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In 2019, Chinese Doctors managed to insert a stimulation device in the brain of a patient with Parkinson’s while the patient was 1900 miles away (Frost, 2019). The procedure was conducted using robotics, but it was truly made possible by 5G. 5G decreased the latency to near instantaneous, with only 2 milliseconds between devices, making it possible for the surgeons to have the procedure as if they were in the very same room. This blog post will delve into the potential benefits of remote surgeries, as well as the limitations that must be overcome.

The primary benefits of the technological application, over the standard in-person procedure, are cost benefits, timely access, and quality of medical training. As Frost (2019) explicates, the ability for a surgeon to conduct remote surgeries means that their utility increases. Whereas beforehand they were constrained by their location, specialists can now perform surgeries from one location, with their patients being at completely other locations. Instead of having to pick and choose which patient to perform surgery on, the surgeon can now cure more patients because they do not have to waste time on travelling. By increasing surgeon’s utility, costs decrease and more importantly, more lives can be saved. 

Expanding on this, imagine a scenario where a patient is rushed into the hospital with severe brain hemorrhaging. However, he cannot be treated because the specialist is miles away. Using 5G, a remote surgeon could save the patient’s life by operating very quickly. Timely access is key in successful surgeries (Marrick, 2017), and 5G remote surgeries enable this. 

Lastly, a primary benefit of remote surgeries is improved medical training (Cahill, 2017). Specialists can demonstrate their techniques live to a class remotely, and answer questions along the way. This is more insightful than a lecture, and more interactive than a video demonstration. Hence, quality of education can be improved. 

Although remote surgeries certainly have a promising future in the Healthcare industry, there currently exist limitations preventing normalization. First, there are still risks of high latency, which have a detrimental impact on surgical performance (Cahill, 2017). Hence, a more stable 5G network needs to be established before 5G remote surgeries can truly take off. Secondly, costs of remote surgical equipment are significantly larger compared to the standard surgery procedures. Nevertheless, the expectation is that costs will drop rapidly following innovations (Cahill, 2017). In addition, it is worth noting that the additional costs could well be worth it if they end up saving additional lives. Ultimately, it is unlikely that surgeons will ever have a stay at home job, as the medical equipment necessitated for remote 5G surgeries is far too complex. However, it seems like only a matter of time until remote surgeries will become prevalent in healthcare, to the great benefit of patients, and medical students. 

References

Cahill, D. J. (2017). Telesurgery: Surgery in the Digital Age. DARTMOUTH UNDERGRADUATE JOURNAL OF SCIENCE, 19(3). https://digitalcommons.dartmouth.edu/cgi/viewcontent.cgi?article=1002&context=dujs

Frost, C. (2019, August 16). 5G is being used to perform remote surgery from thousands of miles away, and it could transform the healthcare industry. Business Insider. https://www.businessinsider.nl/5g-surgery-could-transform-healthcare-industry-2019-8?international=true&r=US

Marrick. (2017, May 2). 4 Reasons why Timely Medical Treatment is Important after an Accident. Marrick Medical. https://www.marrick.com/timely-medical-treatment/

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Blockchain is a somewhat abstract technology that many are indirectly familiar with. Over the past years, cryptocurrencies such as Bitcoin and Ethereum (Plus500, 2021), have exploded to mainstream trading popularity, and the technology behind it is Blockchain. Before diving into the technology’s potential as a disruptor in the banking sector, a brief explanation is warranted. Simplified, Blockchain is a network of devices habitually conferring at intervals to agree on the truthfulness of the information they hold (Church, 2017).

Imagine two parties trying to buy and sell a house respectively. They agree to a deal and record their transaction on the Blockchain via a device. This information is communicated to all devices, known as nodes, in the network. Ensuing, a new ‘block’ is added to the chain, and the transaction is successfully recorded in the decentralized system. One may attempt to hack the blockchain and alter the transaction, but this is nearly impossible as incorrect nodes are discarded from the decentralized network at every interval, making the technology nearly unhackable (Xu, 2016). 

Blockchain has the potential to drastically alter the traditional banking system in numerous ways, including payments, securities, trading, and data security. First and perhaps foremost,  Blockchain eradicates the need for a middleman in payments. Currently, payments go through banks because they hold the party’s money and can verify details. Cryptocurrencies like bitcoin can be thought of as digitized cash, which can be transferred directly between parties. This process is massively better than the traditional model as it is cheaper, because banks take a big cut, and it is faster, taking only about 10 minutes as opposed to the days it can take for a bank to process the transaction (CB insights, 2021).

Similarly, and as alluded to in the example, Blockchain enables the secure digitalized recording of assets, cutting out third parties looking for commissions and also improving security. Imagine a Chilean farmer who manages to record his land on a recognized worldwide blockchain. Even if his corrupt government decides to reward a politician by altering the paper contract stating that the land belongs to the farmer, the farmer can prove that it is not. Although this might not solve his problems immediately, he can eternally show that the land belongs to him because the records are immutable (Lin & Liao, 2017). 

Lastly, Blockchain can cut out brokers such as deGiro and Trading212. A public Blockchain enables everyday investors to directly trade equities with each other, thus foregoing potential waiting times and commissions (CB insights, 2021). Additionally, the security of the technology means that these investors can actually hold their favorite equities themselves, rather than having their brokers hold them in their name. 

In conclusion, the operationalization of Blockchain has the potential to drastically alter the banking industry in the upcoming period, by increasing security, cutting down commissions and giving transparency to the people. Despite this, Blockchain has problems it will need to overcome before being able to truly disrupt, including scalability, energy consumption, and efficiency challenges (Iredale, 2020). 

Sources:

CB Insights. (2021, July 1). How Blockchain Could Disrupt Banking. CB Insights Research. https://www.cbinsights.com/research/blockchain-disrupting-banking/#payments

Church, Z. (2017, May 25). Blockchain, explained. MIT Sloan. https://mitsloan.mit.edu/ideas-made-to-matter/blockchain-explained

Iredale, G. (2020, April 17). Top Disadvantages of Blockchain Technology. 101 Blockchains. https://101blockchains.com/disadvantages-of-blockchain/

Plus500. (2021). What Are the Most Traded Cryptocurrencies? | Plus500. Plus 500. https://www.plus500.com/en-NL/Trading/CryptoCurrencies/What-are-the-Most-Traded-Cryptocurrencies%7E2

Xu, J. J. (2016). Are blockchains immune to all malicious attacks? Financial Innovation, 2(1). https://doi.org/10.1186/s40854-016-0046-5

Lin, I.-C & Liao, T.-C. (2017). A survey of blockchain security issues and challenges. International Journal of Network Security. 19. 653-659. 10.6633/IJNS.201709.19(5).01.