Blockchain tech has been making quite a few waves in the world of medicine. There have been countless platforms upping their game through blockchain, but here is a blockchain-powered healthcare platform that has a rather unique purpose. Timicoin is actually helping people to secure their most prized and personal asset, their DNA. You heard that right! And they will actually pay for that DNA as well. Interesting huh?
While it may seem that the concept behind Timicoin, also dubbed as TimiHealth, came from the brains of an obnoxious jock who thought his DNA was so good that he should be paid for it, that is not the case. Timicoin is basically a health information exchange built on blockchain, which aims to simplify the process of sharing healthcare data between institutions.
In the world of today, where the sharing of medical data is a struggle due to privacy concerns and security issues throughout the process, Timicoin wants to solve these problems by creating a blockchain-powered health information exchange, or HIE, that would establish the inter-operability that’s lacking in today’s healthcare infrastructure.
How the Timi Healthcare Exchange Works?
Timicoin stores all patient data on the blockchain, all the while allowing the access of patient records securely in real time and by authorized parties. The data can only be accessed via a smart contract after patient’s authorization.
Timicoin’s blockchain network never reveals the patient’s identity. Instead, it uses a unique identifier to distinguish between patients. When anyone requests data from the network, the patient is notified via the TimiPatient App. The patient grants the permission to use their data, without revealing their identity. Without confirmation, the data on the network is encrypted and cannot be accessed.
Reads the whitepaper, thus explaining that the patient’s data is completely secure.
The HIE will revolve around the use of Timicoin Utility Tokens. The HIE is officially called TimiHR. Its users will be able to make Timicoin transactions to authenticate smart contracts, request or provide data permissions, access invaluable data via the TimiPatient app, or connect proprietary software via APIs.
Patients can further use the TimiHR ecosystem to securely store and share their own medical data. However, this patient data can also be utilized by healthcare organizations willing to pay for it.
How Does the TimiPatient App Work?
The TimiPatient app is the center of the Timicoin ecosystem. The app provides multiple utility functions to patients connected to the TimiHR network. Some of the core features of the app include:
- View data sharing statistics, including how your data is being shared or used based on your previous authorizations.
- Manage data access and connected providers who are multicasting their data.
- View updated health data in real-time, including sugar levels, disease information, and blood group, among other characteristics.
- Access real-time health monitoring information from smart devices connected to the TimiHR ecosystem.
- Analyze the effectiveness of diagnoses and treatments, allowing patients to maintain a synchronized medical history from multiple healthcare facilities.
Moreover, Timicoin wants to fight the practice of sharing consumer data for the purpose of money and research to make new drugs, which is the case with many genetic-based organizations.
Other products and services
The TimiHR ecosystem possesses following products and services:
This is the decentralized blockchain on which patient data is stored. It enables a profitable ecosystem between patients, hospitals, healthcare organizations, and medical researchers.
This is the electronic data management system that will be used in provider facilities as their lead EMR system or as the connecting point between their existing EMR system and the TimiHR network.
TimiReports is the online portal to view the allowed healthcare data for organizations and patients.
This is the online data management and data search portal where all the users can request new data, grant access, or manage the available data.
Users interact with the TimiHR ecosystem through the TimiPatient app, individually approving or denying requests for data.
Timicoin’s headquarter is in Austin, Texas. It appears that the company has close ties to Mexico, and they seem to be focusing their business on markets in Latin America and Mexico.