SinglePoint Looks to Apply Blockchain to Healthcare with New LOI
Ryan Allway
March 5th, 2018
Exclusive, News, Top News
The healthcare system is fraught with dangers and inefficiencies, from electronic health records to counterfeit pharmaceuticals. Blockchain technologies have the potential to revolutionize the industry with an immutable ledger of information for patients, physicians, and payors. These records could create solutions like manufacturing-to-consumer supply chain verification or standardized medical health records to lower costs and address other issues.
SinglePoint Inc. (OTCQB: SING) recently announced its entry into the blockchain healthcare space with its letter of intent with ORHub, a technology provider that aims to make operating rooms much more efficient.
Blockchain in Healthcare
Blockchain technology is best-known for powering Bitcoin, but its applications move well beyond the financial sector. Wal-Mart and IBM are collaborating to build a blockchain platform for tracking food procurement in China, BHP is testing a program to track mineral samples using Ethereum, and the start-up Everledger has already been tracking more than one million diamonds from mine-to-consumer since May of 2015.
Electronic health records, or EHRs, are a prime example of where blockchain technology could dramatically improve efficiency. Physicians and surgeons often treat acutely ill patients without access to medical histories, current medications, and prior imaging studies that could influence their patient care because EHRs lack interoperability and entail high costs. Blockchain technology could lower these costs and make these records highly standardized.
Fraudulent Medicare billing is another area where blockchain technology could help solve a key problem costing more than $60 billion per year. An immutable blockchain that informs patients of all changes to their healthcare records and bills would eliminate any possibility of abuse, while increasing the safety of drug and device supply chains. In fact, blockchain technology that track every step of the pharmaceutical procurement and delivery process are in development.
SinglePoint’s New Letter of Intent
SinglePoint recently announced a letter of intent with ORHub Inc. (OTC Pink: ORHB) to build out a blockchain services platform for healthcare applications. Under the proposed agreement, the company will design and develop a blockchain-based solution for ORHub to enhance the value of data collected by its operating room software platform. ORHub will contribute $750,00 to cover initial development costs of the blockchain-based platform.
“The healthcare blockchain initiative with SinglePoint is an exciting development for us at ORHub,” said OrHub CEO Colt Melby in the press release announcing the LOI. “Our vision is to dramatically lower surgical costs, create time efficiencies while improving patient outcomes by capturing relevant surgical data and deploying this information through blockchain solutions to provide instant access or doctors, patients, and hospital administrators.”
SinglePoint believes that the LOI with ORHub represents just the beginning of many similar agreements to build out blockchain technologies across different industry verticals. With the commitment to fund the project, the company is in a strong position to design, develop, and execute on the solution in collaboration with key blockchain engineers. These develops help solidify its leadership position in one of the world’s fastest growing markets.
Looking Ahead
SinglePoint Inc. (OTCQB: SING) represents a unique opportunity to profit from the proliferation of blockchain technology and its potential in the healthcare industry. With its recent letter of intent, the company gains capital to begin its buildout as well as a key proof of concept when it comes to demonstrating its ability to execute. These factors could lead to more business down the road as it moves into horizontal markets.
Investors may want to take note of these developments, particularly after it completed its uplisting to the OTCQB and added Venugopal Aravamudan as a board member.
For more information, visit the company’s website at www.singlepoint.com.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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