Thought Leadership
April 18, 2017
Social Loyalty Program – Could Blockchain Be An Enabler?
Preeti Mahawar
Tags: blockchain

Information databases today are vaguely spread out and require a considerable amount of time and money to constantly collate and analyze these databases and keep ahead of peers. The information retrieved is mostly indirect or from third parties, usually bought, which are not always authentic.

A permanent fix to this problem could be the direct procurement of authentic information from intended customers/entities. The collection of authentic information will not be successful without an incentive and in this, case the incentives can be in form of some reward points. Enterprises today are exploring ways to better engage customers to improve services, offerings, products and more. Strategies to lure them with schemes are common. However, rewarding them with fungible points (coins) every time they spend their time on giving comments /reviews/feedbacks, is a new phenomenon. It’s like saying thank you for spending time & efforts on the company page/initiative.

Blockchain enabled Social Loyalty program in Clinical Research

Contributing to the healthcare database presents a very valid use case of Social Loyalty. Healthcare industry across geographies can gear up to design universal systems that bring all the patient health data together irrespective of where it originated. Patients can be given rewards for sharing their health reports, diagnosis, feedback on medicine and prescription. This will help achieve greater synergies in terms of holistic diagnosis, more customized treatment, aid researchers in medicine discovery and testing and at the same time make it more transparent and distributed by bringing patient record on a shared but secured, immutable data platform.

The objective can be fulfilled with implementation of blockchain administered by a healthcare company that enables

Incentivized Shared Database: A patient can log in securely on a blockchain network and get incentivized each time they share information on the network. Also, patients can be rewarded to be a part of an online research study or survey. These rewards can then be redeemed for services or currency on the blockchain network and stakeholders like doctors, retailers, diagnostic centers and path labs.

Secured Database using Encryption: Given the immense benefits, there lies a greater challenge of convincing a patient to share his sensitive health information. The records are encrypted that can never be decrypted without authorization. This takes care of the patient’s concern about information privacy, equips him to do a controlled sharing whenever the need arises and also earn him some reward points.

Transparent and Time Stamped Reward System : Blockchain can help build a transparent customer centric reward program that provides details on rewards earned (what, when, why, how, who accessed) and also opens up much bigger avenues for doctors and researcher community to refer to patient health records and improvise medicine science and treatment.

Permissioned system: A blockchain enabled patient health record system gives patient full rights to provide and revoke access to his record access by doctors, researchers and others. No party on a blockchain network can access the health records of a patient without his permission.

Blockchain, presents a unique opportunity for pharma companies, healthcare industry, clinical research firms and their initiatives, to bring together all the stakeholders discretely. Social Loyalty reward program can enable and motivate end customers to voluntarily submit patient data and reports and empower organization in high-quality research and development programs.

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