Tag Archives: technology

CAN YOU PROVIDE MORE EXAMPLES OF HOW BLOCKCHAIN TECHNOLOGY CAN BE APPLIED IN THE HEALTHCARE SECTOR

Patient Records and Health Data Management
One of the most significant applications of blockchain in healthcare is improving the way patient health records and data are managed. Currently, patient records and data are often scattered across multiple databases and systems that can’t communicate well with each other. This leads to inefficiencies, lack of access to full patient history when needed, risk of errors, and privacy and security issues.

Blockchain allows for a distributed and secured method of storing patient records and data that gives authorized users access when needed. All medical providers and entities involved in a patient’s care can store information on the same blockchain. This eliminates data silos and gives doctors, nurses, pharmacists and other care team members a single source of truth to provide comprehensive care. Some of the key benefits include:

Patients have control over who can access and share their data through private keys and digital identities. This allows for true patient-centered care.

Records are permanently stored on distributed networks so they can’t be deleted, ensuring record permanence.

Data sharing between providers is seamless and efficient since records reside on interconnected networks.

Risk of errors from manual data entry and transcribing is reduced since information only needs to be captured once on the blockchain.

Data integrity and security is enhanced through encryption, digital signatures, hash functions and other blockchain features.

Supply Chain Management and Counterfeit Drugs
Pharmaceutical counterfeiting poses a huge risk globally with estimates of over $200 billion in counterfeit drugs circulating annually. Blockchain provides an effective solution to securely track pharmaceuticals across the supply chain to prevent counterfeiting. Some ways it can be implemented include:

Encoding drug authentication details such as batch and production numbers on blockchain at manufacturing.

Using blockchain to record each transaction as drugs move from manufacturer to distributors, pharmacies and patients.

Pharmacies and patients can scan QR codes/barcodes on drug packaging to verify authenticity by viewing immutable ledger.

Regulators can trace drugs in case of recalls, track expiration dates and ensure quality standards are followed.

Drug pedigree can be captured – the complete history and movement of a specific drug unit. This builds transparency.

Clinical Trials Management
Running clinical trials is an expensive, complex process afflicted by ineffective paperwork and lack of oversight. Blockchain allows for more streamlined, secure management of clinical trials. Here are some applications:

Patient recruitment and screening records can be captured in a secure, tamper-proof way.

Drug allocation and site inventory can be recorded to ensure proper blinding and drug accountability.

Adverse event reporting can leverage smart contracts for timely compensation.

End-to-end tracking of trial activities like consent, payments, visit adherence and data collection.

Audit trial functionalities provide regulators ability to trace trial activities and detect anomalies or fraud.

Transparent, decentralized data sharing between sponsors and research sites.

Telemedicine and Remote Patient Monitoring
Blockchain supports the growth of telemedicine and remote care models. Some use cases include:

Secure storage and exchange of remote diagnostic data, vital signs and other patient-generated health data.

Tracking remote medical equipment and ensuring asset maintenance and compliance with oversight agencies.

Facilitating remote doctor consults, e-prescription and billing on distributed ledgers.

-Allowing patients to seek second opinions from overseas doctors easily through health passports and digital identities.

Enabling remote patient monitoring for chronic illness where conditions can be tracked without physical visits.

Powering remote medical device security upgrades and technical assistance using smart contracts.

So Blockchain brings much needed transparency, security, immutability and disintermediation to key areas of the healthcare industry that have been traditionally plagued by inefficiencies, costs, risks and lack of trust. The technology helps put patients firmly in control of their own health data while enabling new care models to lower costs and improve outcomes on a global scale.

HOW CAN BLOCKCHAIN TECHNOLOGY ENHANCE THE SECURITY AND EFFICIENCY OF SUPPLY CHAIN MANAGEMENT

Blockchain technology has the potential to significantly improve supply chain management systems by adding several layers of transparency, security and automation. Supply chains involve coordination between multiple parties and the transfer of physical products and documentation at each stage. Traditional systems rely on central authorities and manual record keeping which can be error-prone and vulnerable to hacking or data tampering.

Blockchain addresses many of the limitations of existing supply chain models by providing an open, distributed digital ledger that can record transactions across a network in a verifiable and permanent way without any centralized control. Each participant in the blockchain network gets their own copy of the ledger which is constantly reconciled through consensus mechanisms, making it very difficult to fraudulently modify historical data. This immutable record of transactions brings transparency to stakeholders across the supply chain.

