How Blockchain Technology Can Accelerate Stem Cell Research?

The use of blockchain technology in fields like finance, banking, and increased logistics and real estate has generated a lot of hype over the last year. Inevitably, as more firms rush to implement blockchains, less apparent applications such as in the food industry and medical emerge. Because they deal with critical patient data and have a strong commitment to keeping it secure, the medical business is one of the least efficient to adopt new technologies. Nonetheless, conventional software solutions are vulnerable to security breaches.

In the body, stem cells are a special sort of multicell. They are undifferentiated and can evolve into a variety of cell types. This implies they have the ability to regenerate, replenish, and repair various cells in the body. The use of stem cells to alleviate illness and injury is the core of stem cell research. Whilst in its beginnings, stem cell technology has the potential to significantly raise the standard of living for many people.

Indeed, there have been numerous advancements in stem cell research. Bone marrow transplants, which were initially conducted over 40 years ago, are the most productive and well-established stem cell therapy. Numerous advancements have been made since then.

Accessibility Issues With Stem Cells

Despite the advances in our understanding of stem cells and their use for the betterment of humankind, two challenges still exist:
There is an urgent need for more research and development in a wide range of medical diseases that affect millions of people worldwide

There is also a problem connecting patients who require stem cell treatments with the specialists who are most skilled in their needs

The challenges that stem cell research confronts are comparable to those that hampered cancer research a few decades earlier. There is insufficient infrastructure for sharing research information to guarantee that patients receive the best treatment possible. Global stem cell research suffers from a comparable lack of resources for optimising common knowledge.

Blockchain Technology- A Solution?

While many people associate blockchain with cryptocurrency, it also provides a highly secure mechanism for patients to engage with healthcare experts without fear of unscrupulous third parties gaining access to their most private information. A global network of researchers, investors, medical experts, and technologists working to improve access to stem cell research and treatment information is now utilising blockchain technology to achieve this purpose.

To enable the conveyance of research and development around the world, blockchain will be used to create a collaborative network for participants in stem cell research. Based on clinical data and the most recent research, the platform will be able to constantly maintain and develop this collective knowledge.

Another important feature of its blockchain network is that it will serve as a storage record for patient data. Users can manage which details doctors and medical organisations have access to by storing data on the blockchain. This means that patients can interact with doctors all over the world and communicate relevant portions of their health information with them. The current stem cell research would be available to everyone in the world through this service.

How can blockchain boom stem cell research?

Organizing Medical Records

As previously stated, hospitals maintain track of extremely sensitive information for their patients, which they frequently struggle to keep secure. The entire system can be made far more private with identity management services, so that only those who are permitted to see the data may see it. Only the individual who has access to a user's private key may grant such authorization, allowing patients ultimate control over how their data is shared.

Increasing Healthcare Equity

Some countries place restrictions on how much money citizens can take outside the country. Stem cell therapy expenses more than that, posing a challenge for people from these nations who wish to bring their money to the United States or the United Kingdom for the best healthcare. An international payment system like Bitcoin is advantageous in this situation because it allows users to access services that they could not formerly access.

Clinical Trials Transparency

Researchers have no realistic choice for securely sharing information, hence an average of 50% of clinical trials go unregistered. As previously said, blockchains can assist in the creation of market space for this valuable data, ensuring that the data that patients contribute is used appropriately. Clinical trial records stored on the blockchain could address concerns including fake outcome reporting and data spying, lowering the risk of fraud and inaccuracy in clinical trials. Furthermore, blockchain-based platforms have the potential to facilitate unparalleled collaboration between participants and researchers for groundbreaking research projects.

Conclusion

The promise of stem cell treatment is immense, but, as with cancer research in the early days, the science is being impeded by a lack of knowledge sharing. More importantly, it will make use of the security and openness of blockchain data storage to enable patients to interact with doctors and share insights pertinent to their condition while still having control over when and how much of their personal health information is shared.