Healthcare Startup Patientory Has $7.2M ICObr>
Healthcare cybersecurity startup Patientory has raised $7.2 million in an initial coin offering (ICO). The funds raised will be used to officially launch the Patientory platform.
More than 1,700 investors from around the world bought 70 million PTOY tokens, the company’s cryptocurrency. PTOY allows the patient to purchase extra storage space from nodes setup in their hospital’s system.
Patientory is a blockchain-based, distributed electronic medical record storage computing platform and functions as a network/bridge that connects siloed, centralized EMR systems. Healthcare entities can secure private health information, rent computing power, servers and data centers and make their unused resources available through a unique private infrastructure on the ethereum blockchain. From the platform, smart contracts can be executed in relation to the patient care payment cycle.
Patientory claims that its biggest advantage for doctors and healthcare organizations is the employment of blockchain technology to help the healthcare ecosystem mitigate damaging data breaches. While existing EMRs are vulnerable to hacks, blockchain utilizes a more secure, permanent record of online information exchange and can’t be hacked.
“WannaCry was proof that healthcare organizations urgently need a secure, scalable, cost effective population health management solution,” said Patientory founder and CEO Chrissa McFarlane. “Rather than having one central administrator that acts as a gatekeeper to data, Patientory has one shared ledger, spread across a network of synchronized, replicated databases visible to anyone with the authorized access, providing unprecedented security.”