Blockchain technology is being applied in many aspects of the healthcare sector. Yesterday, smarttest.wpmudev.host reported that Lumedic, a blockchain startup in Seattle, has been acquired by a non-profit organization called Providence St. Joseph Health. Using Lumedic’s blockchain products, the organization plans to boost speed and transparency in the billing and claims process in the traditional healthcare system. This move is one among many that aim at integrating the emerging blockchain technology in the healthcare sector. The most recent of such moves was made by a blockchain based company, Bitfury.
Bitfury Partners With Medical Diagnostic Web (MDW)
In a blog post on the 11th of February, the blockchain startup, Bitfury, announced that it is entering into a partnership with the radiology blockchain marketplace Medical Diagnostic Web. The goal of this partnership is to develop an imaging system based on blockchain technology. Both parties will work in collaboration with Longenesis, the life data marketplace to build a platform that will be used to maintain, share and secure medical diagnostics and imaging like CT scans and x-rays. The technology will be built on Exonum, a private blockchain that belongs to Bitfury. This will be used for the validation of transactions using a technology known as anchoring.
The role of Longenesis will be to ensure that only parties that have been authorized will have access to the data that is saved on the blockchain. This is in compliance with regulatory policies. The CEO of Bitfury, Valery Vavilov was happy about rate at which blockchain technology is being integrated into the healthcare sector. In Vavilov’s words:
“This emerging technology can be used to strengthen patient data security because it is tamper-proof. While keeping patient history safe, it also offers doctors a platform where they can access and share information easily. Blockchain technology offers digitization of trust that can reinvent the medical industry on a global scale when it is paired with other emerging technologies like artificial intelligence.”
Bitfury Isn’t The Only Company That Is Interested In The Medical Application Of Blockchain
A medical research and development body, Pistoia Alliance, recently announced that it is expanding its program to include other applications of blockchain technology in data identity, data sharing, and other aspects of data management. Before the firm announced that it would be expanding its program, it was focused primarily on educating the medical industry about blockchain technology.
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Still recently, IBM entered into a partnership with a healthcare insurance company, Aetna to develop a blockchain system that would be used to serve more than 39 million clients by streamlining the insurance claims process. It would also be used to manage directories as well as make the payment system more efficient.
Bitfury was established in the year 2011. It is a software manufacturing company that provides infrastructure and security for the Bitcoin blockchain. In 2018 alone, the company recorded $500 million in revenue. The company Bitfury is partnering with, MDW, is a radiology platform that allows radiologists to easily contact imaging facilities when they need to share patient data.
Why do you think many companies are trying to use blockchain technology to solve problems in the healthcare sector? Share your comments below.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
