- Blockchain technology in healthcare market expected to reach $42.1 million by 2024
- Dr. Mathew serves as clinical expert to DXC Technology clients in the transforming healthcare marketplace
- Telehealth market it booming worldwide with CAGR of 22.74%
Matt Bird – Host, Traders Network Show: 00:00
Welcome back. I’m Matt Bird your host. We are coming off another panel and I’ve got with me next the chief medical officer for DXC Technologies of North America, George Mathew. George, how are you doing? I’m doing pretty good. It’s been a long day. I caught a little bit of your panel. Tell me why this is important to DXC and what you’re doing here.
George Mathew – CMO, DXC Technology: 00:20
So our panel was talking about whether we need to have something stronger than HIPAA to protect people’s health data. And you know, I got put on the anti-side just because we need to have even numbers. It was a good debate. We had some good discussion from the consensus as to why we should have it. I think the audience went with us only because the fact that we had a lawyer on our side, that wasn’t me. He was my teammate. But I do think it kind of highlights the issue that data is out there. I’m an all of us and other people who are making money off of it and we need to figure out a better way to handle it. I know DXC we’re working on solutions for it. There are other companies like humanity.co and Citizen and other small startups that are trying to figure out how do we empower people to own their data and use it in a way that they can use it to help themselves. And I think this discussion is one of many you’re going to hear over the next couple of years.
Matt Bird – Host, Traders Network Show: 00:41
You know, so a layer above HIPAA, that’s pretty impressive. That’s a, it’s entertaining itself. I won’t get into specifics because I’m sure there’s a whole architecture behind it. Yep. That’s probably proprietary, but I am a little bit curious and interested in knowing where are you guys at with the blockchain integration phase? I mean, we got to get the front-end user enablement then you get back in the, the data stack. Yeah. So talk to me about where you’re at the middle of that.
George Mathew – CMO, DXC Technology: 01:27
So technology-wise we have like many companies that we have a blockchain company pluck soft that actually has built out a layer that allows for blockchain implementation. A lot of folks are using what they call distributed ledger, which means that you’ve got like IBM or another company that’s offering it, but instead of being decentralized, there are going to be like your vendor of choice and they’ll handle making sure it works properly. I think the real issue though is going to be, yeah, we got it to work, but do you want to use it? We’re kind of in that whole Gartner hype cycle where it starts off where people are really excited and jazzed about it. Then they try actually implementing it and then the excitement goes away and then they use kind of falls off. So we’re kind of at the falloff stage, but I think it’s starting to tilt back up where people were like, well, there are some cases this might be useful.
Matt Bird – Host, Traders Network Show: 02:09
You know, there’s a lot of hype around blockchain. You know, I cover the world economic forum and EU parliament, a lot of the blockchain and FinTech initiatives the, the U S trade department and so on. And I think there’s, you know, there’s some confusion between the digital currency, digital asset side and the blockchain side, which is the really unsexy side of things. It’s the things that operate behind the scenes that actually make everything happen. I heard an analogy look at blockchain like a database, like an Excel spreadsheet and all the use cases are the formulas that you create inside it. So what do you see as the next phase of implementation? If we’re looking at the front end as the end goal and we’re looking at now adoption being the enterprise, what is the next phase?
George Mathew – CMO, DXC Technology: 02:57
I mean really it’s the use case itself. The problem we’ve been having now is that it’s been a problem looking for, sorry, a solution looking for a problem. A lot of people have been like, we can do this with it, like provide a verification or claims processing or whatnot. They prove the case works and then you’ve gotten a responsive, okay, that’s nice. I’m kind of happy with the way things are. Don’t need to really change things. It ain’t broke. Don’t fix it. Right. But I think we’re starting to see a confluence of a lot of factors, like a data monetization, like people being more transparent about it. Some of the trends that healthcare where at least when it comes to and I think you mentioned the World Economic Forum. As you know, data was recognized as a financial asset about 2010 or so. So people are definitely trying to figure out how do we make all this work together, this idea of going to patients and saying, look, if we take your data and we figure out what the financial value of it is and we let you decide if we can use it or not, that can actually change in health and healthcare at first. But other industries later,
Matt Bird – Host, Traders Network Show: 03:38
Well it almost unlocks an entire new economy. Once people realize that there’s value in something that’s just passive, like putting your money to work, except you’re putting your data to work. Like a money market account or a savings account.
George Mathew – CMO, DXC Technology: 04:20
That’s right. And it collects interest over time. As long as you collect it together and you know what’s going on with, I mean in your bank. Yes, your bank is taking your money and loaning it to other people, but you always have an account of what your money is and what your do. That should happen with data too.
Matt Bird – Host, Traders Network Show: 04:38
You know George, I like to have you back. You know, we had a cut to commercial break. I loved hearing some of your insights and stuff. I’d like to have you back on the show sometime, maybe in a different setting, maybe heavy on Z, a contributor, but it’s terrific. Thanks for, thanks for your time. I appreciate that. Thank you very much. George. Mathew, the chief medical officer of DXC. I’m Matt Bird, your host. You’re watching the Traders Network Show for ABC, NBC, Fox, CBS and equities.com. Don’t go away. We’ll be right back after these messages.