By recording key details like product origin, shipping dates, component sourcing, custodial exchanges, and certifications on the blockchain, all actors involved can have real-time visibility of the entire lifecycle. This level of traceability helps build confidence and combat issues like counterfeiting. Any changes to the details of a shipment or upgrades can be cryptographically signed and added to the ledger, removing processing inefficiencies. Smart contracts enable automatic verification of conditions and enable instant execution of value transfers/payments when certain delivery criteria are met.

Some specific ways in which blockchain enhances supply chain management include:

Provenance tracking – The origin and ownership history of materials, components, parts can be stored on a distributed ledger. This provides transparency into sources and manufacturing journey, facilitating returns/recalls.

Visibility – Events like cargo loading/offloading, customs clearance, transportation toll payments etc. can be recorded on blockchain for all stakeholders to see in real-time. This plugs information gaps.

Predictability – With past shipment records available, predictive models can analyze patterns to estimate delivery timelines, flag potential delays, and optimize procurement.

Trust & authentication – blockchain signatures provide proof of identity for all entities. Digital certificates can establish authenticity of high-value goods to curb counterfeiting risks.

Post-sale servicing – Warranty statuses, repairs, original configuration details stay linked to products on blockchain to streamline after-sales support.

Automation – Smart contracts based on IoT sensor data can automatically trigger actions like inventory replenishment when certain thresholds are crossed without manual intervention.

Payment settlements – Cross-border payments between buyers & sellers from different jurisdictions can happen instantly via cryptocurrency settlements on distributed apps without reliance on banking partners.

Refunds/returns – By tracing a product’s provenance on blockchain, returning or replacing faulty items is simplified as their roots can be rapidly confirmed.

Regulation compliance – Meeting rules around restricted substances, recycling mandates etc. becomes demonstrable on the shared ledger. This eases audits.

Data ownership – Each entity maintains sovereignty over its commercial sensitive data vs it being held by a central party in legacy systems. Private blockchains ensure privacy.

While blockchain brings many organizational advantages, there are also challenges to address for real-world supply chain adoption. Areas like interoperability between private/public networks of different partners, scalability for high transaction volumes, bandwidth constraints for syncing large ledgers, and integration with legacy systems require further exploration. Environmental impact of resource-intensive mining also needs consideration.

By digitizing supply chain processes on an open yet secure platform, blockchain allows for disintermediation, multi-party collaboration and real-time visibility that was previously near impossible to achieve. This enhances operational efficiencies, reduces costs and fulfillment times while improving trust, traceability and compliance for stakeholders across the global supply web. With ongoing technical advancements, blockchain is well positioned to transform supply chain management into a more resilient and sustainable model for the future.

HOW CAN BLOCKCHAIN TECHNOLOGY IMPROVE THE MANAGEMENT OF SENSITIVE HEALTH RECORDS

Blockchain technology has the potential to significantly improve how sensitive health records are managed and securely shared across different healthcare providers and organizations. Some of the key ways blockchain can help are:

Improved Security and Privacy – One of the biggest challenges with current health information systems is ensuring privacy and security of sensitive patient records. With blockchain, health data is encrypted and stored across distributed nodes of a network making it virtually impossible to hack or alter without detection. Only authorized parties have access to view encrypted records through digital signatures. This prevents unauthorized access and leakage of confidential information.

Transparency of Access – With blockchain, a clear audit trail is created each time a record is accessed, by whom, when and where. This transparency builds trust that only approved parties are viewing necessary records for legitimate treatment purposes. Patients have full visibility into who has viewed their records. This discourages improper access attempts and assuages privacy concerns.

Interoperability Across Systems – Currently, health records are often fragmented across different proprietary databases of separate providers and payers. With blockchain, a unified network is created where authorized entities can easily and securely share updated patient medical records and health information in real-time. Irrespective of where treatment is received, complete health history stays available with consented access. This streamlines care coordination and improves patient outcomes.

Immutability and Auditability – Once data is entered on a blockchain ledger, it cannot be altered or erased without confirmation from the network. This ensures the integrity of health records is maintained over long periods of time. Any changes are clearly traceable through an immutable audit log. Tampering or falsification of records becomes practically impossible. Lost or destroyed paper records can be replaced with permanent digital records on blockchain.

