Advances in medical-tech: Patientory and Blockchain
Blockchain technology has established itself as the rising standard for the secure and decentralized spread of data over the last few years. Through cryptography, a blockchain will act as a ledger that will catalog data and establish a record that is timestamped from one record to the next. Over a peer-to-peer network of decentralized nodes, or users, it becomes impossible to breach and manipulate this data. The reason being is at each nodal point, the same data that has been timestamped from node to node allows there to be no centralized point for a data breach – as the breach would have to comprise all of these nodal points, which has never been achieved.
While Finpass is utilizing this technology for empowering one’s financial mobility, various other sectors are utilizing the strength of blockchain technology to deliver cutting edge services that would not have been available before with old security infrastructure.
A prime example of this is the medical-technology company “Patientory”. Patientory came onto my radar during the last few days when researching companies utilizing blockchain, and I believe they are a vital example how blockchain powered companies will disrupt the medical market, along with other established industries, over the next few years.
Patientory streamlines medical data by “empowering patients, clinicians, and healthcare organizations to access, store and transfer information safely, thus improving care coordination while ensuring data security” Meaning, patients, doctors, and other healthcare providers can access medical documentation, provide documentation, and streamline all relevant healthcare records to one another over Patientory’s service. Essentially, allowing you to cut large costs and time spent by centralizing your information, but protecting that information over a decentralized network.
Personally, this solution seems brilliant, but it wouldn’t mean much if there was not a large market demand to innovate in healthcare service. Patientory explains that their solutions address issues in unnecessary expenses caused by lack of coordination: “2,597 hospitals face >$500M in penalties under the U.S. government’s readmissions reduction program in 2016. A large number of readmissions occur due to poor care coordination caused by siloed EHR systems and varying state regulations” Indeed, there seems to be a large issue plaquing U.S healthcare with coordination amongst old EHR systems that could be significantly aided by coordinating medical data. Furthermore, Patientory also states that in 2015 the U.S had over 112 million healthcare related breaches, costing U.S healthcare organizations approximately $6 billion in damages . Given these prevailing issues in the American healthcare market, Patientory aims to address the issues of organization in the medical market along with providing the market more security. Which sounds like a win-win for medical-technology.
This level of innovation in medical-tech draws many parallels with what Finpass does, allowing you to carry your Financial passport with you the same way you can carry your medical records with you. Instead of waiting for an underwriter to validate your data, Finpass does all the needed compliance allowing you to have all your financial data ready at a moment’s notice. Patientory is presenting relevant solutions to very serious issues in the medical world the same way Finpass is with finance. The ability to store vital medical records or important financial records through one service would have been too dangerous a few years ago, with the concern of a data breach, but in a new frontier of blockchain technology that is changing for the better.
We are reaching unprecedented levels of user empowerment, and blockchain is leading that frontier. It is now possible to manage more and more data and it is becoming organized through services that streamline it to your phone. Today we may be able to message our doctors quicker, or get approved for loans quicker, but this is only the beginning – as more established sectors get disputed, it only means that more and more users will gain quicker access to services along with reducing the cost of that delivery. Time will tell how far blockchain can push innovation in the market.
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