PokitDok and Intel Forge Industry-First Medical Blockchain Solution Dokchain, Filing IPO Amid Healthcare Transformation

Blockchain is garnering increasing attention in the healthcare industry. As a member of the Enterprise Ethereum Alliance (EEA), Intel first launched its blockchain platform last April; and today, this global IT giantFirst-Ever Blockchain Collaboration in the Healthcare Sector。

Today’s focus is on PokitDok, an Intel partner and a healthcare API company. With the support of Intel’s open-source blockchain platform Sawtooth and Intel chips, they are building a healthcare blockchain solution called “Dokchain.”

Image source: dokchain.com

In a conversation with the U.S. technology blog TechCrunch, Ted Tanner, co-founder of PokitDok, said,This collaboration with Intel can be described as a milestone in the healthcare sector.““The Singularity Event” May Transform the Entire Industry。

It may sound exaggerated, but it might indeed be the case. The company, which holds over $48 million in funding, has developed the first truly functional blockchain-based healthcare solution. Its technical support comes not only from Intel but also from more than 40 other enterprises, including Amazon and Capital One.

Founded in 2011, PokitDok aims to create broader and more affordable transactions for both patients and healthcare providers. It helps patients understand the pricing of medical and health services across various institutions, assists hospitals in identifying patient populations, and manages insurance billing. Furthermore, its more powerful capability lies in enabling developers on mobile and web platforms to build healthcare applications using PokitDok’s API. These applications address needs such as appointment scheduling, underwriting, payment processing, and referrals, thereby facilitating digital information sharing across different healthcare systems.

Most people’s immediate association with blockchain is Bitcoin. Indeed, blockchain meets the financial sector’s stringent requirements for privacy and security. At its core lies distributed ledger technology, which enables the tracking of any type of transaction in a secure and transparent manner.

And this time,Blockchain technology has been systematically applied in the healthcare sector.. Mobile data security firm Bitglass recently released a report stating that healthcare data breaches in the United States reached a new high in 2016, with 328 incidents directly compromising the privacy of 16.6 million Americans. Healthcare information security has long been a hot topic internationally. In China, the integration of internet and IoT technologies into healthcare has become an irresistible trend, necessitating heightened security vigilance in this area. Against this backdrop, many people have pinned their hopes on blockchain technology, viewing it as the savior of the healthcare information environment.

The basic functions of the Dokchain healthcare blockchain solution, developed by PokitDok in collaboration with Intel, areVerify the identities of all parties involved in the transaction, identify consumers and healthcare providers. Secondly, it can "make autonomous judgments," which simply meansOnce the identities of the transacting parties are verified, transactions can be swiftly executed in accordance with previously established contracts.。

If the above description still seems abstract, consider this example: whereas you previously had to wait 90–180 days for health insurance reimbursement or spend countless hours on phone calls to process medical payments, these issues can now be resolved in seconds through the “autonomous adjudication” system of this blockchain platform. Therefore, Dokchain has the potential to eliminate various redundant processes in medical payment and reimbursement, thereby saving both time and money.

Additionally, blockchain can also be used forPharmaceutical Anti-Counterfeiting and Traceability: The doctor issues a prescription, and the drug price can be displayed openly and transparently on the blockchain. For pharmaceutical manufacturers and medical supply vendors, blockchain can also help facilitateInventory and Order ManagementStreamlined processes, anti-counterfeiting and traceability, and drug supply management—these three functions, when combined, can effectively prevent fraud, ensure privacy, and streamline healthcare services.

What are the benefits for Intel in participating in such projects? Mike Reed, Intel’s head of blockchain, explained that such initiatives serve as a springboard for Intel’s chip business. “We have a long history with open-source technologies, and collaborating with open-source projects like Linux and Hyperledger helps us cross into multiple market segments.”

The Dokchain healthcare solution, launched through the collaboration between Intel and PokitDok, is precisely what is neededHandle Blockchain Transaction Requests at the Chip Level. Co-founder Tanner stated that health information exchange is subject to the privacy restrictions of the HIPAA Act, thus requiring a high level of security. WhenWhen blockchain technology is implemented at the chip level, its security will reach an unprecedented level.。

On the Dokchain solution, all data is encrypted and private, enabling data transmission without violating HIPAA. This also means that you can run the Dokchain system simply by purchasing a laptop equipped with an Intel chip.

Why can the startup PokitDok drive a disruptive medical blockchain technology? Tanner believes that part of the reason is the support from a coalition of tech giants behind it; but the most important reason is,They are the first to create an operable blockchain-based healthcare solution.。

“Just as the establishment of the MPEG standard paved the way for subsequent codecs, leading to the emergence of MP3 and MP4, our Dokchain system has established operational standards upon which future generations will build medical solutions.“He said this is the revolutionary first step in medical blockchain, with new changes set to occur rapidly in a short period of time.”

Source: techcrunch.com