As blockchain technology still faces many challenges—from speed to cost to interoperability and perception-building—the enthusiasm surrounding this emerging technology has died down a bit. In fact, many practitioners believe that this is a good thing. The chicken feathers in the currency circle finally dissipated, and real blockchain research is expected to attract attention. For example, some researchers have found that blockchain is expected to be applied to the field of charity to ensure that charity can truly connect social interests and urgent needs.
GIOSTART Labs is one such company applying blockchain technology to philanthropy. The company focuses on stem cell technology, and it recently joined forces with the American Professional Players Association (APBPA) to launch a non-profit stem cell national initiative. The goal of the plan is to provide stem cell treatment solutions to athletes, families and sports fans, and GIOSTAR will use blockchain to monitor the entire treatment process in an unprecedented way.
This work is the brainchild of Dr. Anand Srivastave, Chairman and Co-Founder of GIOSTAR. He and his colleagues realized that the injuries suffered by many baseball players in training and games could no longer be resolved simply by surgery, and there was enormous financial pressure. So they decided to create a pilot program that would offer APBPA members free or heavily discounted stem cell treatment options in the Chicago area.
During the treatment process, blockchain technology will be responsible for improving the efficiency of execution. Siddarth Bhavsar, co-founder of GIOSTAR, explained, “A joint permissioned blockchain based on HIPAA compliant nodes will allow us to build a full trust system through data integrity assurance and a permissioned collaboration model from scratch. Personalized precision medicine introduces a higher data complexity factor, so we use layers of AI and NLP algorithms to build larger structures to extract insights from the data and improve the level of accuracy.”
Up to now, with the successful fundraising activities and donations, six pitchers have received adjuvant treatment other than surgery. The athletes came from teams including the Houston Astros, Oakland Athletics, Milwaukee Brewers and Detroit Tigers.
GIOSTAR said that since it has reached an agreement with the players’ association, they have begun to roll out dozens of treatment subsidy programs. The lab will work to release more cutting-edge applications of stem cells via blockchain in the next 12 months, helping athletes reduce treatment costs, disrupt industry pricing models, and expand treatment to a wider space.
GIOSTAR said it also plans to work with the Food and Drug Administration (FDA) through the Regenerative Medicine Advanced Therapy (RMAT) program to ensure appropriate safety protocols and efficacy assurance mechanisms are in place. In addition, they also intend to commercialize stem cell therapy as a service, eventually releasing a full suite of scalable stem cell-derived growth factor therapy programs.
It is reported that regenerative medicine has been designated as the next development direction of medical treatment by the U.S. Department of Health and Human Services, but many people are confused and controversial about the role and even feasibility of this emerging field of therapy. Many professionals said that things are not as simple as the statement expressed. Consumer Reports, which has published an extensively researched report on this area, noted that “a lot of this opposition” stems from the service’s high treatment costs.
But none of this can stop Bhavsar’s determination. He firmly believes that he can come up with a subversive cost model. He explained, “Just as the open source software model has driven rapid innovation in technology, we believe that open source clinical research models powered by blockchain and AI technologies will enable significant optimizations in efficiency, accuracy, and cost to accelerate healthcare. pace of innovation in the field.”
Currently, GIOSTAR has launched similar programs in India, China and Mexico. Dr. Srivastave has established a close cooperative relationship with the Ministry of Human Resource Development of India, and the two parties will jointly cultivate more experts in the field of advanced stem cell science for India. Bhavsar concluded, “Every day, we are taking a firm step towards our mission to achieve this amazing scientific quest. With the development of technology and the dedication of our researchers, we will finally get Affordable treatment options.”