NetworkNewsWire
Editorial Coverage: The parabolic rise in bitcoin and other
cryptocurrencies has spawned a frenetic mania seldom seen in the
markets. While debate of bitcoin’s legitimacy as a long-standing
form of currency continues, general consensus asserts that the
underlying blockchain technology has applications that extend far
beyond its connections to cryptocurrency. As such, innovative
companies around the globe are beginning to employ blockchain
technology to streamline business and secure transactions.
Telemedicine pioneer Medical Innovation Holdings, Inc.
(MIHI) (MIHI
Profile) is establishing a new paradigm in
secure and efficient handling of patient medical and financial
data. The company’s new MIHI Blockchain Platform is designed to
vastly improve the safe and effective movement of patient data and
result in much lower transaction costs. A first-mover in coupling
blockchain and telemedicine, MIHI joins other companies in the
broad business quest to streamline and secure transactions with
blockchain. Financial services leader MetLife, Inc.
(MET) has announced it will join banking consortium R3CEV,
a distributed ledger platform designed specifically for financial
services. Others embracing blockchain NXT- ID, Inc.
(NXTD), Marathon Patent Group, Inc.
(MARA) and Riot Blockchain, Inc.
(RIOT).
The broad spectrum of businesses actively engaging blockchain
suggests that the real value and ultimate rewards may be found in
companies that successfully integrate and exploit the
technology.
Blockchain Basics
Blockchain is essentially a network of computers that all have
the same history of transactions, encoded with a unique set of
numbers and letters and validated by every computer involved in the
transaction. This encrypted electronic ledger logs transaction
records on linked blocks and stores them on the distributed
network, eliminating the cost and limitations of traditional
third-party institutions such as banks and clearing houses.
The system has no central administrator and provides
unprecedented security benefits because records are spread across a
network of synchronized replicated databases. Users can only update
the block they have access to, and those updates get replicated
across the entire network. Each block typically contains a link to
a previous block, plus a date/time stamp and transaction data. Once
recorded, the data in any given block cannot be altered
retroactively without the alteration of all subsequent blocks and a
collaboration throughout the network.
The transformative impact of blockchain technology is about to
revolutionize the way business gets done.
Healthcare delivery and management may be biggest
beneficiary of blockchain
While costs spiral, the health care industry remains awash in
disparate data. There’s a confusing cacophony of overlapping
information including electronic medical records, complex billing,
clinical trials, medical research and data security. Blockchain
could extensively streamline electronical medical record keeping
and access thus saving time, money and duplication, as well as has
the potential to keep health data private and secure and still
utilize connected medical devices.
Blockchains may also facilitate new drug development, reduce
Medicare fraud, and provide needed access to speed medical
innovation. By effectively securing data and reducing admin and
operating expenses the never-ending escalation of health care costs
may finally stop.
The marriage of blockchain and telemedicine
A pioneer in telemedicine with its disruptive business model,
Medical
Innovation Holdings, Inc. (MIHI) now aims to further
transform telemedicine by implementing blockchain technology to
positon patients at the nucleus of health care infrastructure,
simultaneously reducing costs while enhancing the security,
privacy, and exchange of information.
Unlike traditional telemedicine companies that charge a monthly
online subscription fee to access doctors on demand forcing a
symptom-based medical approach, MIHI doesn’t charge a subscription
fee and works with anyone that has nearly any type insurance.
Through its subsidiaries, MIHI partners with primary care
physicians providing all the tools necessary to diagnostically
determine the best medical course of action. MIHI provides the
primary physician a full tele-cart workstation with comprehensive
peripherals. When the patient electronically interfaces with a
specialist in the local doctor’s office, the specialist has
immediate access to multiple diagnostic tests and patient records
to determine the appropriate course of action based on test
results.
MIHI’s recent initiative to launch a new Health Care Sharing
Organization (HCSO) targeting 58 million Hispanics dovetails not
only with its current business model, but also creates blockchain
opportunities (http://nnw.fm/UbZ9p).
