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Blockchain Health Startup Receives $10 Million investment from American Medical Association

AMA innovation enterprise Makes $10 Million Investment in Akiri

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Akiri, a blockchain health startup recently received a $10 million investment from Health2047 in their series A funding. This money is to be used for development of a blockchain-based platform for health data.

The announcement of this investment was made on January 3. The innovation enterprise, Heatlh2047, which was launched by the American Medical Association, is the company making the investment. This new platform, which is dubbed Akiri Switch, will enable the transfer of private healthcare data across the US.

The Details

According to the announcement, this network will be capable of validating both the source and the destination of the data. It will achieve this by combining the capabilities of blockchain technology with other types of routing and privacy tools to keep out unwanted visitors. Health data is quite sensitive and the blockchain technology is one of the best methods to transfer it.

According to the CEO of AMA, the healthcare system needs to adopt technology that could replace or revolutionize the existing systems. He said,

The data liquidity problem that physicians and other healthcare stakeholders currently face needs to be solved because it’s one of the biggest barriers to improving the patient-physician relationship.

This initiative is one of the latest attempts to apply blockchain technology beyond cryptocurrencies and into the healthcare system. However, this is not the first time an attempt is being made to apply blockchain technology in the medical field. In August 2017, the Medical Society of Delaware also announced they would utilize blockchain technology to create a ledger of patient data. This data would be made available to healthcare practitioners and insurance companies.

Data is the lifeblood of the healthcare sector today with fast and efficient of information being crucial to efficiency and quality. However, the major problem that healthcare organizations face is how and who to share this information with.

About Akiri Switch

Akiri was the first company to receive funding from Health2047, a company funded by the AMA. It was originally known as Health2047 SwitchCo. Akiri has since evolved to build an engineering bench that has attracted talent from places such as Cisco, Apple, Stanford, VMWare, and other innovators in the technology sector. Akiri’s first collaborator on this project is Celgene Corporation.

Other Potential Uses of Blockchain Technology in Healthcare

Besides sending and receiving data, experts believe that blockchain technology can be applied to administrative needs of the healthcare sector. According to Debbie Bucci, a lead IT architect for the US Health and Human Service Department, blockchain technology could also be applied to payment records. Besides that, most other records, accessible both privately and publicly, could utilize the blockchain.

The department has in the past requested experts to submit academic papers to outline the potential uses for blockchain technology. Thus far, it has received about 70 submissions from various experts.

What do you think about Akiri’s latest move to integrate blockchain technology into the healthcare system? Leave us your thoughts in the comment section below.

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