Ehave, Inc. and Identity Key Announce Partnership for Blockchain Based Identity Verification Software for the Medical Industry
Adopting blockchain technology to Ehave’s Dashboard has the potential to transform health care, placing the patient at the center of the health care ecosystem and increasing the security, privacy, and interoperability of health data
Ehave, a leader of digital therapeutics delivering evidence-based therapeutic interventions to patients, announced it has entered into a partnership with Identity Key to provide blockchain based identity verification software for the medical industry. The Agreement calls for the Identity Based Plug-in to be integrated into Ehave’s Dashboard. Ehave will generate royalty revenue based on sales of identity verification software from Identity Key. Ehave currently has products in development that focus on telemedicine, providing medical data, and regulated substance research for mental health. Identity Key is a software company that focuses on creating verifiable credentials for users through the blockchain. Blockchain technology is creating huge opportunities for patients, doctors, and researchers to access data in new ways with audit trails and verifiable authentication.
“Online ID verification is seeing a spike in demand driven by the current pandemic. As many medical professionals send their staff to work remotely during the pandemic there has been a strong surge in demand for videoconferencing communication. Patient identification and verification is one of the most difficult issues the healthcare sector faces during these turbulent times, but it is critical in imparting fast and effective healthcare services to patients,” said Ben Kaplan, Chief Executive officer of Ehave. Mr. Kaplan continued, “Our research indicates digital identity verification systems can benefit healthcare providers by improving the quality of healthcare they provide. We see this opportunity to provide the blockchain based identity verification software from Identity Key to the medical industry as a means to enable them to improve organization and sharing of medical records, ensure insurance claims and reduce medical fraud by protecting patient data.”
According to MarketsandMarkets Research Private Ltd., “The post-COVID 19 global identity verification market size is expected to grow from USD 7.6 billion in 2020 to USD 15.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. The major factors fueling the identity verification market include increasing digitization initiatives, increase in fraudulent activities and identity theft during the last decade and increasing use cases of digital identities among verticals.”
“Making each person the center of their data has some exciting benefits,” said Adam Lambert founder of Identity Key. “Decentralized identity, puts patients in control of the entirety of their medical data, sharing only what is needed, when, and with whom.”
Identity Key technology provides a way to verify the source of information (Issuer) by establishing a unique, secure, direct line of communication between a data holder (Patient) and a data verifier (Recipient). This provides a layer of trust while preserving privacy and ensuring data protection.
Attestations about personally identifiable information are trusted, as they are digitally signed by a trusted issuer and can be verified cryptographically, without any data mediators.
Ehave plans to target patients, doctors, and researchers to help them quickly authenticate or release personal, verified data and give more control in situations where trust cannot be compromised. Utilizing the blockchain technology Ehave can offer its medical partners an opportunity to lower their administration costs by up to 90%. Ehave intends to offer its medical partners identity management solutions that include:
– Verifying Patient Data prior to telemedicine.
– Allowing the patient to control access to their medical files.
– Allow partners to verify medical insurance faster.
– Allow patients to share parts of their health information but maintain privacy.
By verifying patients, doctors, and medical partners faster and more securely, Ehave should be able to offer a significant savings on administration costs. This creates a very secure tool that ensures a more secure verification process and increase profits for medical professionals by lowering the cost of revenue.