Estonia-based technology company Medifakt is creating a decentralised blockchain platform for the healthcare sector.

In a bid to address challenges related to security, disability, and interoperability, Medifakt is using a combination of blockchain technology, the Internet of Things (IoT), and Machine Learning (ML) to securely manage and share medical information and data which is traceable while collecting medical information from multiple sources.

The information will then be used for advanced Big Data Analytics, having the potential to transform the healthcare industry, the company said.

Aditya Tallapragada, CEO of Medifakt described the medical industry as having challenges in terms of security. “We created a platform using blockchain technology to improve the smart healthcare ecosystem for patients that permits and supports the transfer, transmission, storage, interpretation, second opinion, and evaluation by artificial intelligence of medical data and medical images across all subtherapeutic areas and medical specialties which we could cater to the needs of the healthcare industry,” said Tallapragada.

AKT Health, a healthcare consulting firm renowned for its expertise in clinical research, commercial strategies, and consulting, developed the Medifakt project and by partnering with Interakt, a blockchain-based technology firm they were able to bring the project to life.

AKT Health CEO Rashmi Gurnani said: “Patient Healthcare records/data are one of our most valuable digital products that healthcare systems process and one of the most complex. Medifakt will ensure the real-world data collected through medical devices which will solve the transparency in healthcare costs in drug development, payments, and insurance premiums.

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She added “It will also aim to use advanced machine learning capabilities to support the patient healthcare outcomes in a more secure and compliant way.”

The Medifakt network is built up from four main modules, which include asset, service, security, and data layers. The asset layer will manage token economy using incentives to encourage patients to share their data which will be used to calculate insurance premiums.

Speaking about the project and partnership Interakt CEO Aino Tsukamoto said: “This unique project has two main directions from a functional and technical perspective, the functional aspect of the project looks into how traditional pharmaceutical companies have been dealing with commercial excellence, digital transformation, health economics, and outcomes research while the technological aspect goes beyond the traditional methods.”