Factom, an Austin, TX-based blockchain technology company offering data management and record keeping support for business has received a grant from Bill & Melinda Gates Foundation to secure medical records that are persistent, readily available, and reliable. Founded in 2000, Bill & Melinda Gates Foundation Global Health Division aims to harness advances in science and technology to save lives in developing countries.
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.
Factom recently raised a $4.2M in Series A funding led by Tim Draper of Draper Associates to further develop Factom Apollo and Factom Iris products.