Blockchain will forever be tied to the cryptocurrency bitcoin, and understandably so. That, however, is rapidly changing. CB Insights pointed out in April 2020 that over the three previous years, worldwide spending on blockchain solutions had nearly tripled, and predicted that annual outlays would reach $16 billion by 2023. That same organization went on to list no fewer than 58 businesses the technology could impact — everything from banking (naturally) to ride sharing to entertainment.
This is far from a novel viewpoint. Back in 2019, Computerworld predicted that decentralized ledger technology (DLT) such as blockchain exhibited the same potential once shown by TCP/IP, the very foundation of the world wide web. And indeed, by the end of 2020 top organizations in virtually every sector had implemented DLT.
Here are four sectors in which blockchain could make a particularly significant difference:
- Elections: It is not an exaggeration to say that some of the furor surrounding the 2020 U.S. presidential election could have been avoided by using blockchain — that fraud claims would have been a non-starter if e-voting were in place. It is safe, secure and can be done from home. It allows for accurate tracking and counting, as votes cast on a blockchain leave an audit trail. And the thing is, it has already been tried on a smaller scale, as West Virginia used it in a 2016 primary. In addition, a blockchain platform developed by an organization called Follow My Vote was used in a presidential election in Sierra Leone in 2018, and deemed accurate.
- Healthcare: There are those who wonder if healthcare might not be the ultimate use case for blockchain, given issues like patient misidentification and providers’ inability to safely share data. Another thing to consider is the sheer volume of data that must be processed, particularly during a healthcare crisis like the coronavirus pandemic. Any of these matters can result in errors and unfavorable outcomes, but they can be avoided with blockchain technology. One prominent example is the manner in which electronic medical records can be accessed by multiple parties. In addition, a blockchain startup called Hu-manity has partnered with IBM on a ledger that according to a news release will enable patients to “claim property rights to their personal data,” allowing them to decide who sees it, and when.
- Real Estate: In 2017 the startup ShelterZoom became the first company to introduce a blockchain-based platform in the real estate space, one that according to a release at the time allows all parties “unprecedented speed, convenience, security and transparency” from beginning to end of a transaction. (And note that transparency is a particular pain point in this sector.) Other companies, like Propy and Ubitquity, have followed ShelterZoom’s lead, well aware that in addition to the aforementioned advantages, blockchain solutions greatly reduce the need for paper record-keeping.
- Supply Chain Management: Blockchain enables any party in the supply chain management sector to track a product throughout its journey, which Deloitte notes brings with it many advantages. A manufacturer can, for instance, ensure that its standards are met. Efficiency is improved. Monetary and material losses are decreased. There is less paperwork. Ultimately the consumer benefits from a better product, and one that is delivered in a more timely fashion. That in turn builds brand loyalty.
In short, the sky would appear to be the limit for blockchain, in any number of sectors. Far from being simply a cryptocurrency platform, it looms as a game-changing technology that allows for greater efficiency and security.
As 3D printing technology advances, more industries will adopt it to further their efforts. This is especially true for medicine and healthcare, where strong nanomaterials have the ability to create more effective treatments. 3D printing represents a huge opportunity for pharmaceutical, medical device, and other healthcare-related companies to design groundbreaking drugs, rapidly produce medical implants, and streamline the way doctors and surgeons provide care to patients.
3D printing technologies have already been used in a number of applications, including cardiothoracic surgery, cardiology, gastroenterology, neurosurgery, and many more specific fields. So far, however, we’ve barely tapped the technology’s potential in healthcare-related applications. There are high expectations for what we can expect from this technology going forward. The most probable and most talked-about developments include:
Implantable Organs and Tissue
3D-printed organs will likely become available soon, which would be a game changer for patients in need of organs. Manufactured organs would reduce waiting time (and waiting lists), allowing surgeons to treat more people in need of life-saving operations. This also includes tissues and synthetic skins for transplanting and/or for pharmaceutical and cosmetics testing.