Patient Ownership and Control – With blockchain, individuals fully own and control who can access their health data. Consent mechanisms allow patients to selectively grant permission to different parties like doctors, insurers, researchers etc on an as-needed basis. Patients stay firmly in charge of their personal information and how it is used. This self-sovereignty resolves current problems related to lack of individual control over records.

Streamlined Billing and Payments – Sensitive claims data involving treatments, procedures, costs can be recorded on blockchain by various stakeholders like providers, payers, bill processing firms etc. Verified transactions enable seamless electronic prior authorizations, real-time eligibility checks, automated claims adjudication and payments. This greatly boosts operational efficiencies and removes irritants in the current payment system.

Reduced Healthcare Costs – Various inefficiencies in the current fragmented healthcare data landscape lead to estimated wastage of billions annually just in the US because of redundant tests, avoidable complications, medical errors and fraud. Blockchain can help address these issues to a large extent. Streamlined and accurate electronic health records readily available across the continuum of care can yield significant cost savings over the long run for governments, providers and patients.

Facilitating Research and Innovation – De-identified patient data recorded on permissioned blockchains allows for controlled data sharing with research organizations. Aggregated insights gained from big health data analysis on conditions, treatments, outcomes etc can accelerate medical discoveries and new therapy development. Mobile health apps and devices can also integrate with blockchain networks to generate real world evidence for decision making and new protocols.

Blockchain offers a robust technological solution to many long standing healthcare challenges around data privacy, security, availability and overall inefficiencies. By enabling transparency, control, automation and trust – it can reshape how sensitive health records are managed, accessed and used to the benefit of all stakeholders especially patients in need of care. With proper design and governance, blockchain clearly holds enormous potential to revolutionize healthcare systems worldwide through its distributed ledger capabilities.

HOW CAN TECHNOLOGY PLATFORMS HELP IN TRACKING IMPACT MEASUREMENT FOR IMPACT INVESTMENTS

Technology platforms have become invaluable tools for impact investors to effectively measure and track the social and environmental impact of their investments. With the proper utilization of technology, impact investors can now collect comprehensive and credible impact data, analyze results over time, and make more informed investment decisions.

Some of the key ways that technology platforms are helping streamline impact measurement include:

Data collection: Technology allows impact investors to collect large volumes of both qualitative and quantitative impact data directly from investees in real-time. Platforms provide standardized templates and dashboards for investees to regularly report on key performance indicators (KPIs) related to the intended impacts. This can include metrics like number of people served, carbon emissions reduced, jobs created, etc. Online surveys and apps also make it easier for investees to gather feedback directly from beneficiaries.

Data organization: The volume of impact data collected needs to be properly organized and stored for analysis. Technology platforms utilize robust databases that can house years of impact performance data for multiple investees and investment portfolios. The data is tagged and structured to be easily searchable, sortable, and filterable based on different criteria like investment theme, geography, timescale etc. This centralized data warehouse approach prevents data from getting lost or disorganized over time.

Data analysis: With impact data securely organized on a centralized platform, powerful data analytics tools can be applied. Features like dashboards, dynamic reports, and data visualization help illuminate trends, highlight correlations and critical insights. For example, analytics can track how impacted populations change over time or how strong the linkage is between financial performance and social impact achievement. Machine learning is also being used to detect anomalies and predict future performance.

Benchmarking: Technology aids the comparison of portfolio and investee impact performance against benchmarks and across time periods. Platforms can analyze proprietary datasets as well as curated public datasets to identify high-performing peers, set performance thresholds, and detect under-achievement early. Benchmarking also supports ongoing impact target-setting and strategy refinement at both investor and investee levels.

Reporting: Sophisticated impact reports demonstrating accountability and transparency can now be generated through technology. Platforms autonomously produce formatted reports aligned to industry standards like IRIS+, GIIRS, or SDG metrics. Reports are also customizable for different stakeholder needs, from fund limited partners to investees to public disclosure. Automated reporting saves significant time and resources compared to manual compilation.

Stakeholder engagement: Technology engages various stakeholders in impact measurement. Online dashboards power interactive sessions for investees to discuss performance. Surveys collect real-time beneficiary feedback. Social media integrations spread impact stories and results. These tools deepen stakeholder participation in the measurement process and impact achievement overall.

