NEW YORK: Blockchain technology could empower consumers and provide them with greater control over their data in categories such as healthcare, according to a leading executive from Johnson & Johnson.

Kate Merton, head of the New York and Boston office of JLABS – an innovation network run by Johnson & Johnson – discussed this topic at the 2018 Blockchain Brand Innovation Summit held by the Chief Digital Officer Global Forum.

If deployed correctly, she continued, a blockchain system may ultimately heighten consumer control “on their own healthcare journey”, as they will possess both more knowledge and decision-making possibilities.

“I think when blockchain comes in and people have access to [say], ‘Okay this is me and this is how I compare with other people,’ they are able to do those better comparisons,” Merton said. (For more details, read WARC’s in-depth report: Johnson & Johnson eyes consumer empowerment through blockchain technology.)

“They are better educated to make decisions, and they are not depending so much upon the provider, or the authority that tells them that they need to be managing their healthcare a different way.”

Enterprises like Johnson & Johnson, Merton explained, will need to fuse vast “buckets” of data covering subjects as diverse as the structure of a molecule, an individual’s physiology and their lifestyle preferences in building blockchain systems.

“Getting them all connected is incredibly difficult,” she said. “But I think really empowering people to own their own decisions in a trusted manner can only be a good thing for the patient or consumer.”

The long-term advantages of such a process might include looking well beyond a patient’s physical condition and injecting a broader range of inputs into healthcare solutions.

“We know that just because someone changes their physiological capabilities, there is a lot more that goes into their treatment, which is their preferences for how they want to live their lives and where they want to go,” she said.

“Incorporating their data – whether it’s from social media or other things – and aligning that with the clinical ... data is incredibly important. I’m very excited that we’re actually going to turn those patients back into people who get to control their own data.”

WARC is hosting a webinar about how the blockchain will impact marketing on May 24. For more information and to sign up, click here.

Sourced from WARC