New Blockchain Company Has Own Cryptocurrency Payment System

A new blockchain company attests that it has its own cryptocurrency payment system, with the goal to restore and optimize patient-provider relationships. 

Original Post

July 11, 2018
by Rajiv Leventhal

A new blockchain company attests that it has its own cryptocurrency payment system, with the goal to restore and optimize patient-provider relationships.

The company, Teledactyl, based in Wyoming, is being developed as an original blockchain platform for the healthcare industry that can store and share patient information—like a user’s health record—digitally through secure encrypted transmission, according to officials. The platform will be launching next month.

According to officials, Teledactyl creates digitized personal health records (PHR) for its users, which they can share with healthcare providers. Any data that is added, changed or deleted by a health professional is automatically recorded in the user’s blockchain in the form of a ledger, providing security and transparency. The blockchain system is also compatible with multiple applications, they noted.

What’s more, the platform aims to exceed standards of accessibility by allowing patients to access their personal health records without having to contact their doctor’s office. “While most health records are frustratingly inaccessible when moving to different providers or between health systems, blockchain technology enables a patient’s health information to be stored permanently. That means easy access for patients and future providers who need a thorough medical history,” officials said in a press release.

But above all, it’s the unique secure cryptocurrency payment option that officials believe make this platform most unique. While similar blockchain systems often use “utility tokens,” Teledactyl has its own cryptocurrency payment network.

As the company’s leadership explain, this method provides a “P2P” payment system from patient to provider. It increases healthcare per dollar and reimburses providers instantaneously after services are offered. And, patients don’t have to rely on third-party insurers or payors.

“The United States healthcare system is in dire need of an efficient method to preserve and protect personal health information, reduce healthcare costs, increase provider access and improve methods of payment—all while bettering patient outcomes. We want to eliminate the discrepancies in our healthcare system that disrupt patient and provider relationships. Everyone should have immediate access to their health records,” said Seth Crapp, M.D., the company’s co-founder and chief medical officer.