Timicoin takes the lead in healthcare’s digital transformation
By Douglas Clark
Timicoin and TimiHealth (Timicoin.io) are leading the way to combating healthcare’s most pressing issues, including ransomware attacks. The TimiChain Blockchain accomplishes this by providing a healthcare ecosystem with a readily adaptable infrastructure, which virtually eliminates many threats and challenges.
“TimiChain Blockchain provides an impenetrable, decentralized method of storing health information bringing peace of mind to a healthcare ecosystem continually under threat of attack,” said Joyce Lignell, head of the Timicoin/TimiHealth advisory board. “We’re ramping up pilot programs and its go to market strategy very quickly.”
Healthcare data breaches continue to rise. Approximately 90 million healthcare records were breached between 2015 and 2017. While 2017 saw a reduction in breaches, it saw a rise in attacks. Healthcare can expect to spend an estimated $3.62 million per year on data breaches going forward with an average cost of $141 per record.
“Using TimiChain to deploy a decentralized, audible and immutable infrastructure into the healthcare marketplace is a transformative step towards mitigation of such threats,” Lignell said.
A study by IBM found an estimated 16 percent of surveyed healthcare executives have a plan to implement blockchain technology, and up to 56 percent will be implemented by 2020.
TimiChain blockchain incorporates HIPAA regulatory standards that are mission-critical to system operations. Consumers can tap a one-stop shop location to securely access their records from across the healthcare continuum through the TimiHR mobile application. Any provider can access the secure record, eliminating duplication of services, medications, tests and time spent.
TimiChain gives the individual control of his or her data. A decision to grant or deny a provider, medical researcher and other healthcare participants permission to access personal data — whether identified or de-identified — empowers the consumer and places the value of the data in the hands of the consumer.
TimiWallet provides the TimiHR ecosystem a financial infrastructure enabling users to use the Timicoin as a means of payment and reimbursement for data. TimiWallet, a token ledger, is the first wallet app for the healthcare industry allowing users such as clinical researchers who want to mine consumer data the ability to pay the data owner for use of data, for the first time directing the value to where it belongs, the individual.
Lignell, a former vice president of business development at Applied Research Works Inc., was appointed in February to head up and expand Timicoin’s advisory board. She advises Timicoinco-founders Will Lowe and Ram Pequeno as they introduce their mobile platform for doctors and patients to safely store and access medical records from anywhere in the world.
“I’m excited to be a part of this breakthrough technology which allows safe storing and accessing medical records, while virtually eliminating threats like ransomware,” Lignell said.
Lignell was with Applied Research Works for more than six years and prior to that was innovator at HMSA’s Center for Healthcare Innovation.
Mixed martial arts champion Michael Bisping, an investor in the company, represented Timicoin at the Dallas Block Chain Super Conference in February. Lignell said the Timicoin solution is revolutionary because it enables doctors and patients to have all their medical records at their fingertips, even while traveling worldwide.
“Timicoin can be lifesaving for in a just a few clicks using its blockchain technology it can provide access to medical records,” she said, “creating for tourists and business travelers a sense of comfort as they’ll be able to quickly access their medical history from anywhere.
Timicoin has arrived at a time when healthcare is shifting toward a digital transformation with companies like Amazon, Berkshire Hathaway and JPMorgan Chase planning to disrupt with their own solution for an industry reeling from inefficiencies created by a web of doctors, hospitals, insurers and pharmaceutical companies. As each new technology is prone to cyberattack, Timicoin has patent-pending solutions to securing patient data, while providing unprecedented portability.
The TransMedia Group was retained to introduce Timicoin. “TransMedia will present Timicoin’s ingenious proprietary blockchain solution to sharing medical records worldwide featuring a two-step authentication procedure with instantaneous doctor/patient notification,” said Tom Madden, the TransMedia Group CEO. “Our publicity will show how Timicoin digitally improves and disrupts medical record keeping with its revolutionary enterprise solution that also protects against ransomware and other attacks, while providing unique mobility and ultra-safe access.”
Lowe said TransMedia’s healthcare track record led to the decision. TransMedia will continue to present Timicoin as the innovative leader in the blockchain technology space focused on medical history. “The Timicoin solution is exciting as I’ve always felt all doctors and patients should have access to medical records at their fingertips,” Lowe said. “Just imagine the comfort this provides to millions of tourists traveling the world as they now possess a mobile health information platform accessible from anywhere.”
TransMedia will introduce industry professionals and consumers to Timicoin and brand its impact on doctors and patients, as well as on travelers, seniors and families with young children. TransMedia hopes to arouse media interest in Timicoin as a disrupter in an industry that has for the most part stayed technologically behind.
Timicoin comes at a time healthcare is shifting towards a digital transformation with companies like Amazon, Berkshire Hathaway and JPMorgan Chase planning to disrupt with its own solution for an industry reeling from inefficiencies created by a web of doctors, hospitals, insurers and pharmaceutical companies.
As each new technology is prone to cyberattack, Timicoin has patent-pending solutions to securing patient data, while providing unprecedented portability. “We’ll emphasize this breakthrough technology can be lifesaving as it provides medical information in a few clicks, creating a sense of comfort for tourists who can quickly access their medical history from anywhere,” Madden said.