According to a blog post declared by the Bitfury Group, the leading Blockchain tech company, Bitfury, is collaborating with radiology blockchain marketplace Medical Diagnostic Web (MDW) to form a blockchain-based medical imaging ecosystem.
The Bitfury Group had come into existence in 2011 with primarily function to operate as a software manufacturer along with provider of security and infrastructure for the Bitcoin (BTC) blockchain. In the last year, the company had raised around $500 million in revenue. Medical Diagnostic Web is a radiology blockchain platform which assists radiologists in connecting with imaging facilities and sharing patient data and medical images.
As per the latest partnership, Bitfury, MDW and blockchain-powered life data marketplace Longenesis would develop a platform which will assist in upholding, sharing and securing medical imaging and diagnostics information that includes X-rays and CT scans. The newly developed platform would be created on Bitfury’s private blockchain scheme Exonum that would allow transactions to get validated through “anchoring” technology.
Further, Longenesis would make sure that only authorized parties to get access to use the medical data which are recorded on the blockchain and also guarantee that adequate compliances would be met as per the Health Insurance Portability and Accountability Act (HIPAA) and General Data Protection Regulation (GDPR).
Valery Vavilov, Bitfury’s CEO, conveyed a positive attitude towards employment of blockchain in the medical sector and stated that “Blockchain technology can strengthen patient data security by providing a tamper-proof record of patient history while simultaneously providing an avenue for doctors to more easily share information. The digitization of trust that blockchain offers, paired with the medical potential of AI algorithms, has the ability to revitalize medical systems all over the world.”
Garri Zmudze, CEO of Longenesis stated his comments on the collaboration that, “We at Longenesis welcome how the medical data management industry is adopting new approaches in data storage and analytics by leveraging both the ultimate trust offered by blockchain and AI-powered data insights, allowing users to extract more value from data sets. A complete life data storage ecosystem should be transparent, smart and equipped with advanced cryptography tools. Thus, this is the blend we are building.”
The platform has been fruitfully allowing radiology stakeholders to forge new business relationships. It benefits both the Radiologists and the radiology groups by providing instant reimbursement for services to the radiologists, while radiology groups can access as-needed resources to increase study volume, decrease exam turn-around-time and attract new clients.
As per the statement of Michael Averbach, MDW CEO and co-founder “A partnership with these industry innovators will enable MDW marketplace to provide the most advanced healthcare blockchain technology available today. Our new hybrid private/public blockchain will provide the best of both worlds — a transparent and flexible yet protected and secure environment for medical data. We believe that together our advanced technologies will pave the way for a new quality standard in healthcare blockchain. “
During early this month, Pistoia Alliance, a medical research and development union, had extended its blockchain project to include data sharing, data identity, and data integrity which utilizes blockchain to validate sources in recognizing data, to integrate data efficiently, and to enhance sharing of data within organizations.
In last month, Aetna, United States-based health insurance largest company collaborated with IBM to form a blockchain network to measure the performance of the healthcare industry. As per the prediction, such a partnership would serve more than 39 million clients across the world. The blockchain chain has been created with a motive to centralize insurance claims processing and payments and also able to handle directories.