Why Stratis blockchain for MediConnect ?
MediConnect is the only blockchain solution intended to revolutionise the way medication is traced and managed in the UK. MediConnect is a safety net for patients, prescribers, pharmacies and drug manufacturers. Our vision is to become the gold standard blockchain solution approved by the Pharmacy and Medicine regulators for the prevention of obtaining multiple prescriptions from online and offline pharmacies.
In addition, through the MediConnect blockchain solution, the identification of counterfeit and recalled drugs and their distribution can be prevented, protecting patients and the industry whilst ensuring potentially huge cost savings for the pharma world.
Why a Blockchain?
Digitisation has transformed many business processes over the past 30 years, and the NHS is no different in requiring technology to do its part in streamlining and delivering health services to everyone in the UK. The MediConnect project is an example of an industry-led transformation to one aspect of health services in the UK.
The pharmaceutical industry is an area where we believe blockchain technology has a unique role to play in improving patient care. At the same time, blockchain provides the audit trail, privacy, and security the sector demands. Instead of being a “big bang” national programme, funded by the Government like the NPfIT, MediConnect will be launched in one area where it can be monitored by a government-led working group so that, when proven, it can be rolled out to other regions.
We can see how a blockchain-based solution can help solve the current issues in the pharmaceutical industry. In parallel, a blockchain solution can offer new opportunities to the consumer in terms of how they transact and how they manage their own medical data. Regulatory bodies are extremely important in the pharmaceutical industry, and a blockchain-based solution can give these authorities an overarching view of the daily operations. This would provide a level of transparency that is not possible with conventional solutions.
Stratis Group Ltd were approached for advice as to how blockchain technology could assist with the proposed solution. Chris Trew, founder and CEO of Stratis Group Ltd was keen to assist with designing such a solution to prevent drug dependency and the addiction of prescription drugs.
Blockchain technology gives enterprises a chance to:
- Re-evaluate their position within their industry sector.
- Redefine their relationship with organisations such as competitors and regulatory bodies.
Stratis has a team of in-house blockchain developers and consultants who understand the importance of these key points. Above all, the team knows that when enterprises adopt the correct blockchain-based approach, there is an opportunity to streamline business processes across multiple entities.
Across every advance in blockchain from full nodes, smart contracts, sidechains, and wallets down to running ICOs, Stratis has leading experts on board who can provide specialist knowledge. Stratis’ solutions are unique from other consultancies as they are based on Stratis’ own blockchain platform, which is built using C# and .NET.
As a result, solutions created by Stratis benefit from the fact the team is working with technology which they have designed and built. The modular nature of the Stratis blockchain enables a selective approach to be taken, with solutions being built up from robust components.
Stratis understands that in order to extract commercial value from a blockchain solution, businesses both large and small may require a different type of blockchain. Specifically, they may require a blockchain which:
- Runs on a private network. Due to the confidential nature of the data which needs storing, allowing anyone to view it is not acceptable.
- Is permissioned. Even though access is already restricted because the blockchain is hosted on a private network, further restrictions need to be in place covering who can read and write specific data.
- Has the ability to store and track information other than the ownership of a cryptographic token, including the related transactions.
- Does not have cryptocurrency asset associated with it. The motivation to update the blockchain comes from a shared sense of cooperation.
The big difference between a Distributed Ledger Technology (DLT) solution and a public blockchain, where participants are pseudo-anonymous, is that each participant is identified, which is a requirement if access rights are going to be assigned.
Private blockchains are the same as a public blockchain in that consensus on a data update still needs to be reached across all participants who have access to it; in this sense the decentralisation inherently necessary in public blockchains is carried over to the private, permissioned model.
Ultimately, when used in a DLT solution, blockchain’s core ideas are still being used to overcome the need for a single entity to be in charge of managing, storing, and funding a database.
Blockchains track assets. On the Stratis blockchain, ownership of STRAT changes through transactions, and this is recorded on the blockchain.
Most public blockchains, including the Bitcoin blockchain, follow a similar model, and the only assets tracked are some kind of token. DLT solutions track a wider range of assets other than currencies
which only exist in an electronic form. While cryptocurrencies need to be stored on a public blockchain to encourage maximum uptake and reward participation, DLT solutions often track real-world assets in cases where asset ownership is sensitive information. It is easy to see how tracking real-world assets can go hand in hand with a blockchain solution that limits the participants who can see them.
Taking an example from the pharmaceutical industry, prescriptions can be stored as assets in a DLT solution. A patient owns their prescriptions in the same way that a user holds STRAT on the Stratis blockchain. Instead of each asset being a value of STRAT, one asset is assigned for each prescription. Information pertinent to each prescription is also held on the blockchain. A transaction is used to mark the prescription as fulfilled, which effectively spends the prescription, so it cannot be used again.
DLT solutions are also very scalable. This allows for small-scale experimentations to be developed before being scaled up when the value in the solution has been proved.
Stratis’ understanding of what DLT is, and how it can serve enterprise clients, led Stratis to adapt their existing public blockchain technologies to create a DLT solution. In doing so, Stratis has created technology which can handle challenges such as the key issues MediConnect has identified as affecting the pharmaceutical industry.
Interested in MediConnect?
This blockchain solution can offer new opportunities to the consumer in terms of how they transact and how they manage their own medical data, it also provides a gold standard in patient safety and duty of care. If you’re interested in this project, please connect with the team on social media :
- Telegram : https://t.me/joinchat/G28yZkwgea1XT-Ns66exJg
- Twitter : https://twitter.com/Mediconnectuk
- Discord : https://discord.gg/8jhwMTJ
- Linkedin : https://www.linkedin.com/company/mediconnectuk-blockchain/
- Facebook : https://www.facebook.com/mediconnectuk/
- Instagram : https://instagram.com/mediconnectuk
- Reddit : https://www.reddit.com/r/mediconnect