Factom, Inc. Receives Grant to Create Secure Medical Records Using its Blockchain Technology

The blockchain technology company, with funding from the Bill & Melinda Gates Foundation, is set to fill an urgent need in developing nations.

Austin, TX (November 18, 2016) – Factom, Inc. and Bill & Melinda Gates Foundation to meet one of the most urgent needs of the developing world – to secure medical records that are persistent, readily available, and reliable. Factom’s blockchain technology builds globally distributed records that can be accessed anywhere and by any authorized person with biometric verification.

Medical records are historically documented on paper and stored by clinics. This poses a problem when people move or if the region is destabilized. Creating medical records around an individual and securing them with the Factom blockchain solves both these problems in an affordable and practical way that may provide unique benefits for the developing world.

This type of system gives medical professionals and clinics the tools they need to treat disease and coordinate care in the ever-shifting environment of the developing world. For example, with the use of a smartphone, a medical professional can look up the vaccination record for a baby born in a remote area and make sure they receive the correct vaccinations or an HIV-infected person can access their viral load measurement results. This technology will save lives and expenses in developing nations that have some of the world’s most deadly diseases.

About Factom, Inc.

Factom, Inc. is an Austin-based blockchain technology company that’s on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Honest systems free up dead capital, which allows companies to grow and helps people to lift themselves out of poverty.