Blockchain—the tamper-proof electronic ledger network technology—first made headlines with the rise of cryptocurrencies like Bitcoin. Independent of that boom-and-bust cycle, the life sciences industry is now exploring ways to tap into the potential of blockchain’s underlying technology.
Blockchain adoption has the potential to create a more broadly integrated ecosystem, which would allow players across disparate areas of the health care industry to synchronize vast quantities of data, and in the process improve the bottom line for pharmaceutical development, create more reliable record keeping, and optimize health care delivery. But widespread adoption of the technology will depend on the willingness of both regulators and market players to navigate issues around standardized data practices, and to accept radical new levels of transparency.
In this video interview, IP Partner Ted Mlynar discusses some of the opportunities and unique challenges of blockchain — and how it may fundamentally change the way the entire industry does business.
The video and interview text are available here