1728 Individual Participants Contribute in “Democratized” Funding Model
ATLANTA, USA – JUNE 3, 2017 – Patientory*, the leading healthcare cyber security startup, announced it had raised $7.2 million USD in a successful crowd sale. Driven by 1728 investors, the company reached its funding goal in only three days. The funds raised will be used to officially launch the Patientory platform.
Crowd Sale Details
|Token||PTOY||Blockchain||Ethereum Private Chain|
|Total Supply||100,000,000 PTOY||Token Mechanics||Access/Permission|
|Total Sold at Crowd Sale||70,000,000 PTOY||Participants||1728|
|Start Time||May 31, 2017, 16:00 UTC||End Time||June 3, 2017, 17:30 UTC|
Patientory founder and CEO Chrissa McFarlane said:
“Healthcare plays a major role in everybody’s life, so investors easily recognized the value and impact that Patientory will have. It’s a real game changer for healthcare organizations, doctors, and patients.”
What is Patientory?
Patientory is a blockchain-based distributed electronic medical record (EMR) storage computing platform and functions as a network/bridge that connects siloed, centralized EMR systems. Healthcare entities can secure private health information, rent computing power, servers and data centers and make their unused resources available through a unique private infrastructure on the Ethereum blockchain. From the platform, smart contracts can be executed in relation to the patient care payment cycle.
Patientory Can’t Be Hacked
The biggest advantage of Patientory for doctors and healthcare organizations is the employment of blockchain technology to help the healthcare ecosystem mitigate damaging data breaches. While existing EMRs are vulnerable to hacks, blockchain utilizes a more secure, permanent record of online information exchange and can’t be hacked.
Cyber attacks such as the WannaCry ransomware from May 2017 are projected to cost hospitals $305 billion by 2021.
“WannaCry was proof that healthcare organizations urgently need a secure, scalable, cost effective population health management solution,” McFarlane explained. “Rather than having one central administrator that acts as a gatekeeper to data, Patientory has one shared ledger, spread across a network of synchronized, replicated databases visible to anyone with the authorized access, providing unprecedented security.”
How Doctors and Patients Will Use PTOY
Doctors (and their healthcare organizations) use Patientory to get the patient’s complete and up-to-date medical history. They use PTOY tokens to secure private health information, rent computing power, servers and data centers through a unique private infrastructure on the Ethereum blockchain. In addition, smart contracts can be executed in relation to the patient care payment cycle.
Patientory’s advanced healthcare app that lets users create a patient profile to keep track of their health history. After signing up through the app, the patient is allotted space to store information for free on the Patientory network. PTOY allows the patient to purchase extra storage space from nodes setup in their hospital’s system, secure in the fact that their private medical data cannot be held ransom by cyber criminals.
“It’s virtually impossible for a cyber criminal to hack one block in the chain without simultaneously hacking every other block in the chain’s chronology,” McFarlane continued. “This makes Patientory incredibly appealing to not only store a patient’s entire health history, but determining who should have access to it.”
*Patientory is one of the finalists of inaugural Atlanta Startup Battle and a coworking company at TechSquare Labs.
Notes to the Editor
- Patientory’s white paper, the holy grail of blockchain for healthcare, outlines a detailed description of the vision, market, and development roadmap. Download it here.
- This press release is also available for download.