Healthcare requires a smooth system where all parties involved can carry out their mandate without hindrance. While doing so, the system should ensure that patient’s data are secured and remain out of the public eyes even if they are centralized. Privacy is key and cannot be emphasized enough especially when it is related to health matters.
To know how important seamless operation and privacy is, we can refer Obamacare, technically known as The Patient Protection and Affordable Care Act (PPACA) or simply Affordable Care Act which was signed into law by Obama back in 2010.
At its core, it was a landmark healthcare legislation that wants to reduce cost of healthcare, protect patients against exploitation by insurance companies and increase accessibility to healthcare. It’s the insurance part that interests us and how it can be misused by industry players.
We can all agree that trips to the hospital can be frustrating from booking appointments to the final stage of claiming prescriptions. The current centralized system managed by governments and other corporations have tried to get things in order but have failed.
Their system requires vast amount of labour and resources on site to collect data and to ensure system is backed up and maintained constantly which inevitably racks up cost. In fact, after Obamacare, data collection costs and premiums has been on the rise. Besides, database hacking cases has been their constant nightmare and this has had a negative impact on the economy within the health sector because database and system security costs are spiralling out of control.
Therefore, it is absurd that there is a tag of war involving pharmaceuticals, insurance companies, hospitals etc. as they battle for control over patient’s database for their own gains. This is the very thing that PPACA wants to eliminate because the moment any stakeholder does that, centralization and insurance fraud do happen. Concurrently, they effectively rid portability of patient’s data by stone walling processes.
With the current set up, pharmacies often face a major setback while analysing prescriptions in order to bill the insurance since there are many different health plans. Because, anyway, mistakes are prone to happen and since patient’s expenses are covered by the health care insurance, insurance companies in turn tend to increase the costs of the premiums charged to health care businesses and their personnel.
It is this pharmacy fraud-and sadly doctors prescribing unnecessary prescriptions out of greed-that has overburdened the health sector that should be put to a stop.
What is Pharmabit?
Pharmabit is a platform that aims to change our perspective on the medical industry and the way we look at medical finances.
Pharmabit envisions a decentralized blockchain based platform where patients have power over their data and are no longer exploited by pharmaceutical or insurance companies for their own gains. Pharmabit seeks to enhance security and privacy of personal data held by involved players in the healthcare industry.
Pharmabit hopes to use their blockchain technology in one way or the other to reduce work load placed on medical establishments globally by automatically and securely verifying all prescription and payments. This will in turn reduce or even eliminate chances of fraud within the system.
They have already done a rigorous research and got in touch with more than 1,000 renowned medical professionals all over the world to create a set of data that would assist physicians diagnose patients quickly. Already, Pharmabit diagnostics app is on trials. This will help ease the long queues in the doctor’s waiting rooms since diagnosis can be done remotely through video.
Complementing this quick diagnosis, Pharmabit will set up this interconnected web of approved and verified medical professionals and health centers where patients don’t actually need to books appointments.
They can simply be referred to the nearest Pharmabit recognized health facility for further in-person diagnosis. So far, 30 plus hospitals worldwide have already accepted to adapt Pharmabit once token release is completed. All assets will be tried and tested for public use.
Apart from quick diagnosis, Pharmabit will leverage on blockchain technology for easy and quick retrieval of any kind of medical data. This will in turn minimise time wastage and enable things to run effectively in the hospital.
In a nutshell, we need a reliable system that is first of all secure, scalable and affordable even for the government. Pharmabit looks to be fronting good propositions to sort out this mess. They seek to build a:
- Data verification system whose security will be enhanced by a trinary multi-signature protocol. All parties involved will need to sign contracts at both ends with doctors and all stakeholders working harmoniously to verify all prescriptions, claims and orders within Pharmabit secure platform.
- Secure and interconnected blockchain communication network where all data and transfers will be done securely and fast. All transactions will be completed within 50 milliseconds. Furthermore, within this network, all communications or data transfers will be encrypted.
- Diagnosis system made up of qualified doctors. These medical professionals will use video and audio communications for fast and efficient diagnosis.
- Payment system devoid of fraud.
For now information on the Pharmabit team is unavailable.
There is no soft or hard cap indicated for this project neither do they tell us the name of the token.
What we know though is that Pharmabit token presale is ongoing. It started on from January 31, 2018 and ends on March 1, 2018. The main crowd begins on March 1, 2018 for one month and ends on April 1, 2018.
Indeed change is inevitable and integrating the power of blockchain will not only be beneficial for citizens. Governments will be better placed to implement their agendas better knowing that the system is fluid and fraud free since everything is done in an open and transparent platform. By integrating this novel technology, Pharmabit propositions are wonderful.
But, and this is a big but, there are a lot of red flags about this project. Let’s not talk about the absence of team members and their details- developers behind this system might be full time fishermen after all? Who knows?
Their whitepaper is extremely brief and doesn’t detail how the funds of the tokens will be distributed. Will they launch their system on their own blockchain or will they use Ethereum or NEO? There are no clear road maps and how will investors know if their apps are clinically approved? They talk of more than 1,000 doctors testing their diagnostic app but there are no referrals even to the 30 plus hospitals they mention.
The idea is good but I’m not recommending anyone to sink cash to a possible phantom project. After all, there are many better explained alternatives out there.
Thanks for reading!