Senior medical records hold a vast quantity of sensitive data. As care providers strive to work together on patients’ behalf, that data is circulated and altered. There is minimal accountability when changes are made. The result is a chaotic web of transactions with incomplete and often inaccurate information. Additionally, the ever-changing tide of medical programs and coverage criteria impedes efficiency. Blockchain has the potential to improve the handling, accuracy, and accountability of senior records. Hope for the Future, Today Blockchain may improve the accuracy and efficiency of senior data transactions. It can masterfully create configurable records of transactions and other sensitive data, bundled together under a single patient profile and secured with cryptography. When applied to provider directories, the technology can also be used to streamline the verification of benefits, eligibility, and legal authorizations. Currently, senior care providers have difficulty verifying benefits and confirming medical eligibility. The information needed is stored in directories that are regularly amended, lack cohesion and are sometimes riddles with redundancies. In its flawed state, maintaining the current provider directories costs about $2.1 billion each year. When all the necessary data is updated and stored in a single location, caregivers are empowered to make better decisions, faster. Blockchain could revolutionize healthcare by creating an efficient system that is also secure, conforming to antitrust and privacy laws. That efficiency could lead to a lower cost of care. Obstacles to Overcome Blockchain technology is already in use at financial institutions and major corporations worldwide. In its current applications, blockchain successfully improves data-sharing between providers and payers. But before the technology is widely accepted, its advocates must overcome obstacles to blockchain adaption. Trust is a major hurdle. For many, blockchain still feels too new to be trusted. PricewaterhouseCoopers (PwC) surveyed 600 tech executives...

Editor’s note: By now, everyone has heard about the Internet of Things (IoT), which refers to the billions of devices around the world that are now connected to the internet, collecting and sharing data. Turning dumb objects – from refrigerators to cars to watches – into intelligent aggregators of data creates a new layer of machine learning, and digital communication. This merging of the digital and physical can be found in almost every industry, and is a significant growth area for real estate. Smart city projects are filling select urban areas with sensors, enabling them to understand and control the environment. Within a building, energy efficiencies can be made and predictive maintenance performed. Asset managers can now make better decisions based on real time data that doesn’t just create more awareness around the asset’s current position, but how it can generate more market value. So what’s behind the explosive growth of IOT? The following article by Yuen H. Lee of Augmentum, explores further. IoT is about connecting things that weren’t previously connected. Devices surrounding our everyday lives are omnipresent. Light bulbs, switches, wall clocks, door locks, appliances, etc. Going further, they may include devices we do not see but are omnipresent anyway: circuit breakers, HVACs, home gas shutoff valves, elevator controls, automobile parts, sensors, and smart phones. In a 2018 Bain & Company study, it is estimated that the combined markets of the Internet of Things (IoT) will grow to about USD 520 billion in 2021, more than double the USD 235 billion spent in 2017. A tripped smart circuit breaker can notify the homeowner what and where the problem lies. A group of tripped smart circuit breakers in a neighborhood can alert the utility supplier that a bigger problem may exist. An automobile...

In December, we named blockchain technology as one of the major trends for 2018. We were on to something. Even though blockchain technology is most often associated with cryptocurrencies, it has exceeded those applications. What is Blockchain? Blockchain is a digital ledger that records transactions in a series of blocks. It exists in multiple copies spread across multiple computers (nodes), impossible to tamper with thanks to the fact that each block of transactions (data) is linked back to previous blocks. Once you learn more about blockchain, it becomes clear that there are a vast number of uses available for the technology. Cryptocurrencies were only the beginning. Blockchain in the Real World The City of Austin is among the governments and private entities seeking ways to use blockchain technology to solve some of society’s biggest challenges. Currently, there are about 2,000 people struggling with housing insecurity in Austin. Several thousand more live in poverty. For people facing housing insecurity, identification documents are a serious challenge. Without safe storage, documents are easily stolen or lost. Securing housing, employment, and services becomes more difficult. The lack of documentation results in high costs, re-traumatization and diminished motivation. In July 2017, Austin received a $1.25 million three-year grant for research and development to improve existing homelessness services. With the funds, officials launched a pilot program that uses blockchain to help homeless persons protect their identities in the event that their IDs are lost or destroyed. Dubbed MyPass Initiative, the program is a partnership between the city of Austin, Austin-Travis County EMS and Dell Medical School at the University of Texas. The blockchain initiative will enable users to store information such as identification cards, social security numbers and medical history all in one virtual space. No matter where users show...

Imagine that it is the end of the month. It’s time to balance the books. Now, imagine that the entire process is gone from your schedule. Every transaction that your organization made that month was automatically balanced and recorded by an automated, accurate, secure and self-regulated system—completed within seconds. This is just the tip of the iceberg when it comes to the potential of blockchain in real estate. Today, most organizations maintain double-entry bookkeeping, a written record of invoices and payables. Those records are easily lost, manipulated, or remain unfulfilled. Blockchain does not possess such flaws. The Economist excellently describes blockchain construction and how the transactions occur anonymously, securely, and accurately. In gist, blockchain is a database that securely tracks bitcoin transactions. It relies on cryptographic technology to store completely paperless ledgers of transactions. Once a transaction occurs, it cannot be easily manipulated. The ledgers are self-enforcing and practically impregnable. Workflow efficiency effortlessly improves. Blockchain replaces third-party financial systems, such as banks, which tend to slow down transaction processing. The automated system decreases human error. The technology could replace double-entry bookkeeping. But that barely depicts the sophistication of the database. It has even greater potential and companies are exploring its vast applications. A recent Deloitte survey reveals just how many companies are investing in blockchain. The survey reflects the responses of 522 senior executives at companies with annual revenues exceeding $500 million. Of respondents, 12 percent were knowledgeable of blockchain and have projects in the works to capitalize on the technology.  Of that group, 28 percent have invested more than $5 million into their projects. About 10 percent invested $10 million or more. An additional 25 percent of respondents reported project plans for 2017. Each company has earmarked approximately $5 million for those endeavors....