Factom’s Latest Partnership Takes on US Healthcare

Published at: April 23, 2015

Blockchain-based record keeping service Factom has today announced its latest partnership with major US medical services provider HealthNautica.

The deal, revealed exclusively to Cointelegraph, will see HealthNautica documents, which range from medical bills and client-physician communications to claims and disputes, imprinted on the blockchain, helping add security and guarantee authenticity of sequence of events.

“We are excited to insert Factom’s technology into the healthcare industry, as one of our goals while developing this software was to offer a way to ensure the integrity of medical records, while still maintaining patient privacy,” Factom’s president Peter Kirby said in an exclusive press release issued today.

HealthNautica is in a notable position to take advantage of Factom’s solution, as the company already features cloud-based software as its core method of improving dialogue between the US’ many private health establishments and their patients.

Kirby added:

“HealthNautica is a pioneer in digital health records, and we are thrilled to pave the way in the next generation of tamper-proof record keeping and audit trails with them.”

The partnership represents one of the first to occur within the medical sector. Given the patchwork nature of the healthcare industry in the US, and the scope for potential mismanagement of sensitive data, the blockchain provides a valuable alternative which as a repository is both distributed and accessible.

HealthNautica president Shailesh Bhobe called Factom’s technology the “perfect fit” for enhancing the security of the records and other personal data the company handles on a daily basis.

“The next step is educating insurance companies in using the blockchain for their record keeping, so that all parties involved are able to easily verify the accuracy of the claims and further increase efficiency in medical billing processes, while still protecting client confidentiality,” board member Andrew Yashchuk added.

Factom itself is fresh off the back of a string of recent high profile partnerships, seeing its technology implemented across the cryptocurrency industry. Decentralized social network Synereo became the latest announcement this month, while Coinapult and Tether came on board in March.

Speaking as part of the Dutch Bitcoin Wednesday monthly conference series, Kirby was understandably upbeat about the potential of the Factom project. “We can do the same level of transparency for every kind of financial record,” he said, “…If you did this for Enron, you’d know what was going on.” 

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