The healthcare industry has been seeing a lot of makeovers and overhauls due to blockchain technology.
Today, the majority of patients’ medical records are either held in paper format or within one central server of one healthcare company. This presents a problem for patients with numerous preexisting conditions that need to transfer over to a different healthcare provider, because documentation could get lost or disrupted within their central server. If patients are visiting another state or city and have to receive medical care, that medical facility has no record of the patient. They may not be aware of their established conditions or previous prescriptions which could lead to severe allergic reactions. All of these obstacles within the healthcare system have led startups using the blockchain technology to look for streamline communication and the establishment of better platforms.
Australia’s Sydney–based startup, Brontech, is utilizing the blockchain to create that very platform that establishes trust and security within the healthcare system. Brontech describes decentralization:
“In the previous two decades the Internet has reshaped our lives like nothing else before, however today most of our online interactions require some kind of impartial third party mediator. Lately, these mediators tend to build business models that are gravitating around using and/or misusing the data collected during the process of mediation. Moreover, the activities that are needed to establish the trust among the stakeholder of a certain process are placing huge overhead in terms of time and money. The blockchain offers a way to resolve these issues that surround the traditional transaction systems by making trust obsolete and in the same time making these interactions safer, cheaper and faster.”
Co-founder of Brontech, Emma Poposka explained how they are trying to achieve this with their platform and identity module Cyph MD:
“We are trying to build a digital identity that’s like bulletproof, and that can be used by everybody, even by people who don’t necessarily have legal identities in their countries.”
Cyph MD, which was built on the Ethereum blockchain as a Dapp, leverages asymmetric cryptography, the use of private and public keys to encrypt and decrypt data. The asymmetric cryptography is paired with a hierarchical certificate system so that every healthcare provider can issue ‘identity tokens’ to its practitioners who have been digitally signed by the hospital. This data-sharing module is imperative for the healthcare sector to enable accurate, reliable and privacy-preserved data sharing throughout the healthcare network.
Cyph MD aims to save doctors time, initiate identity management, enable the connection of data silos, create better health outcomes by eliminating clinical errors, integrate interoperability, automate communication workflow, and ensure bulletproof data security.
During the next twelve months the Cyph MD team will work on expanding their team, with plans of launching their platform in October. To read more about Brontech and Cyph MD, head to their website.