US NSF Grants $225k To Blockchain Firm, SimplyVital Health, To Help Reduce Healthcare Costs
SimplyVital Health Inc, A blockchain company in New England, has received a grant of $225,000 from the NSF. The grant is to help the firm carry out research integration of the Graphene protocol with its Nexus protocol. It is a heavy boost for the Healthcare firm, which will surely aid their healthcare program.
The NSF gives out similar grants each year to help the stakeholders in the sector improve on the quality of health while reducing health costs. The grant is in line with the organization’s objectives of helping small business programs. It gives out about $200 million in the form of grants and other contributions to selected small businesses and innovative startups.
A Big Boost for SimplyVital
With the grant already available, SimplyVital will invest most of it towards R & D to integrate graphene protocol to Nexus (the firm’s blockchain protocol). SimplyVital aims to improve accountability in health insurance using blockchain technology.
With the design of the Graphene protocol, it will minimize bandwidth size when distributing blocks to other nodes. After the design, it will help reduce costs and improve blockchain performance. It will surely go a long way to reducing the health cost as major protocols will require lesser data to run.
Blockchain technology utilizes a lot of data. It is one of the major costs any blockchain firm will incur. But with this integration, the cost in that area may be cut by 50%.
While commenting on the development, Andrea Belz (the division director at NSF), stated that NSF throws their full weight of support on future technology. They are always behind those tech startups who can find innovative ideas to improve basic science and technology. According to him, the organization will always support startups that address a lot of the current need for cost reduction and operational improvement.
Integration of blockchain technology into the health sector
Blockchain technology is gradually gaining momentum in the health sector. On the current estimate, the value is supposed to exceed $1.6 billion by 2025. The reason is because of certain improvements and other factors such as increasing investment and government initiatives. Apart from the health sector, other organizations have already tapped into the industry to utilize the advantage the blockchain will bring to their organization.
MediConnect, a blockchain startup, recently created a workflow that is designed to take inventory of medications through the supply chain. It has also started integrating the processes of UK Meds’ pharmacy on the platform. With these recent developments in the health sector, it won’t be long for other sectors to start tapping into the enormous benefits of blockchain technology.
Already, the NSF has begun to support small companies and revolutionary startups. The grant given to SimplyVital Inc. is one among other grants it has given in the past. The integration of blockchain technology into the firm’s protocols will lower costs and improve the overall operation in the health sector.