this largest application, it is safe to assume that even fewer know about other ways the technology could be used — including for some of the region’s major industries.
Three of these largest industries in West-
ern Mass. are healthcare, manufacturing, and higher education. In each of these industries, the secure and verifiable information network created by blockchain can provide efficiencies. This network, essentially a public ledger, con- sists of a series of transactions (blocks), which is distributed and replicated across a network of computers referred to as nodes. These nodes each maintain a copy of the ledger, which can only be added to by the solving of a crypto- graphic puzzle that is verified by other nodes in the network.
The information on the ledger is maintained by another aspect of cryptography, which is that the same data encrypted in the same way produces the same result, so if data earlier in the chain is manipulated, it will be rejected by the other nodes even though the data itself is encrypted. Thus, an immutable chain of verifi-
able, secure information is created, capable of supporting applications in the aforementioned fields.
Each of these industries can benefit from the blockchain’s abil- ity to host ‘smart contracts.’ A smart contract is a digital protocol intended to facilitate, verify, or enforce the perfor- mance of a transac- tion. The simplest
analogue is that of a vending machine — once payment is made, an item is delivered. Smart contracts would exist on the blockchain and would be triggered by a predefined condition or action agreed upon by the parties beforehand. This allows the parties to transact directly without the need for intermediaries, providing time and cost savings as well as automation and accuracy.
Combined with the security and immutabil- ity noted earlier, smart contracts should prove to be a valuable tool, though there is still work to be done in codifying and establishing legal frameworks around smart contracts. Other ap- plications of blockchain technology are more specifically applicable to individual fields.
In the field of healthcare, blockchain’s abil- ity to process, validate, and sanction access to data could lead to a centralized repository of electronic health records and allow patients to permit and/or revoke read-and-write privileges to certain doctors or facilities as they deem nec- essary. This would allow patients more control over who has access to their personal health records while providing for quick transfers and
reductions in administrative delay.
In the field of manufacturing, blockchain
can provide more supply-chain efficiency and transparency by codifying and tracking the routes and intermediate steps, including carri- ers and time of arrival and departure, without allowing for unauthorized modification of this information. In a similar fashion, blockchain can provide manufacturers assurance that the goods they have received are exactly those they have ordered and that they are without defect by allowing for tracking of individual parts or other raw materials.
Finally, in the field of higher education, blockchain could be used to improve record keeping of degrees and certifications in a manner similar to that of electronic medical records. Beyond that, intellectual property such as research, scholarly publications, media works, and presentations could be protected by the blockchain by allowing for ease of sharing them while preserving the ability to control how they are used.
And, of course, blockchain development
will be a skill high in demand that will benefit from the creation of interdisciplinary programs at colleges and universities that help students understand the development of blockchain net- works as well the areas of business, technology, law, and commerce that are impacted by it.
For these reasons and many more, businesses should feel an urgency to increase their knowl- edge of blockchain’s impact on their industries while exploring the potential dividends that could be reaped by a foray into an emerging technology. v
Matthew Ogrodowicz, MSA is a senior associate at the Holyoke-based accounting firm Meyers Broth- ers Kalicka, P.C.
Glenmeadow Recognized by LeadingAge Massachusetts
LONGMEADOW — Glenmeadow was one
of only five life-plan communities to be rec- ognized by LeadingAge Massachusetts during its annual meeting last week for “exceptional contributions in the face of the unprecedented challenge of the COVID-19 pandemic.”
Emily Perkins, vice president of Health and Wellness at Glenmeadow, applied for the honor in September and said her application was one of 21 received by LeadingAge Massachusetts,
a nonprofit member organization for partners that serve older adults. Her nomination focused on the Life Enrichment team, which she over- sees and Laura Lavoie directs, because of the varied new creative programming those staff
members developed immediately following the onslaught of the pandemic.
“It was very validating to be chosen, and
it highlights why I am so proud to work at Glenmeadow,” Perkins said. “We thought first about protecting residents, and then we got imaginative because we know social isolation is as much a risk to older adults as smoking cigarettes is to anyone. We quickly reinvented what it means to engage, to play, to learn, and have fun.”
Life Enrichment staff members piped the sound of an old-fashioned ice-cream cart
into speakers in Glenmeadow’s hallways and delivered ice cream as residents waited in their
doorways. Staff made a chain throughout the halls and sang to residents.
They also created opportunities for education- al enrichment, using Glenmeadow’s in-house television station, Channel 918, to provide programming in which staff members per- formed, and residents and staff members played trivia games, word games, bingo, Jeopardy!, and Scrabble. Exercise classes were also offered on Channel 918.
Perkins said staff were ecstatic about the LeadingAge recognition. “They felt really hon- ored to be chosen. It was great to get acknowl- edged.”
26 WWW.HEALTHCARENEWS.COM NOV./DEC. 2020