Hashed Health, a startup organization based in Nashville, has received $1.8 million to promote and develop blockchain-based healthcare technology. The sources are Martin Ventures and Fenbushi Capital.

Formed in 2016, Hashed Health describes itself as a blockchain healthcare consortium. COO Corey Todaro mentions that it includes “a broad range of types of organizations”. These organizations will coalesce into working groups. A Development Studio will accept ideas from the working groups and bring them from the proof-of-concept level to commercial products.

Hashed Health has joined the Hyperledger Healthcare Working Group. Its principal aim within the group is to work on blockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature. libraries and protocols. Other organizations in the group include Accenture, Gem, Kaiser Permanente, and IBM. The working group’s aim is to evaluate use cases for blockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature. technology in healthcare. It is turning over a set of 70 proposals to the Department of Health and Human Services.

Hashed Health is working on Facilitating transactions

Hashed Health’s gateway projects include a demonstration of the ability to “improve data liquidity” in provider credentials. Confirming provider credentials and enrolling them in payment networks is a tedious process today. Payers often have inaccurate information; according to Hashed Health, the information in their directories is often as much as 20% wrong. Establishing credentials generally takes over 120 days. Patients endure the delays and costs. The complexity of the system is a major cause of high insurance premiums and out-of-pocket charges.

Hashed’s alternative is a “decentralized transaction layer” that holds provider information, including updates and corrections. “Digital data assets” are encrypted data items created by contributors to the blockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature.. Only registered users can contribute, following the permissioned blockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature. model. Transactions consist of transferring assets from one user to another, and all transactions are recorded on the blockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature.. Client applications uses a REST APIAPI is an acronym for application program interface. It is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact and APIs are used when programming graphical user interface (GUI) components. in peer-to-peerAn individual that shares responsibility for maintaining the integrity of the ledger. mode.

Auditability is a central goal. Lightweight clients will be able to audit the transaction records, with complete verification rather than just random samples. They can work directly with the blockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature., eliminating the need for a secure server. Providers are required to retain complex documentation for years. Doing this is costly under traditional methods. BlockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature. records keep all the information together, protecting it from loss or alteration. Anyone authorized to access them can identify omissions without much trouble.

BlockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature. Regulatory and cultural issues

Todaro recognizes that regulation is as big an issue as technology. HIPAA requirements for protection of personal information are strict, and fines for breaches can be huge. Sharing methods that could work in other industries aren’t always feasible in healthcare.

Beyond that, he says that “the biggest hurdle to the implementation of blockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature. is the industry culture in healthcare.” Existing business models are based on holding on to data. The idea of sharing data in new ways is “threatening to a lot of enterprises.” Todaro recognizes that requiring organizations to change their workflows will run into heavy resistance; the new technology has to fit the workflow. The consortium’s goal is to develop new forms of organization and build new kinds of competence. It aims for a regulatory environment that will let blockchainA private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature. approaches flourish.

The working group structure stresses collaboration rather than isolated development. Working together, they’ll be able to develop multiple proofs of concept in parallel, and the Development Studio will pick up the best of the ideas. Projects will stress open-source development.

The ideas which Hashed Health is promoting sound excellent. Businesses will have to work together to develop standards, make secure sharing part of the culture, and obtain a favorable regulatory environment . How much does the consortium have going for it? Does it include any influential members? These are the questions Hashed Health will have to answer in order to prove itself.

Are you ready to take the next step in the blockchain revolution? We’d love to talk with you. Contact us with any questions you have.

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