South Korea has selected Fleta, a Blockchain developer, to launch a Blockchain-powered clinical data management system in the country. The company was given the go-ahead by the country’s Ministry of Science and ICT and the National IT Industry promotion agency.
The system will be responsible for putting clinical data on the Blockchain and this should help enhance transparency and immutability of data. The ultimate aim of the projects is to roll out this system across the whole country and in other industries so as to promote transparency and accuracy of data within these industries.
The lead company in this project is Fleta. However, they will work in conjunction with the Catholic University of Korea Seoul St. Mary’s Hospital and the Catholic University of Korea. These two organizations will help in analyzing the performance, accuracy and marketability of this new system and provide a detailed report to the ministry once the trial period is over. The CEO of Fleta, Paul Park said that this will be a challenging project but since they have the full support of the government through relevant ministries, they’ll do their best to establish a successful use case of Blockchain technology in the medical industry.
The trial started at the beginning of 2020 and there has not been official communication on when it should end. In 2019, The South Korean Government through the National IT Industry Promotion Agency launched a competition that sought participants who would help deepen Blockchain technology in the country. Other objectives of the program were to foster Blockchain technology innovations and also provide use cases of Blockchain technology across industries. A total of USD 4 million was set aside for this program. Fleta was selected as an implementer of this program.
Recently, South Korea passed new regulations that will encourage the adoption of Blockchain technology. If the trial works as envisaged, then Blockchain technology will be key in data management in the South Korean economy. It is expected that this technology will form the backbone of a data registry that will support over 11 million people who live in the country and suffer from conditions such as debates and cardiovascular diseases. Hospitals can coordinate, track and manage the huge volumes of data that are managed by healthcare providers in the country.