Factom, Inc., an Austin-based blockchain firm, announced that it has received a grant from Bill and Melinda Gates Foundation in order to secure persistent, readily available, and reliable medical records, using blockchain technology.

According to the official announcement, medical records these days are stored in papers by clinics that give rise to problems when people move or if the region is destabilized. Factom's blockchain technology that builds globally distributed records, solves these problems in an affordable and easy way, which provides unique benefits.

By creating medical records around an individual and securing them, Factom blockchain provides medical professionals and clinics the tools they need to treat disease and coordinate care in the ever-shifting environment of the developing world. Factom’s blockchain will save lives and expenses in developing nations, which are prone to some of the world's most deadly diseases.

Recently, Factom secured $4.2 million in a Series A round of equity funding led by Tim Draper of Draper Associates. The company said that this funding will be used to further develop its core technology and suite of products.