BlueCloud to use Exochain for blockchain identity security in healthcare industry
HealthCarePoint (HCP), a Texas-based healthcare and clinical research networking-technology company founded by patient survivors, today announced its mutual collaboration with Exochain, a US blockchain company in blockchain identity, risk management, and regulatory compliance for its BlueCloud healthcare professionals network.
The collaboration will work to transform the standard for ensuring the safety of healthcare professionals and patient’s identity in healthcare and clinical trials.
The BlueCloud network represents over 1.4 million healthcare and clinical research professionals in 167 countries from well over 50,000 organizations including, but not limited to, pharmaceutical drug discovery companies, hospitals, and universities, all of which must verify and secure their identity in order to participate in FDA-regulated clinical trials and multiple other areas in the healthcare ecosystem.
Healthcare professionals and patients are familiar with the consequences of working in a siloed system. Data can become outdated very quickly and costly to administer. This has caused the current healthcare and clinical research system to experience vast redundancies, waste, fraud, and abuse. Many institutions and businesses have proposed solutions to these issues, however, few have suggested embracing blockchain technology for the management of an individual’s identity. Blockchain protocols are constructed to make data resistant to corruption by allowing network nodes to form a consensus about which data is legitimate and therefore allowed to be entered into a blockchain database.
Exochain will act as BlueCloud’s third-party adjudicator. When healthcare professionals sign-in to their BlueCloud account, Sponsors, Site Management and insurance payers in the healthcare ecosystem will have peace of mind knowing that the person, system, and company information gathered is valid. By looking to this method of data organizing, Exochain and BlueCloud challenge the dominant paradigm of anonymity, improving the healthcare and clinical research through incentivizing compliance.
“This is an exciting time in our evolving partnership with BlueCloud. Exochain has set a new standard in identity management with our patent pending Odentity scoring framework. This blockchain-based identity resolution engine will ensure that professionals accessing the BlueCloud Network are properly validated, delivering the strictest security with baked-in legal and regulatory frameworks and thus ensuring regulatory compliance in healthcare and clinical research on a global level.”
The EXO token is projected to be a US-based, globally-compliant ERC20 token, more information can be found in the EXOCHAIN whitepaper.
“There is a lot of buzz around blockchain being used in healthcare and clinical research without any substantive proof or value to the industry. We feel it’s important that the industry understands not only the opportunities and ways to modernize the industry using proven and valid blockchain based business models like EXOCHAIN, but also demonstrating that such blockchain models actually work, bringing value to the industry – for the benefit of the patient.”