Timicoin – Health Information Exchange Platform using Blockchain Technology

Sharing the healthcare data from one institution to other has been an intricate task because of the privacy concerns involved. The electronic medical records have varying data standards which inhibit interoperability as the records are not compatible between the systems. The inconsistent rules and permissions prohibit health organizations from accessing the real-time patient data.

To solve all these hassles, a blockchain powered Health Information Exchange (HIE) could establish the interoperability that is absent in today’s healthcare system. It will help in coordinated patient care and eliminate the need of unnecessary services and the duplicate tests. Timicoin is the emerging Health Information Exchange platform that is using Blockchain technology. Let us learn more about it and explore other aspects.

What is Timicoin?

Timicoin is a health information exchange system that is highly reliable when it comes to data security. It is basically a blockchain solution which will secure the healthcare information within the HIE (health information exchange). It will provide improve data integrity, reduced the data transaction costs, and disintermediation of trust.

Timicoin will effectively deliver the records of the patients in a consistent and real-time manner which can only be accessed via a smart contract after the authorization of the patient. It will provide a well optimized environment to the patient where the health data is well structured and secure. This will further lead to a better data utility and improved patient care outcome.

This will effectively deliver patient records in a consistent and real-time manner, only to be accessed via a smart contract after patient authorization. Timicoin’s Health Information Exchange will provide an optimized environment where health data is structured and secured, leading to better data utility and improved patient care outcome.

Who is in the Timicoin’s Team?

Timicoin team consists of the top professionals including Lowe, co-founder Ramiro Pequeno, Miguel Esparza, Kai Tsai, Dick Escue, Joyce Lignell, and now the popular pharmaceutical strategist Robert Martin.

Robert has an extensive experience in the pharmaceutical industry which includes developing the field-based therapeutic, health outcomes research, pharmacoeconomic, Disease and EBM (Evidence Based Medicine) strategies.

How is Data Verified and Stored to the Blockchain?

  • The data from patient’s smart healthcare devices is collected with the permission of the patient for study and is a monitoring is done on daily activities of the patients.
  • Several clinical trials and various tests are combined with this patient monitoring data. The providers add them to the blockchain as new transactions.
  • As blockchain structure follows, the miners mine transaction and once mined, the notification is generated at the patient’s end for confirming the authenticity.
  • After the patient confirms the authenticity, the block of information is encrypted with the public key of patient and is stored in the blockchain. The data is ready for the community to rely upon.

How Patient Data is Kept Safe at Timicoin?

Timicoin’s blockchain network doesn’t reveal the identity of the patient if they don’t wish to do it. Timicoin makes use of a unique identifier rather than distinguishing between the patients. When anyone in the network requests for the data, the patient is notified through the Timicoin’s patient app. When he/she grants the permission to use the data, only then the blockchain allows the data to be revealed using a unique public key.

How Mining and Reward System Works?

When the miners mine the transactions, they are rewarded for it in the form of Timicoins and the transaction fees. In some of the cases, the patients will also be rewarded from the transaction gees for giving their data. This data can be used for research purposes by the miners. The amount of transaction fee charged depends on the data miners ask for. The patients and the management get their shares from the payment received.

The Bottom Line

It is a great initiative taken by the Timicoin team. This will surely help the healthcare system in a better way. Moreover, the data of the patient will be more accurate and would not travel places to places. Timicoin ensures that the patient data is not leaked to anyone else without his/her permission. If he/she is ready to mine the data then only the data is provided to the miners.

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