Bitcoin company Factom recently incorporated blockchain technology into an Indiana-based medical data management company HealthNautica.
The amalgamation between the two companies took place in the wake of HealthNautica’s requirements to secure medical records and audit trails from tampering. Factom, which offers an exact unalterable record-keeping system, seemed like a perfect company to partner with as it utilizes an immutable technology such as blockchain. With blockchain, the records are stored in an unalterable ledger that, at the same time, is very efficient in terms of data extraction as well.
The same is said by the President of Factom, Mr. Peter Kirby, who believes that their company can bring impeccable integrity and privacy solutions for their new partner. “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,” he said. “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.”
Factom’s technology utilizes the good-old cryptographic methods to secure private medical records from third-party access. It simply encodes the medical data, and creates a digital fingerprint for future verification. However, the added advantage of using the Bitcoin technology in this entire process is wholesomeness. This public ledger system protects private files from getting misplaced between different agencies
“The next step,” added HealthNautica’s board member Andrew Yashchuk,“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.”