Bitfury, a blockchain startup based in the United States has partnered up with Longenesis, a hub for the purchase and sales of health data. The business deal made between the two is to create a medical content solution sustained by blockchain technology.
The solution will help in the swift advance of studies on healthcare. It will also assist doctors and patients in restructuring data that will be highly useful to the advance of medical studies.
Effects of the Medical Consent Solution
When the solution has been created, it will give patients control over the medical consent process. The procedure will be devoid of pain, swift, affordable and will be available all over the world so that patients globally can have full security and education.
The sustenance of the solution on the blockchain will allow the ease of tracking and management of user consent for individual studies and medical trials. In addition, it will also make it easy for its users to make modifications to their consent or remove their consent totally for the research at any period in time.
Any modifications or removals of the contents of users will be logged on the blockchain. This is where Bitfury’s part comes in. Exonum, Bitfury’s open-source blockchain will be the platform on which the modifications and removals will be recorded. The logs will also contain timestamps for auditing.
The medical consent solution will make sure that firms that deal in studies and research get proof of consent that is immutable from either the sellers or contributors of data. The medical consent solution complies with the General Data Protection Regulation (GDPR) and Health Insurance Portability and Accountability Act (HIPAA) regulations.
Partners in the health industry are testing the medical content solution. It is being aimed to be used within several sectors of the industry which include pharmaceutical companies, hospitals and clinics, contract research organizations, genome sequencing companies, and insurance companies.
Both health agencies and companies that are based on research and studies are finding it increasingly difficult to manage medical consent, hence the creation of the solution. Patients cannot easily consent to or withdraw their consent for medical studies and when they intend to, takes a long and opaque period of time.
Other Partnerships by BitFury
Last month, Bitfury partnered with a payments processor, HadePay to facilitate lightning network-based bitcoin payments to users in the US, Canada, and the EU. The partnership allows merchants to change their bitcoins into a different currency with lightning speed. Bitfury stated that the lightning bitcoin payment processing was now accessible for use in all states in the US.
The Lightning Network tech received support from recognizable names all over the world. They include Twitter’s CEO, Jack Dorsey, financial services giant Fidelity Investments and LinkedIn co-founder, Reid Hoffman.