Orlando, FL (BlackNews.com) — Teledactyl Blockchain, LLC is officially open for business. The health tech blockchain and cryptocurrency company launched its initial coin offering (ICO) at the 116th Annual National Medical Association Convention on August 11th. Co-founders Alan E. Bottorff and Dr. Seth Crapp joined forces with a group of experts to create a unique blockchain platform that securely stores medical records and correspondences between patients and physicians through encrypted transmissions. The technology also incorporates the teledactyl token (TDCL), a digital asset that allows patients to pay physicians directly for medical services either as a complement to or in place of insurance.
“There is a major problem in healthcare where physicians are not able to take direct payment many times because of the complications of going through insurance and third-party payers,” Dr. Seth Crapp says. “So what we wanted to do was offer doctors and patients the opportunity to restore the provider-patient relationship.” Optimizing the patient-physician relationship is the foundation of the Teledactyl mission statement. Other components of the company’s mission include: increased patient privacy and data security, provision of new payment options for millions of uninsured patients and the integration and advancement of healthcare technology ecosystems.
Teledactyl is a compatible blockchain and healthcare ecosystem that allows for the creation of additional mobile or web-based applications or decentralized applications (dApps) to be used on the blockchain network. Dr. Crapp says, “The Teledactyl ecosystem includes applications, telemedicine and the blockchain itself with patient records and a financial component in the teledactyl token. The teledactyl token holds value that comes from use and can be exchanged and traded on the blockchain as well.”
Teledactyl tokens can be purchased, traded and exchanged through the Waves platform mobile app which can be found on the iTunes App Store or Google Play store or downloaded for PC at Get Waves. A quick, four-step instructional video is available on the company’s website for assistance with the process. Physicians who would opt-in to accept teledactyl tokens as a form of payment are also being recruited nationwide.
Answers To Record Security Breaches
In the wake of recent security breaches, Teledactyl provides a secure medical record storing alternative to current systems. CEO Alan E. Bottorff says, “What we find now with EMR technology and cloud-based systems is that they are centralized databases, where Teledactyl is a decentralized database. What that means is that our blocks, where we store information, are secured and encrypted. It has been said that it would take potentially million years and all the technology and computer power in the world to break into a blockchain.”
According to the 2018 Quarter Two Breach Barometer released by Protenus, more than 3.14 million patient records have been hacked, leaked or compromised by unauthorized access between April and June. The report notes that the average cost per breached record has increased 6.4 percent ($408 per record) since 2017. The report states, “Healthcare organizations must remain vigilant, looking for best practices in healthcare privacy that will allow them to audit every access to their patient data. Full visibility into how their data is being accessed and used will help organizations secure patient trust while preventing data breaches from having costly consequences for their organization.”
The company founders say Teledactyl’s immutable blockchain technology is the answer to this problem.
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