Exploring Blockchain Technology’s Revolutionary Role in Healthcare with Leen Kawas
Dr. Leen Kawas, an expert in biotechnology and life sciences, highlights the remarkable growth of Blockchain technology beyond cryptocurrency by exploring its promising applications in healthcare. As Propel Bio Partners’ Managing General Partner, Kawas is keenly aware of venture capital’s role in driving innovation within biotech and life sciences sectors, including integrating Blockchain.
Leen Kawas demonstrates how transparency, enhanced security, and real-time traceability in Blockchain drive its rapid expansion and change in the digital landscape. The global Blockchain sector will experience compound annual growth rates of 87.7% between 2023-2030.
Kawas highlights many business benefits offered by Blockchain technology. These include improved efficiencies, automation of functions, and cost reduction in operations. Blockchain’s decentralized ledger system enables simultaneous recording, storage, and validating transactions across all members simultaneously. This creates an environment resilient against system failure. Its audit trail eliminates fraud opportunities and protects sensitive data from hackers. Thus, this technology applies to various industries, including banking, insurance, supply chain management, and healthcare services.
Dr. Leen Kawas has noted that healthcare professionals have begun recognizing Blockchain’s potential, expecting its market to experience dramatic expansion. According to her, Blockchain can facilitate medical records transfers between facilities more quickly, strengthen data security measures, improve supply chain integrity, and guarantee patient privacy. With incorruptible patient logs being maintained by Blockchain technology, risks of data breaches are reduced significantly.
Leen Kawas also highlights how Blockchain technology can ensure the integrity of medical supply chains, an issue long raised within healthcare. From drug production to patient delivery, Blockchain’s decentralized nature enables complete transparency and traceability, providing complete assurance regarding authenticity.
Kawas acknowledges the potential benefits of Blockchain technology but acknowledges its slow uptake by healthcare industries. She points to an interview in 2022 conducted with Stuart Hanson, CEO of Avaneer Health, who noted it requires fundamental changes to operating processes, workflows, and mindsets before becoming effective.