HCSOs provide meaningful financial protection with the ability
to share costs with like-minded members, thereby reducing overall
monthly expense of coverage. Historically, HCSOs (medical sharing
organizations) have been religious-based, and MIHI will be the
first known company to offer such a service specifically for the
Hispanic community.
This new HSO provides an alternate form of coverage to a rapidly
growing demographic, complementing MIHI’s Telemedicos
subsidiary.
“The alternative to skyrocketing insurance coverage costs is to
develop our own product sets we can take to market and offer an
alternative to price and approach. The HCSO allows us to do that
and at the same time serve a large and expanding marketplace. We
believe we would be the first to offer such a unique and needed
service in the Hispanic community. It fits nicely with Telemedicos
(a MIHI subsidiary) and now we can blend the two offerings into a
single and simple payment offering coverage via brick and mortar
and virtual visits,” MIHI CEO Arturo "Jake" Sanchez stated in a
press release.
First to market with a new cost saving health care vertical that
targets an underserved 58 million people should garner a
significant share of subscribers.
With a keen eye for opportunities within niche markets of health
care, MIHI’s management team recognizes that traditional means of
protecting patient medical and financial data is failing, as
“digital assassins” grow increasingly brazen, determined and
skilled at taking sensitive data. This increasing trend is
catastrophic for patients and care providers, though it provides a
doorway of innovation for companies like MIHI, which sees
blockchain as part of the answer to solve these critical
weaknesses.
To take advantage of and manage this enormous new-found market,
MIHI has committed to development of the MIHI Blockchain Platform.
In a press release issued earlier this week, MIHI said it fully
expects other faith-based medical sharing organizations to
incorporate the MIHI Blockchain Platform wherever security and
cost-effective data exchange and management are needed.
The company intends to release an initial version to support its
own operations, and will then migrate the application to allow
other medical sharing organizations to utilize the platform under a
transaction fee arrangement.
“We are at a beginning of a technological trend that will
revolutionize how we use and share medical and financial
information…Committing the company to blockchain development will
insure that the medical data we move across the healthcare
ecosystem can be trusted, secure and immutable and that our
automated workflows will be a tremendous differentiator in a
crowded market,” Sanchez stated in the press release
(http://nnw.fm/K44Tz).
As one of the pioneers to integrate blockchain technology into a
vast newly created health care vertical, MIHI is taking advantage
of blockchain’s emergence as a vital component of modern business,
differentiating itself in the health care ecosystem.
Others on the blockchain bandwagon
One of the world’s leading financial services companies,
MetLife (MET) recently announced it will join
banking consortium R3CEV, a distributed database technology company
that leads a consortium of more than 70 of the world's largest
financial institutions in research and development of blockchain
database usage in the financial system.
NXT- ID (NXTD), which provides a comprehensive
platform of technology products and services that enable the
Internet of Things, announced that its wholly owned Fit Pay, Inc.
subsidiary, in collaboration with Cascade Financial Technology
Corp., intends to jointly develop a platform that gives
cryptocurrency holders the ability to use the value of their
currency to make purchases at millions of retail locations
worldwide.
Marathon Patent Group (MARA), an IP licensing
and commercialization company that acquires and manages IP rights
from a variety of sources, has entered into a definitive purchase
agreement to acquire 100% ownership of Global Bit Ventures Inc., a
digital asset technology company that mines cryptocurrencies.
Riot Blockchain (RIOT) nearly doubled in value
when it changed its name and business focus to reflect its new
focus on buying cryptocurrency and blockchain businesses and
targeting investments in the sector.
Blockchain technology is rapidly gaining acceptance and
widespread adoption across broad business sectors and appears to be
transformative whether cryptocurrencies survive or not. Long-term
opportunity may well reside not in the currencies but rather in the
companies that successfully integrate and exploit the underlying
technology.
For more information on Medical Innovation Holdings, visit
Medical
Innovation Holdings, Inc. (MIHI)
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