Decision making: With robust impact analytics and benchmarking available, technology acts as a decision support system for investors. Features like predictive analytics and portfolio optimization tools help them make go/no-go decisions on potential deals, rebalance allocations, and refine selection criteria over time based on impact performance trends. Technology essentially transforms impact data into actionable business intelligence.

Technology platforms have become indispensable infrastructure supporting credible and efficient impact measurement practices across the impact investing industry. By standardizing data collection, organizing disparate datasets, powering advanced analytics, generating accountability reports, and enhancing stakeholder engagement – technology is fundamentally enhancing how impact investors are now able to understand, strengthen, and communicate their social and environmental impacts at scale. As data-driven impact performance management becomes further ingrained in investment processes, technology will continue playing an instrumental role in impact measurement and the growth of impact investing overall.

CAN YOU PROVIDE MORE DETAILS ABOUT THE TECHNOLOGY ENHANCEMENTS THAT WERE IMPLEMENTED

The company underwent a significant digital transformation initiative over the past 12 months to upgrade its existing technologies and systems. This was done to keep up with rapidly changing technological advancements, customer demands and preferences, as well as be able to respond faster to disruptions.

On the infrastructure side, the entire data center housing the company’s servers and storage was migrated from an on-premise model to a cloud-based infrastructure hosted on Microsoft Azure. This provided numerous advantages like reduced capital expenditure on hardware maintenance and upgrades, infinite scalability based on requirements, built-in high availability and disaster recovery features, easier management and monitoring. All virtual servers running applications and databases were migrated as-is to Azure without any downtime using Azure migration services.

The network infrastructure across all offices locally and globally was also upgraded. The outdated VPN routers and switches were replaced by new software-defined wide area network (SD-WAN) technology from Cisco. This provided a centralized management of the entire globally distributed network with features like automated path selection based on link performance, application-level visibility and controls, built-in security capabilities. Remote access for employees was enabled through Cisco AnyConnect VPN client instead of the earlier hardware-based VPN devices.

The company’s main Enterprise Resource Planning (ERP) system, which was an on-premise infrastructure of SAP ECC 6.0, was migrated to SAP S/4HANA Cloud hosted on Azure. This provided the benefits of the latest SAP technology like simplified data model, new capabilities like predictive analytics, real-time analytics directly from transactions and improved user experience. Critical business processes like procurement, order management, financials, production planning were streamlined after redesigning them as per S/4HANA standards.

Other legacy client-server applications for functions like CRM, project management, HR, expense management etc. were also migrated to Software-as-a-Service (SaaS) models like Salesforce, MS Project Online and Workday respectively. This relieved the burden of managing these complex on-premise systems in-house and provided a much more user-friendly experience for remote users. Regular upgrades, enhancements and integrations are now managed by the SaaS vendors directly.

On the endpoint management front, the company shifted from traditional on-premise endpoint management software and anti-virus solutions to the Microsoft Intune service for mobile device management along with Microsoft Defender antivirus. All laptops and desktops were enrolled into Intune which provided features like remote wiping, configuration management, application deployment, inventory tracking on a single view. Defender antivirus was installed across all machines replacing the earlier McAfee solutions for unified protection.

The company’s website platform was rearchitected from a monolithic architecture to a microservices-based model and migrated to AWS. Individual functions like user profiles, shopping carts, master data management etc. were broken out as independently deployable services with REST APIs. This provided scalability, easier maintenance and round-the-clock availability. The front-end website code was upgraded from classic ASP to modern ASP.NET core framework for better performance and security.

Machine learning and AI capabilities were introduced by leveraging Azure Kubernetes Service and Azure Machine Learning services. A recommendation engine was built using deep learning models based on customer purchase history which is integrated into the online shopping experience. Predictive maintenance of manufacturing equipment is done through IoT sensors feeding data to ML models for anomaly detection and predictive failure alerts.

On the collaboration front, the entire team moved to O365 including SharePoint Online, Teams, Stream along with upgraded hardware in the form of Surface devices. This facilitated remote working at scale along with seamless communication and content sharing across globally distributed teams during the pandemic.

Through these wide-ranging IT infrastructure upgrades, the company has transformed into a secure, scalable and future-ready digital enterprise leveraging the latest cloud services from Microsoft, AWS and other SaaS providers. This has empowered faster innovation, better customer experiences and business resilience.