Simply Vital is making a blockchain based platform to transfer and storage important healthcare information. They are trying to make it easier for doctors, insurance companies, and patients to have access to and to be able to transfer the necessary information. The platform they are making is called “Health Nexus” it will be a place for vital health information to be stored as well as transferred. The platform will also be a place for people to review doctors.
What is Health Nexus?
Health Nexus is the first and sole product Simply Vital Health is making. It is a fully decentralized platform on which doctors, insurance companies, and the patients can share health information and patients can review clinics and doctors.
The doctors will be able to put information such as needed procedures, or ongoing conditions on the platforms. Insurance Companies can put information on it like, past health needs or patients risk of future needs.
This information will be cryptographically secured and stored on the blockchain. The exact process by which the data will be stored has not actually been decided by Simply Vital Health. This information will be available to the person who put it on the blockchain, and then that person can give people who need it access to said information.
This platform will make it much easier to transfer and store this information, as opposed to the current structure for transferring data which is slow and highly ineffective. The platform will not only hold health information but will also be a place for patients to go to review the doctor they worked with or the clinic they just went to.
This will be like a yelp for doctors and clinics. It will make people aware of terrible clinics and enable customers to avoid them, or, if they are good, go there more. This information will not be guarded or encrypted like the sensitive health information that doctors but is but is completely open for anyone to see. If you put a review on Health Nexus it will be put on the public blockchain where anyone can see it and comment on it.
What Blockchain Are They On?
They are actually making their own blockchain. This is a very difficult thing to do because getting miners is very difficult as well the fact that just coding a new blockchain is very time-consuming. This is why most initial coin offerings, new blockchain companies, just put their platform on Ethereum or another smart contract platform. This allows them to not make a new blockchain, but run “Smart Contracts”, or programs, on another blockchain.
This is not a feasible thing for Simply Vital Health to do for multiple reasons. The first, and probably most important reason, is that need for secure and regulation following storage of information. The reason this is a very big problem is that there are very specific regulations on storing healthcare information.
These regulations were made to protect the information, but it makes putting it on a blockchain, a shared and generally completely public ledger, very inconvenient. While they have not specified how they are going to store the information, it is very clear that this information will need to be on its own specially designed blockchain to follow the stringent regulations on health care information storage.
The second problem with putting it a smart contact platform is because the smart contract platforms are highly ineffective for big programs because they run on proof of work. Proof of Work makes computing power on blockchain very expensive.
This is fine for transactions because they take barely any computing power, but this is terrible for large programs, like Health Nexus, because they take much more programming power, therefore making them much more expensive. So instead of going on those platforms, they are making a new one.
Instead of making a blockchain from scratch, they are modifying a copy of the Ethereum blockchain to fit their need. This is actually a very common practice and makes blockchain making much more effective. This blockchain will be the platform.
It will be where the reviews are posted and where doctors input their data. One of the changes they are making to the blockchain is making it proof of stake, instead of proof of work. This means that instead of doing an insane amount of processing power to get the privilege to add to the network, you simply have to stake your money to have a chance to contribute to the blockchain.
Staking money basically means having it in a specific. When the money is staking you still have access to it, but if you try to scam the blockchain and you get caught, your staked money will be taken. Both proof of stake and proof of work are security measures to prevent 50 percent attack, where someone takes over the network by force.
They are changing it to proof of stake so running the platform is cheaper for miners and for users. The final problem they still face is to follow regulations. Like I said previously, the regulations on the transfer of healthcare information are terribly restrictive.
They have designed everything about their platform to comply with the regulations from the new blockchain to the plans for the data itself. Their platform will be used by everyone involved in healthcare and will make it easier for them to transfer their information.
I think this a very good use of blockchain that could actually come into widespread use. They need to figure out how they are going store the sensitive information that will be put into it. If they don’t succeed in following regulation, which is most definitely the biggest problem they will face, then there is no possible way they will get any users. Other than that there are few problems with it. There is definitely a lot of need for an easy and secure way to transfer that nature of information. I think it will either succeed wonderfully or fail disastrously and I really hope for the former.