Things are looking up for the Factom project once again as they received a grant to secure medical records. What is even more intriguing is how this grant is issued by the Bill and Melinda Gates Foundation. Using blockchain technology to secure medical records is a significant step forward, and it is now up to Factom to make this venture a success.
Bill And Melinda Gates Foundation Embraces Blockchain
The news came as quite a surprise to the blockchain community. Using blockchain technology outside of the financial sector is only a matter of time, yet very few “mainstream initiatives” are focusing their attention on these possibilities. The Bill and Melinda Gates Foundation sees a bright future for securing medical records on the blockchain, and they want to see if the concept is viable.
Tapping Factom for this venture is quite significant for the company. That said, Factom has been working on building globally distributed records accessed anywhere by anyone with the right authorization. Moreover, the company has also introduced biometric verification measures to provide an even more secure ecosystem.
Medical records are often targeted by hackers who want to break into centralized databases. This information is often sold to the highest bidder, with most data dumps showing up on darknet marketplaces these days. Full patient records are worth a lot of money to the right people, although it remains unclear how they abuse those details exactly.
Securing these vital pieces of data is a top priority. The Bill and Melinda Gates Foundation wants to pave the way for more secure solutions. This is where blockchain technology comes into the picture. Factom feels they can offer the necessary security measures in an affordable and practical manner.
By using blockchain technology, important patient data becomes accessible through virtually any device in the world. Doctors and medical professionals can look up patient records for anyone in the world in a matter of seconds. This will help improve healthcare as a whole, as well as save lives in the process. It is an ambitious task for Factom, but with the new grant, they should be able to make a lot of headway towards achieving these goals.
Factom has seen its fair share of success throughout recent years. Their blockchain services are in high demand, and the team counts DHS among their partners. Blockchain-as-a-service is an intriguing business model that allows for customization at affordable prices. A bright future looms for blockchain technology; that much is certain.
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