Robomed, an Ethereum blockchain project, is working towards establishing a unified blockchain platform wherein healthcare providers and patients can communicate, process information, and settle transactions efficiently.
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For many years, the healthcare industry has fallen victim to some of the largest cyber attacks and security breaches in history, affecting billions of users and their sensitive personal and financial data. According to a recent study by IBM, 100 million patient record were breached last year, and attacks on the healthcare industry have increased by 35 percent since 2016.
“In total, 142 healthcare data breaches involving more than 500 records have been reported to the Department of Health and Human Services’ Office for Civil Rights so far in 2016. During the same period in 2015, 143 data breaches were reported,” another report by HIPAA Journal read.
One of the major reasons behind the successful breaches of healthcare platforms and IT infrastructures is the outdated systems and centralized networks that have been used for decades. The vast majority of healthcare providers rely on vulnerable database technologies which hackers can target with sophisticated tools.
Robomed, as an immutable blockchain-based platform launched on top of the Ethereum blockchain protocol, provides a decentralized and crossborder ecosystem of healthcare providers, wherein patients, experts, and healthcare providers can facilitate operations through the executions of the smart contracts.
“The healthcare market is large and complex. Various financial institutions provide medical infrastructure, and a variety of models for organizing health services are implemented around the world. However, our proprietary smart-contract technology provides a unique opportunity to create a single system of coordinates with clinical outcomes as a reference point,” read the whitepaper of Robomed.
In essence, the Robomed platform is targeting an $800 billion market, which still remains underdeveloped in terms of security, privacy, and technology. The sector is highly dependent on intermediaries, third party service providers, and network administrators to process information and payments. The participation of multiple intermediaries often result in payment and contractual failures, inevitably leading to massive losses in capital and resources.
The Robomed blockchain platform and its smart contracts protocol create a decentralized ecosystem wherein each operation is processed systematically and mathematically, without middlemen. Smart contracts determine whether the operation has been completed or not, and depending on the result, payments are processed autonomously, as seen in the infographic below.
As the Robomed development team explained:
“The Robomed Network is a medical network managed by a blockchain token and designed to provide the most effective medical care. The Robomed Network ecosystem connects healthcare service providers and patients on the basis of a smart contract, the value criteria of which are the performance metrics of a specific medical service and patient satisfaction. This particular concept of a patient-oriented medical network, based on breakthrough technology, is new to the healthcare market.”
The presale of the Robomed token (RBM) has already begun and is expected to last until November 15, 2017. Tokens will be distributed within 50 days from October 25, 2017 to December 15, 2017 to investors.