Blockchain based medical record system is patented for the first time. Walmart has patented a Blockchain based medical record system.
Walmart has already filed several Blockchain patent applications is awarded a new patent. The patented Blockchain system theoretically utilizes a wearable device and a Radio Frequency Identification (RFID) scanner. This system is created to act in case of an emergency where the patient is unable to communicate. The first responder can obtain the medical details from the wearable device using the RFID scanner.
In layman terms, the wearable device contains the patient information. This can be accessed with the help of a biometric and RFID scanner. Two digital keys, a private and public key is used to unlock the encrypted information. The private key is decoded by scanning a biometric feature of the patient. This system also helps the hospitals that the patients eventually reach to obtain their medical information. The wearable device can either be embedded in the skin or can be worn as a bracelet. The device has a local storage medium which is a Blockchain database.
The Blockchain database will only contain the vital, emergency specific information of the patient. Walmart is also in talks with health insurer Humana for a closer partnership, Fortune reported. Rising health costs in the U.S has been marked at 18% last year. Pricey medications and difficult reimbursement policies have only increased health expenditure. Walmart is seeking to expand its services to delivery of medications to consumers. A partnership with Humana is aimed at providing healthcare at home.
A merger between Walmart and Humana will pave way for a crucial data depository system with the help of Blockchain medical recording system. This can prove to be a faster and efficient way of data storage and access of medical records.
A recent research found that there is around 350 Blockchain related patent applications around the world. Financial firms and tech companies have shown a big presence in patent applications. However, there hasn’t been any reports of patent lawsuits. Some experts say that increasing these patents might lead to a patent war. Blockchain technology is built around an open source software which helps increase the cooperation of companies. This helps lessen the fears of a patent war.
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