Philips Healthcare To Explore Blockchain - Essay Example

Philips Healthcare announced that it will be exploring potential applications for blockchain in this industry.

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Philips is a diversified technology that focuses on improving the lives of people through a meaningful innovation. Their healthcare business makes up 40 per cent of their global sales revenue.

In the fiscal year of 2013- 2014, the company saw ˆ9.18 billion in sales.

According to a tweet by Wayne Vaughan, the chief executive officer of blockchain- based record keeping startup, Tierion, it revealed the company’s interest on blockchain.

Vaughan lauded the service as a “first project” with the healthcare company, but no further details were mentioned.

The global IT innovation lead, Arno Laeven affirmed that the two companies will work together and there is nothing to announce further at the moment.

He stated, “We are exploring blockchain in relation to health care just the same as we are exploring many new technologies.”

Philips Healthcare is a people- focused company and values the feedback of their patients highly.

Currently, the company employs 37,000 employees working in 100 countries, committed to providing innovative technology and services that will enable health care providers to achieve clinical excellence.

Philips Healthcare provides high quality devices, solutions, and services to their customers with optimal attention to profit people and also the planet.

They are dedicated to being a world- class sustainable development company by conducting their business in an environmentally and socially responsible manner.

One of the most outstanding breakthroughs of the company is an app- based ultrasound solution known as Lumify. It is quite a simple and flexible application.

By downloading it into a smart device, the user is able to connect toe Lumify transducer and this provides the user with quick and high- quality imaging services instead of visiting a treatment center.

The blockchain technology will enable the company to achieve the goal to transform patient healthcare, earlier than expected. Tierion is able to provide blockchain- based data solutions to any company in different industries.

Right now, healthcare seems to be one of the biggest industry that could benefit from the blockchain technology.

The records and other information of the patients must be always kept confidential and still the centralized databases and file cabinets no longer seem to be a logical option.

But, the blockchain technology is able to provide an alternative which is completely transparent and also respects the privacy of the user.

Recently, more and more companies and institutions around the world are embracing blockchain technology.