We have lately seen many platforms that are built around the Bitcoin blockchain for various purposes other than bitcoin transactions. Factom is one such platform that uses Blockchain technology for record keeping services. As we all know, information once entered into the blockchain stays on it forever and it is virtually impossible to alter it (without bringing down the whole blockchain). Factom enables storage of huge amounts of data on a blockchain in real-time. Its distributed ledger technology allows creation of a data layer over the bitcoin blockchain where this data can be stored with a single hash by using cryptographic isolation.
Factom’s technology finds its application in a wide range of industries including healthcare. The company’s recent partnership with HealthNautica, a medical records and solutions provider stands to prove the boundless potential Factom has in changing the way medical records are stored and handled. By using Factom’s technology, HealthNautica can now ensure the integrity and security of all medical data it handles. The Factom ledger will help verify and time-stamp every medical record and claim the company handles for its clients.
HealthNautica has been providing customizable cloud-based software for its clients, who include healthcare companies, hospitals and doctors. Their services streamlines the communication between different user groups in the healthcare sector including hospitals, doctors and patients. With this partnership Factom will be able create a verified and time-stamped digital fingerprint of encoded patients’ private medical data. This way, they can ensure the confidentiality of actual patient data while addressing the claims.
By using blockchain, the veracity of data can be confirmed while processing billing and claims process disputes, resulting in efficient resolution. Using blockchain for medical record keeping is also a big step towards addressing various security challenges and inefficiencies plaguing the medical industry.