Teledactyl Blockchain, LLC is innovating the healthcare system as the first health technology company built using blockchain to store patient medical records securely.
Founders Dr. Seth Crapp and Alan Bottorff also created a unique cryptocurrency payment feature where patients can use Teledactyl tokens to pay health care providers directly in exchange for medical services. Patients are eligible to use the digital tokens with or without third-party insurance.
“There is a major problem in healthcare where physicians are not able to take direct payment many times because of the complications of going through insurance and third-party payers,” said Dr. Seth Crapp in an interview with the Milwaukee Community Journal. “So what we wanted to do was offer doctors and patients the opportunity to restore the provider-patient relationship.”
Teledactyl is designed to eliminate frustrations with the healthcare system by optimizing the personal relationship between patients and providers without having to rely on the government or third-party insurance, according to the company’s one-pager.
The blockchain company launched its initial coin offering (ICO) last month at the 116th Annual National Medical Association Convention. Their goal is to raise $25M through the ICO to continue developing the integration of Teledactyl with existing platforms and expand its network.
Teledactyl also plans to further develop the blockchain solution through a decentralized app allowing for more secure and encrypted transmission. With recent health data security breaches affecting more than 3.14 million patient records, the company believes blockchain is the solution to preserving and protecting personal health information.
“It has been said that it would take potentially million years and all the technology and computer power in the world to break into a blockchain,” said co-founder Alan E. Bottorff.