What is Patientory?
Patientory is a patient-oriented protocol targeted at changing the way electronic medical data is managed. The target is to ultimately become a public health institution that interacts with all health organizations to help securely, preserve and transmit data.
- Patientory: A platform designed to revolutionize how medical records are handled
The platform was founded in June 2017 by a Delaware company referred to as Patientory. It also has its operational labs referred to as TechSquare Labs in Atlanta and San Francisco, California. To make the platform effective, it also features a native coin referred to as Patientory Coin (PTOY). The coin is used to fuel the platform.
The Patientory operates through the use of individual profiles where the medical records are stored. The medical information is then stored on a secure HIPAA channel on blockchain platforms for extra privacy and prompt access. The records allow the patients to easily monitor their medical records both inside and outside the hospital environment.
- The Patientory coin (PTOY) performance
The performance of the PTOY reflects the high volatility being witnessed in the industry. The price of the token started at $0.6 early in June 2017 before climbing about 170% to $1.62 on 12th June. Then, the price shot down to $0.1 in the subsequent three days before climbing slightly to $0.3 on 21st June and sliding to $0.08 in mid-July 2018.
As more people developed an interest in the coin and the community reacted to the new invention, the trend moved up and down the last two quarters of 2017. In December the price shot up steadily and hit $0.6 on 2nd January 2018. However, the gain was short lived because the price took a downward trend to reach $0.1 early February 2018. From April, it continued on a downward trend culminating to $0.03 in the third quarter of 2018.
What is the problem that Patientory solves?
Many cryptocurrencies entering the market today are designed to address direct issues identified in the society or the predecessor blockchains. For Patientory, the founder wanted to see things in the healthcare system working differently. Here are some of the main problems that the Patientory system sought to address.
- Centralized health data storage
One of the many issues affecting the healthcare system is the fast-growing quantities of data and its processing. The patient’s medical records should be stored in a manner that they are easily accessible and indestructible for greater efficiency. The current systems of centralized data storage are highly ineffective, and user data cannot be easily accessed. The system is fragmented, and access to patient info is at times completely impossible. In some cases, patients are forced to undergo new and expensive procedures because the records are unavailable.
- Poor adoption of blockchain technology in the community
Though the blockchain technology has been in the market since 2009 when Satoshi Nakamoto created Bitcoin, the infiltration into different sectors has been relatively sluggish. In most of the cases, the new blockchains are a replication of what is already in the market especially platforms for sending value. Patientory addresses this problem by venturing in the medical niche with the focus on patient’s data storage.
- The risk of data loss and corruption in the healthcare system
When a patient visits a health facility, and the details are captured after treatment, the conventional data system poses a serious risk of data loss and manipulation. Some insurance companies collude with health facilities to alter the patient health records in order to lower compensation requirements. In other cases, the records can be altered or removed from the system to influence the outcome of court cases. Patientory targets to address this problem by ensuring that the data captured on the storage system is immutable and permanent.
- Lack of regulation in the blockchain niche
One of the serious threats facing the blockchain niche is lack of regulation. With the governments threatening to pass harsh laws on blockchain technologies, developers have been wondering how to fit within the current legal framework. However, Patientory has managed to find the perfect fit in line with the Health Insurance Portability and Accountability Act of 1996 (HIPAA).
How does Patientory Solve the problem?
To address the outlined problems, the development team knew it had to be creative because patient information is sensitive and the law insists it must be kept private all the time. Therefore, the system had to be perfected to win the trust of patients, the community and operate within the law. Here are some of the methods used to address the problems.
- A peer2peer Care Management System
The peer2peer care management system used at Patientory makes it easy for users to store and access medical records stored in the platform. The focus is on ensuring that the information is stored in many nodes so that it can be validated easily. This implies that there is no single point of failure and the details cannot be lost. No matter the time of the day or night, users are assured of accessing the data for treatment or management.
- The Patientory issued tokens
Patientory tokens are ERC-20 tokens used for making purchases and payments on the Patientory platform. The tokens are based on the Ethereum platform which implies that they can be traded and even used to send value across the globe. Other uses of the tokens include effecting payments especially by the insurance companies that want to get accurate and correct data.
- A decentralized network of nodes
The Patientory system uses a network of nodes spread across the globe that help to store and protect data. The system allows people with ample storage to rent it for pay. The nodes include health organizations that also help users to store their information correctly on the platform. To make the system work, the platform utilizes a Data Aggregate Machine that helps to verify the user data using a system of private keys. The machine helps to place secure requests from the blockchain.
