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The healthcare resources such as medicine, consumables, medical equipment and healthcare services, are closely related to the citizens’ life. China’s Basic Medical Insurance System has realized full coverage of the population, which has involved over 1.4 billion people into the program, forming the largest and most colossal health insurance program on the globe. In 2017, the overall expenditure of Basic Medical Insurance was 220 billion USD. How to systematically control the cost and improve the efficiency of medical insurance fund has been a great challenge to the responsible authorities.
Group purchasing organizations (GPOs) were created to help hospitals and other providers to pool their purchasing power to secure significant discounts on virtually all medical and other hospital supplies. Using the power of collaboration, hospitals rely heavily on GPOs to provide economies of scale and labor savings, as well as providing other supply chain efficiencies, such as e-commerce systems, data analysis, benchmarking, and best practice sharing. As the largest health insurance payer in China, Basic Medical Insurance System is in urgent need of a national GPO platform to provide healthcare products, services and relevant knowledge to hospitals, pharmacies and individuals at a highly discounted price.
Under this background, headed by senior senator Sir Prof. Gongcheng Zheng, the member of standing committee of The Thirteenth National People’s Congress (NPC), the Laboratory of the National Group Purchasing Organization of Healthcare Resources was jointly established by China Association of Social Security (CAOSS), Social Medical Insurance Bureau of Heilongjiang Province as well as THEKEY in recent days, aiming at fundamentally reducing the procurement cost of the healthcare products and services based on the blockchain and big data technology. THEKEY serves as the exclusive technical service provider in the Lab. The Lab is established to serve the newly founded State Healthcare Security Bureau (SHSB) of China, with the pilot project implemented in Heilongjiang Province (population of 38 million), and will eventually be deployed nationwide.
Health data is essential in optimizing the GPO platform, which includes pricing, procedure order, supply chain financing and so on. In China, although Basic Medical Insurance System collects a tremendous volume of personal health data, due to privacy protection concerns, these data are not shared even among the different agencies managing the Basic Medical Insurance System, let alone with other departments and agencies across the general Healthcare System.
Against this backdrop, THEKEY will establish the GPO Platform by mobilizing the health data collected by Chinese basic medical insurance agencies while applying the blockchain technology to facilitate safe transmission and use of personal health data among stakeholders. This will largely improve the management and administrative capacity of the GPO platform. The platform will strictly abide by the Social Insurance Law of the People’s Republic of China. Under the terms of this law, personal health data must be used in a way that the data never leaves the custody of the government, the data can never be downloaded and can never be seen by unauthorized personnel.
Given that absolutely reliable online identity verification is a prerequisite in achieving this goal, THEKEY Project is now developing a second-generation IDV solution for the Internet deploying its proprietary Blockchain based Dynamic Multi-Dimension Identification (BDMI) technology. The testnet of BDMI has been launched in May and the mainnet will be under public beta on NEO blockchain by the end of this year. This undoubtedly has laid a solid foundation for the blockchain application in GPO.
So far, most public blockchains of global influence focus only on token issuance and transactions related to cryptocurrency, reaping profits from speculation related to token price fluctuation. The application of blockchain in the development of GPO platform is in address to fundamental social issues related to people’s livelihood, quality of life and national economy. THEKEY is taking a leading position in the large-scale application of blockchain to measurable social benefit.
THEKEY is a decentralized ecosystem of an identity verification tool using national big-data and blockchain. THEKEY project team is now developing an identification verification (IDV) tool with blockchain based dynamic multi-dimension identification (BDMI) by using Personally Identifiable Information (PII) which is exclusively authorized by government authorities. THEKEY token (TKY), is the only method to settle smart contracts signed between the participants in THEKEY Ecosystem. THEKEY mainnet is scheduled to be released at the end of this year. Now TKY is tradable on the exchange platforms, such as HitBTC, Bit-Z, KuCoin.
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