Custom-designed 3D-printed anatomical models are becoming useful new tools for personalized patient treatments. By integrating clinical and imaging information, surgeons will have the ability to perform individualized preoperative planning, resulting in less time spent in the operating room and fewer complications. Doctors can create 3D models of an individual patient’s anatomy, which aids in planning one’s surgical approach and allows doctors to fit prosthetics in advance.
Customized Surgical Tools and Prostheses
3D printing can be used to produce patient-specific implants or surgical guides and instruments. Customized tools and prostheses equate to better outcomes and lower costs.
Customized Pharmaceuticals and Devices
These technologies have the ability to provide unprecedented benefits to the industry, which is under increasing pressure to reduce costs and improve care. 3D drug printing can customize a drug’s outer layer to control absorption time in a patient’s system, and also allows for dosage personalization. We’ll also see faster production of new device designs and/or improvements to existing ones. Everything from hearing aids to dental implants to eyeglasses could be designed to fit and operate more effectively and be produced more quickly.
3-D printed, patient-specific models can speed student learning and make it possible to present students will a range of different physiologic and pathologic anatomy, which better prepares them for future practice and enables all schools, regardless of resources/budget, to provide such instruction. It also allows the introduction of rare pathologies to medical students that wouldn’t otherwise have exposure in such training. Likewise, 3D printing can assist doctors with educating patients on their own conditions since it’s much easier to understand 3D representations of anatomy rather than asking patients to examine 2D images from CT or MRI scans.
Clearly, 3D printing has the potential to significantly alter and improve the clinical field, making huge advancements to our medicine and healthcare. As printers evolve and safety regulations are instituted, this technology offers more and more promise for our future.
The quest to crack the machine learning code has been a dream of scientists since the invention of the computer. In 1950 the Turing Test captivated the public’s imagination with a question that likely seemed more based in science fiction than reality: could a computer ever match human intelligence?
We’ve come a long way since the technology of the 1950s, but the goal for machine learning is essentially the same. And we are living into the age when machine learning is bringing the kind of solutions to life that have previously been relegated to sci-fi.
Computers that can learn and adapt autonomously have fast become the new gold standard. And the startups leading the way into our AI future are answering questions even more interesting than whether androids dream of electric sheep. One of the most exciting industries ripe for an AI makeover is healthcare. Machine learning has the power to revolutionize how we detect and treat illness, and also how we approach patient care. Here are 5 machine learning startups in the healthcare sector to keep on your radar:
1. ID Avatars
ID Avatars recently raised $1M in funding to create emotional intelligence aimed at improving patient care for people with chronic diseases. By using avatars to interact with patients directly, this startup hopes to lead the charge in creating technology capable of providing empathy. This would have a huge ripple effect across the healthcare industry and would be as useful to hospitals and pharmaceutical companies as to patients.
The mission of Arterys is to make clinical care data driven with a machine-learning based imaging platform. They have developed the first 4D Flow Technology to measure blood flow more accurately and in a non-invasive way than current methods. The blood flow work can be done with any MRI. The tech is integrated with a SaaS platform for doctors to better interpret data on the go, and the potential applications for non-invasive blood analytics span across all kinds of medical needs.
London-based startup Babylon has raised more than $30M, and it’s easy to see why because their idea is so simple but brilliant: remote app-based medical care. In other words, Babylon is your virtual doctor, nurse and pharmacy in one. Imagine how much more streamlined emergency and on-demand care could be through app-based consultations. It’s already the highest rated service in UK healthcare and aims to expand to areas where healthcare is even more essential, like rural Africa, where doctors are scarce but cell phones are becoming commonplace.
Utilizing machine learning to create custom diet plans, Nuritas will be a game-changer in preventative health and overall wellness. Based on AI plus DNA analysis, Nuritas is designed to identify the healthiest ingredients specific to your dietary needs. The future will be full of bioactive peptides.
Developed by MIT scientists, Ginger.io uses predictive models to create a mental healthcare platform. This is a useful alternative model to traditional mental health care, which can be prohibitively expensive and frankly not that convenient for the modern world. App users can arrange a video call with a therapist, text with a health coach, learn coping strategies, and analyze their mood over time with the help of embedded sensors. This is mental health care for the 21st century.