Expanding the scope of blockchain application, Renji Hospital in China has announced the launch of MyBaby – blockchain-based in-vitro fertilization (IVF) application. The application has been launched in collaboration with the DNV and VeChain, and what makes this launch special is that it is the world’s first IVF project based on open ledger technology.
There is huge emotional stress involved in the IVF process. The use of the blockchain for streamlining information will come in handy in reducing the worries and concerns of the families involved in the cycle. Blockchain technology will help provide clear updates to parents on the development of their babies while helping the hospital with accurate data management of the couples. This will become instrumental in uplifting the general public’s confidence in the IVF, which, in turn, help the sector to grow at an enviable pace in the future.
According to the Research and Markets, the IVF segment in China is expected to grow exponentially in the coming years. The segment is expected to become more than $2.8 billion in market size by 2025, thereby representing a tremendous opportunity for the organizations to explore, collaborate, and compete in this fledgling sector of the healthcare industry.
The development will also boost the prospects of blockchain technology in healthcare as the DNV will complement the advanced blockchain solution of VeChain to produce a world-class blockchain solution. This association will further strengthen the credentials of Renji Hospital as one of the best IVF centers in Asia, which provide Quality Services to hundreds of thousands of patients every year. An estimate states that around 400,000 outpatients are treated in the hospital in a year, which is a commendable feat by any standard of the comparison.
The event was marked by a launch ceremony on 2nd June 2021, jointly hosted by the Shanghai Quality Control Centre for Assisted Reproductive Technology and the Center for Reproductive Medicine of Renji Hospital. Overall this development demonstrates the value addition that blockchain technology can bring to the table and help the sector by winning over customers using superior technology.