A Fresh Perspective On Blockchain In Healthcare
Our thesis at Northstar is that blockchain technology will be a major disruptive force in healthcare, banking, supply chain and many other industries. As part of our Advisory Services we work with organizations to understand their core business and industry; establish if blockchain technology will provide cost savings and efficiencies for their organization; and design, develop, and implement a blockchain solution across their existing legacy infrastructure.
Before designing, developing, building, and implementing a blockchain solution; it’s important that we have a thorough understanding of the organization and its industry, and we’re constantly taking measures to immerse ourselves in the industries where we see the greatest opportunity for disruption.
Over the past year, we’ve had the privilege of partnering with FIRSTEP and Telus to conduct a deep dive on blockchain in healthcare. Northstar combined forces with Telus Ventures to sponsor FIRSTEP, who spent hundreds of hours in deep discussions with startups focused on the disruptive forces of blockchain in the health and wellness space.
FIRSTEP conducts deep research with disruptive startups and distills the learnings into fresh, actionable insights that help enterprise reduce disruption risk and spark new opportunities for growth through innovation and investment. The focus of this deep dive was on the specific disruptive forces shaping and influencing healthcare today and the implications for the future.
Our deep dive revealed that blockchain has the ability to increase the efficiency of healthcare by removing data friction and providing secure data interoperability; while also reducing costs, with the major bottleneck being the slow adoption that plagues the healthcare industry. The major challenge facing the health and wellness space is that truly disruptive healthcare innovations rely on sensors, machine learning and data interoperability to unlock value; however healthcare is notorious for its slow adoption, rigid compliance requirements, and hardened data silo’s.
We concluded that blockchain will serve as a major disruptive force in the healthcare industry over the next three years, and there is a massive opportunity for value creation to the incumbents that properly react to this opportunity.
This deep dive enabled us to hone in on the implications of introducing blockchain technology to the healthcare space and the specific challenges facing the industry. In undertaking this eight-month deep dive we’re eager to tackle and implement blockchain solutions for healthcare organizations via Proof of Business and Proof of Value concepts, designs and builds.
At the same time, we’re eager to partner with organizations looking to conduct deep dives in additional industries as we believe the disruptive forces of blockchain also apply to supply chain, insurance, banking and more.