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Blockchain healthcare startup Patientory raises $7.2M in three days
Healthcare cybersecurity startup Patientory has raised $7.2 million in a successful crowdsale drive, which helped it achieve its funding goal in only three days.
The token sale ended on 03 June 2017 and saw the participation of 1728 investors. The startup said that the funds will be used to officially launch the Patientory platform.
“Healthcare plays a major role in everybody’s life, so investors easily recognized the value and impact that Patientory will have,” said Patientory founder and CEO Chrissa McFarlane. “It’s a real game changer for healthcare organizations, doctors, and patients.”
Patientory is a blockchain-based distributed electronic medical record (EMR) storage computing platform, which functions as a network/bridge that connects siloed, centralized EMR systems. The startup explained that healthcare entities can secure private health information, rent computing power, servers and data centers and make their unused resources available through a unique private infrastructure on the Ethereum blockchain. This is facilitated by the use of PTOY tokens. From the platform, smart contracts can be executed in relation to the patient care payment cycle.
Doctors and healthcare organizations use Patientory to get the patient's complete and up-to-date medical history. Patientory said that healthcare entities can benefit from its platform as it employs blockchain technology to help this sector mitigate damaging data breaches. While existing EMRs are vulnerable to hacks, blockchain utilizes a more secure, permanent record of online information exchange and can't be hacked, Patientory added.
Cyber-attacks such as the WannaCry ransomware from May 2017 are projected to cost hospitals $305 billion by 2021.
“WannaCry was proof that healthcare organizations urgently need a secure, scalable, cost effective population health management solution,” McFarlane explained. “Rather than having one central administrator that acts as a gatekeeper to data, Patientory has one shared ledger, spread across a network of synchronized, replicated databases visible to anyone with the authorized access, providing unprecedented security.”
Patientory’s advanced healthcare app that lets users create a patient profile to keep track of their health history. After signing up through the app, the patient is allotted space to store information for free on the Patientory network. PTOY allows the patient to purchase extra storage space from nodes setup in their hospital's system, secure in the fact that their private medical data cannot be held ransom by cyber criminals.
“It’s virtually impossible for a cyber criminal to hack one block in the chain without simultaneously hacking every other block in the chain’s chronology,” McFarlane continued. “This makes Patientory incredibly appealing to not only store a patient’s entire health history, but determining who should have access to it.”