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Industry IoT Consortium Announces Blockchain-based VAT for Healthcare Networks

Today, The Industry IoT Consortium (IIC™) has announced the Valuable-Asset Tracking (VAT) for Healthcare Networks. The test drive combines tamper-proof hardware and blockchain software to create a trusted and transparent asset tracking solution for valuable assets within a medical facility or among entities of a healthcare network. Initiated by IoTeX, an IIC member since 2018, the VAT Test Drive aims to facilitate collaboration among supply chain stakeholders, improve supply-chain efficiency and user experience, and achieve substantial cost savings.

The Industry IoT Consortium Exploring Emerging Technologies such AI Machine Learning, AR, and Blockchain

The Industry IoT Consortium delivers transformative business value to industry, organizations, and society by accelerating the adoption of a trustworthy internet of things (IoT). The Industry IoT Consortium is a program of the Object Management Group (OMG).

The announcement on VAT for Healthcare Networks follows the recent partnership deal signed between Object Management Group® (OMG®) and the Augmented Reality for Enterprise Alliance (AREA). As part of the deal, under the OMG umbrella, the AREA will continue to drive widespread adoption of interoperable AR-enabled enterprise systems.

Quick Overview on VAT for Healthcare Networks

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A lack of transparency, integrity, and availability of supply chain data has restricted operational efficiency and prevented collaboration among stakeholders,” said Howard Kradjel, Vice President, Industry Programs, IIC. “The Valuable-Asset Tracking for Healthcare Networks test drive addresses these industry-wide challenges. It creates a trusted system to track assets in a facility and provide visibility to the flow of medical goods and services from manufacturer to consumer in the supply chain.”

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“The test drive combines tamper-proof hardware and software and creates trust among stakeholders in supply chain applications,” said Xinxin Fan, Founding Member and Head of Cryptography, IoTeX, and Co-Chair of the IIC Distributed Ledger Task Group.

Xinxin added, “The test drive shows how healthcare organizations can improve supply chain efficiency and user experience, and save a substantial amount of money.”

IIC test drives are short-term, rapid-engagement pilots for technology users to employ and adopt IIoT technologies. The IIC Test Drive program fosters collaboration with partners to address leading-edge IIoT use cases in 3-6-month projects based upon technology end users’ real problems.

The learnings from the solution, which ensures end-to-end trust and transparency across multi-tiered healthcare supply chains, can be applied to other business fields.

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