- Deriving partnership with all health organizations
When crafting the Patientory system, the development team knew that they needed to rope other organizations in the health sector to map their road for growth. From insurance to private health facilities, the Patientory platform has become a cheap and reliable option for accessing correct, timely, and permanent data. These organizations can also act as nodes in the platform.
It is also important to note that the platform’s native tokens are based on the Ethereum blockchain. In addition to providing an additional layer of security, the link with Ethereum blockchain means that it can easily be traded for other ERC-20 tokens either in decentralized or other standard exchanges.
What makes Patientory better than it’s competitors?
Unlike other cryptocurrencies that are primarily targeted at helping people send value, the focus of Patientory development team wanted to do things differently. This approach has given the platform a competitive advantage over others. Here are some of the things that make Patientory better than others.
- The platform is designed and operated in line with the set regulatory standards. By following the Health Insurance Portability and Accountability Act (HIPAA) requirements on data privacy and other regulations, the platform is assured of growing stronger even if the government passes harsh regulations. The platform has made developers start believing that it is possible to craft a high-performance crypto platform without going against the law.
- By adopting the decentralized approach to data storage, all the profit-seeking operators are bypassed to help make the transactions cheaper and realistic. Note that the lower transaction costs do just simply apply to data storage. You will also enjoy lower charges when clearing payments for organizations that use the Patientory system.
- The Patientory community has been growing steadily, and the experts are in agreement that the potential of the platform is very high. Though the value of the native coin has been on a negative trend, it is expected to grow as in the coming years as the usefulness of the system is discovered.
- The Patientory platform targets a very rich niche that has been less explored. Even though some cryptocurrency platforms are dealing with big data, none of them had targeted the medical records. This implies that the platform is likely to enjoy near monopoly because all patients need to have their medical records stored securely.
- The system is very appealing because many people hold the view that they are not just investing in Patientory, but also in the healthcare system. This makes people own the healthcare system and become part of the force that will take it to the next level.
How can Patientory be categorized?
Patientory is the next generation patient-oriented protocol that will help to define the next step in the health sector. The platform has demonstrated that it is possible to decentralize the patient data and place the control in the hands of the patient. The network has won the hearts of more players because it is created in line with all related laws. By allowing more parties including individuals and healthcare organizations to plug into and use the platform, everyone can now feel part of the healthcare system.
What’s Patientory’s vision on Security?
The Patientory’s vision on security is creating a completely decentralized and secure platform for handling electronic medical data. The development team wanted to demonstrate that it is possible to store and access data without risking unauthorized access or attacks. Here are some of the methods used to guarantee users of optimal security when using the platform.
- The system strictly adheres to all the security requirements set out in the HIPAA (Health Insurance Portability and Accountability Act). The Patientory system adheres to the HIPAA rules by ensuring that at any moment, only the patient has access to the access and other parties have to get consent to access the data.
- The development team comprises of experts in blockchain and medical records. The experts carry a comprehensive review of the platform and regularly fix vulnerabilities to keep the platform free from attackers.
- The native tokens on the Patientory platform are based on the Ethereum blockchain. This provides another layer of security to make it difficult for attackers to break and siphon your tokens.
Examples of Patientory’s use cases/ applications.
To help advance the blockchain technology, the Patientory development team believe in creativity. While the platform is largely projected in the healthcare sector, the application extends to other sectors including those covered by older cryptocurrencies. Here are some of the main use cases of Patientory.
- The primary goal of the Patientory coin is fueling the native blockchain infrastructure. Though the patients are allocated free space when their details are captured, they can buy more space using the PTOY. This implies that the patients have total control over their medical records in the Patientory Platform.
- The Patientory coin is also used by other organizations to make payments. For example, some organizations use PTOY to clear payments for intelligent contracts that have been cleared with health insurance companies. The process makes it easy for insurance companies to get the right information on time for correct assessment and prompt payments.
- As a decentralized network, users are allowed to lease their space to people for payment using PTOY. The decentralized nature of data storage ensures that there is no risk of information loss or failure like it happens with centralized servers.
- Trade the native coins to trade in the markets. Like other cryptocurrencies, PTOY is a digital asset tradable in exchanges such as EtherDelta, Liqui, Bittrex, and Latoken. The markets operate like the standard forex trading platforms though they deal with digital tokens as opposed to fiat currencies. Note that you will be required to open a trading account and verify it to be able to start trading.
- Use PTOY to save funds in the platform. If you have some funds and want to save them anonymously, one of the top options is the Patientory coin. The coin is encrypted so that no third party can know about the balance, transaction, or personal details. You can even rest knowing that even a court of law cannot authorize access or freeze the personal savings.