At present, there is virtually no industry where blockchain hasn’t found intriguing applications in a fascinating way and the healthcare industry stands tall in this regard. Ranging from data storage, filing, tracking, and efficient management systems, blockchain has found increasing use-cases in the health sector and is a key solution to a long list of challenges that have plagued data management in the healthcare industry.
The healthcare industry handles a tremendous amount of data yearly, early projections indicate that there could be as much as 2,314 exabytes (about 2.5 trillion gigabytes) of new data generated in 2020.
According to a study conducted by IBM, the average cost of a healthcare data breach in the USA is $15 million, costing a whopping $429 per Record (average breach size is 25,575 records). Implementing blockchain technology can help address several of the industry’s urgent concerns, including data security, privacy, and administration, as well as enabling new patient-centric business models.
Amidst these brewing challenges, Galeon, a French company that specialized in medical data structuring is rising to the occasion to put to an end many of the challenges that have rocked the healthcare industry.
How Galeon Connects The Missing Links In Medical Data Management
Galeon is a healthcare-based platform created by caregivers to enhance healthcare records and make the data management process seamless. The French startup is utilizing blockchain to connect all healthcare stakeholders, including patients, physicians, hospitals, and researchers, in a seamless manner. Ultimately, Patients will be able to acquire ownership of their data and decide how it’s been used thanks to blockchain technology.
As a result, Galeon connects hospitals through a shared patient record between institutions. In a broader term, Galeon assists caregivers in their everyday practice by facilitating, organizing, and streamlining medical data for easy management. Commenting on the significance of Galeon, the CEO, and co-founder, Dr. Loïc Brotons noted that:
“All hospitals working with the Galeon Decentralized Autonomous Organization (DAO) are contributing to building the largest structured medical data network. All stakeholders (patients and hospitals) are rewarded for their contribution. Patients and GALEON token holders will decide what future research will be funded by Galeon DAO.”
As the need for high-quality healthcare grows, the danger of data breaches becomes more serious. What healthcare requires right now is a push for increased innovation and efficiency, and Galeon is proving to be the answer by securely facilitating data sharing in the fragmented healthcare industry.
Galeon is on track to becoming the de-facto health blockchain ecosystem.
Blockchain is slowly but steadily gaining traction in the healthcare industry. It may be thought of as a technology that is altering the whole healthcare hierarchy by giving patients authority and trustworthy deliverables. While the world has only scratched the surface of Blockchain, its capabilities are yet to be fully utilized and Galeon is on track in leading this wide-scale adoption.
Galeon first debuted in 2016, since then its growth prospect has maintained an upward trajectory. To date, the platform has over 85,000 patients enrolled on its website and is gradually expanding to more French institutions.
Galeon aims to create a Healthcare Blockchain ecosystem by connecting real-world use cases to Blockchain technology: Decentralized Autonomous Organization, Launchpad as a gateway for projects, sharing value from Healthcare Data.
The firm plans to launch an Initial Coin Offering (ICO) at the end of the year, with a Seed Sale now underway, in order to realize its goal on a wider scale. This will allow the general public to buy into their vision of revamping healthcare data management.