SimplyVital Health Nexus is a blockchain-based decentralized system catered to the medical industry. Find out everything you need to know about Health Nexus and its ICO today in our review.
What is SimplyVital Health Nexus?
Health Nexus, found online at SimplyVitalHealth.com, is a blockchain platform currently going through its pre-sale and ICO. The crowdsale is taking place throughout October and November.
The goal of Health Nexus is to build a blockchain-based system that can handle data transfer, payments, and storage in a distributed way, catered to the healthcare industry.
As the Health Nexus whitepaper explains, “Healthcare is under major financial distress, particularly in the United States.” Today, American healthcare providers struggle to efficiently share data. There’s limited transparency, and patients struggle to maintain ownership of their health data.
Health Nexus sees an opportunity to use blockchain technology to reduce costs, boost efficiency, and improve patient care across the industry:
“By allowing healthcare data to be securely shared in real time and for applications to be automated, healthcare costs can be significantly lowered by improving communication, data analytics, research, and ultimately, patient care.”
Health Nexus is built on top of an existing platform called ConnectingCare, created by SimplyVital Health. SimplyVital Health is a Connecticut-based company founded in 2016 to implement blockchain solutions into the world of healthcare management.
How Does SimplyVital Health Nexus Work?
Health Nexus uses a distributed hash table combined with an Ethereum-based blockchain to provide its features. Key features include the ability to share data in a frictionless way and access new revenue streams. This is accomplished via an upgrade to data integrity and security systems, as well as the addition of an executive governance system for node validation.
The goal is to provide a thriving ecosystem for a healthcare marketplace. Patients can share healthcare data, medical providers can participate in a frictionless marketplace, and apps can be developed by pharmaceutical companies, insurance agencies, researchers, and more. These apps can be written for a local scale – or a global scale.
The entire Health Nexus ecosystem is based on ConnectingCare, which was one of the best blockchain-based healthcare solutions. ConnectingCare uses a proprietary API call to create a receipt of activity in the platform stored on the blockchain. By securing this technology on the blockchain, the data becomes secure and immutable. Health Nexus is likely going to implement a similar system.
Another key feature is the distributed data storage system. Users will be incentivized with tokens to provide data storage for the platform. Health Nexus uses a distributed hash table to manage a specially modified Kademlia table to securely store data.
The database uses AES-256 encryption.
Sample Uses for Health Nexus
Health Nexus believes that decentralized apps, or DApp, will cover a wide range of issues across the medical industry. Here are some of the proposed apps that may be available for Health Nexus:
Clinical Quality Metrics (CQMs): CQMs could provide automated distribution of updated CQMs from the federal government and payers, which change annually. Physician practices in America spend over $15.4 billion per year reporting clinical quality measures, and today’s system is inefficient.
Transparency: Health Nexus could allow healthcare providers to create transparency-oriented apps. A facility or provider could access benchmarking data locally, regionally, and nationally in real-time.
Insurance Payments: Insurance companies could build apps on the platform, allowing them to collect insurance payments and provide reimbursements.
Pharmaceutical Tracking: Pharmaceutical companies and pharmacies could track drugs locally, nationally, and globally. This could enable a nationwide Prescription Drug Monitoring Program (PDMP); 49 states today have a PDMP, but this data cannot be accessed out of state.
Data Accessibility and Sharing: Healthcare providers, facilities, researchers, pharmaceutical companies, and patients can sell their data in ways tied to positive economic externalities merged with positive outcomes at mass scale.
Digital Insurance/Futures Apps: Apps like this could secure the assets of DApps using financial derivatives.
How Does the Health Nexus Token Work?
The ecosystem revolves around a digital token called Health Cash (HLTH). HLTH is designed to be HIPAA-compliant from the ground up. The developers have chosen to introduce another currency because other currencies, like Ether, “would not be able to function appropriately with a HIPAA-compliant system,” and there would be interoperability issues if another digital token were used.
Some of the core features and functions of the token include:
- Reward miners/validators and data storage devices that run the decentralized Health Nexus platform
- Provide an extra incentive for early adopters of the platform
- Provide a transaction currency that gives someone the ability to buy and sell medical data in real time and take part in the medical application system (you can share your medical device data, for example, or your personal health data)
- Provide funding to Health Nexus, allowing them to give financial backing to the currency for healthcare providers who may need to quickly convert tokens into cash
The SimplyVital Health Nexus Token Sale
HLTH tokens will initially be distributed during a pre-sale. The pre-sale will last 60 days, and will be capped at $40 million USD. 200 million HLTH tokens will be created. As soon as this amount is reached, the Health Nexus smart contract will stop accepting funds. At the end of the 60 day crowdfunding period, token transfers will be open to token holders and to exchanges.
Out of the total supply of tokens, 60% will be sold during the crowdsale, 12.5% to the team, 10% to consultants, 13% for technical tokens for stabilization and partnerships, and 4.5% for bounties.
Any tokens not sold during the crowdsale will be burned.
Who’s Behind Health Nexus?
Health Nexus is led by CEO and Co-Founder Katherine Kuzmeskas. In April 2017, Kuzmeskas was recognized by Fortune as one of 34 Leaders Who Are Changing Health Care. She launched SimplyVital Health in December 2016.
Other key members of the team include Lucas Hendren, CTO, Lead Developer, and Co-Founder. Extensive biographical details about all members of the Health Nexus and SimplyVital Health team are available through the Health Nexus whitepaper.
Health Nexus is headquartered in Bloomfield, Connecticut.
SimplyVital Health Nexus Conclusion
The first stage of Health Nexus is to launch an ERC20 token called HLTH. That token will allow users to store key sand URLs on the Ethereum blockchain. The next phase is to build a HIPAA-compliant blockchain ecosystem capable of running HIPAA compliant smart contracts, currency trades, and more.