Behind the microphone on Blockchain
If you know nothing else about blockchain, know this: it is not equivalent to Bitcoin. Bitcoin is an application on blockchain — technology that makes transactions trustworthy because they rely on consensus from a reliable network. Due to and despite its close association to cryptocurrency, blockchain technology is spreading to many industries, including life sciences. More on this in a moment.
Blockchain is a personal interest. I went on a learning binge about blockchain about two years ago. I was in between jobs, and considered full-time self-employment as a blockchain journalist. YouTube, podcasts, blogs, the whole thing. I planned to take anyone interested along with me while I figured it out. I spent at least three hours a day absorbing information about the ledger technology. But I never became an expert. It’s complex! It’s controversial. And it’s still fascinating.
I hope this comes through in the latest episode of Discovery Matters, where Conor and I met and talked with a true blockchain expert, Dr. Catherine Mulligan.
Here’s a pic of me and Cathy when we met to do an interview for my personal gig in May 2018:
When I joined GE Healthcare Life Sciences in November 2018, I had to drop the blockchain learning and go all-in for life sciences. That’s an endless pursuit, you probably know. But how happy I was to learn that blockchain is indeed a relevant topic in life sciences.
Among all the clinical trials, the assays, the labwork…there’s quite simply heaps of data in life sciences. The promises of blockchain are enhanced cyber security, easier traceability in the supply chain, and — because it always comes down to money, doesn’t it? — reduced costs.
Blockchain has its purposes, for sure. But it’s not always useful. Cathy helps us define the do’s and don’ts in the episode. (Who wants their DNA anywhere on the blockchain? Probably not, thanks anyway. Just like: Who wants their social media library permanently, unchangeably, on the blockchain? A firm pass on that.)
In a paper published for the World Economic Forum 4IR Council on blockchain, entitled “Blockchain Beyond the Hype,” — and a highly recommended read — Cathy explains why blockchain is not a panacea: “Whether to adopt blockchain is not merely a technological decision; it is also a business decision. Good use cases must solve real problems for organizations. Great use cases solve real problems at a cost that is significantly lower than the benefits the adoption brings.”
In our podcast, she goes into greater detail about how it all comes together and where it fits in to the industry.
Here’s where to find Discovery Matters:
on Spotify
On Apple Podcasts
Hope you enjoy (and rate) the episode!
