Token Fest Boston 2018 brought together over 150 blockchain speakers and 3500 attendees, making the event the biggest blockchain show in Boston history.

Upon entering the 2-day event at the Boston World Trade Center, attendees found themselves under deep purple lights, where at any given moment hundreds of blockchain enthusiasts mingled—offering handshakes to one another, checking their Token Fest programs frantically, speed-walking to catch the next panel discussion, connecting with the sponsor booth attendants, and getting their fair share of the free swag. Crypto was alive in Boston.

One of the focus topics at this year’s conference was the impact of blockchain in the healthcare industry.

Blockchain technology is being heralded as the panacea for all of healthcare’s information system interoperability and security-related challenges.

At each of the three Token Fest stages, panelists discussed how blockchain can play a critical role in overcoming the shortcomings and challenges associated with healthcare systems. Some of the significant advantages of employing blockchain are the introduction of transparency, complete elimination of third-party intermediaries, and streamlining of operational processes and large costs.

Panel members expressed there are many early adopters with high interest in healthcare and blockchain adoption.

The adoption of blockchain could save the healthcare industry billions per year in IT costs, data breach-related costs, operations costs, support function costs and personnel costs, and through a reduction in fraudulent and counterfeit products. For instance, every time a patient goes into a hospital they generate roughly $200 of data. New blockchain-based applications are looking to help lower those costs to patients.

Currently patients are left in a hold up as data is not portable. The two biggest benefits blockchain hopes to solve in healthcare is (1) additional revenue streams and (2) improved quality of care through data sharing and the portability of medical records.

As more and more healthcare-focused blockchain projects emerge, there remains a need for real world adoption and social impact, which was the consensus and one of the key takeaways at Token Fest Boston.

Do you have an idea for a real-world healthcare blockchain application? Come join our virtual, worldwide Healthcare + Blockchain Hackathon – HealthChainHack! September 22, 2018 – November 17, 2018.