Answers to Questions about Patientory from Reddit – Patientory – Medium
Answers to Questions about Patientory from Reddit
Recently, a user on Reddit posted a series of questions about Patientory on the PTOY subreddit. We posted our response on July 8, but so far, it has not appeared. Unluckily, several attempts to contact the subreddit proprietor and request his intervention have gone unanswered.
Rather than leave the (false) impression that we don’t care to react, we’ve reprinted our answers here in total. We welcome any and all comments, so please feel free to react in reddit or email us directly at email@example.com.
Thanks for all the good questions. We appreciate having the chance to response them. Without further ado, let’s dive in!
Q1. In my practice hospitals are very slow to switch systems, let alone use cutting edge IT tech. How will you woo hospitals to switch to something as fresh as blockchain-based system? What would be the primary incentive?
A1. Hospital administrators are some of the most cost-conscious businesspeople. Fresh technology doesn’t necessarily sway them; risk-benefit analyses do. With cyberattacks expected to cost hospitals $305 billion by 2021, we are finding them very interested in having conversations around enlargened cybersecurity.
Ultimately, our most persuasive argument comes down to benefits. Patientory offers three in particular:
1. Diminished patient readmissions
Two. More secure medical records
Three. Lower health IT costs
Q2. Related to #1, is Patientory meant to be complementary to existing EMR systems or fully substitute them? From your whitepaper it sounds that you want to downright substitute existing EMRs, which would add difficulty to coaxing management to switch to a entirely fresh system.
A2. Patientory is like an EMR in one respect: it permits a patient to create an individual profile with their entire medical history. But we are not an EMR.
Patientory is a cybersecurity blockchain-based distributed electronic medical record network. Think of us as a bridge that connects to siloed EMR systems like Epic, Cerner, Allscripts and Meditech. Here is a diagram that visualizes our framework.
With Patientory, 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, wise contracts can be executed in relation to the patient care payment cycle.
Q3. Hospitals are very secretive with patient data. How would you persuade hospital management that their data is safe even however said data lives on many knots on the blockchain? If I was a non-techy hospital Director and I hear that my data lives on one hundred different computers or “nodes,” that would sound like one hundred different opportunities for hackers to steal my data.
A3. Yes, that’s one interpretation. But it’s also identically significant to stress that each of these knots are encrypted and ultimately, it is this decentralized aspect of the technology that renders it almost fully invulnerable to hackers.
We consider ourselves educators as much as (if not more than) marketers and technologists. It will be our responsibility to educate hospital managers about the benefits of blockchain.
Q4. On page 8, Figure Two, you describe “Mining Blockchain Nodes” within your system. Who will be the miners? Can civilians like myself be miners?
A4. The miners will be off the hook to the members of the private consortium only. We have been testing different consensus methodologies (i.e. proof of stake, etc.) beyond the whitepaper diagram to find the solution best suited for our platform.
Q5. PTOY tokens will be available for purchase from inwards your native Patientory app. At the same time PTOY is also available on exchanges like Bittrex. How do you think end users like patients and doctors would react to the volatility of cryptocurrency? And how will you manage that volatility with regards to prices of items sold within the Patientory system such as extra storage, or perhaps insurance claims?
A5. There emerges to be a perception that you’re going to see hospitals and doctors on exchanges and purchasing PTOY like any other cryptocurrency. This is not the case. Hospitals license Patientory like they would any other SaaS instrument, and PTOY tokens will be included in that license.
Q6. In fact, wouldn’t you want PTOY to be as stable as possible so your average Joe end users don’t get confused? Otherwise an insurance payout today could be worth half, or perhaps triple, next week. In this case there would not be a lot of price movement for PTOY, and if so what is the point of us trading PTOY on exchanges other than mere speculation?
A6. Our intent is to shield the average user and hospital from the confusion and volatility of the cryptocurrency world as it presently stands. Please see our response to #Five. We act as a broker to healthcare organizations and set up knots on the Patientory blockchain network.
Also, please note that tokens give owners access to the network and the capability to store their medical info information as well. We hope our early purchasers will also use the platform as early adopters of the product. Like all cryptocurrencies, tokens can later be sold at a price negotiated and dictated by market dynamics. As a company and broker of the PTOY token we buy back from the market on behalf of hospitals and health systems.