Solve.Care, the blockchain-based healthcare platform, announced its partnership with Chainlink, one of the world’s most decentralized oracle networks.
As a result of this partnership, Solve.Care will integrate Chainlink’s oracle networks into its healthcare platform. This will leverage the use of smart contracts in the healthcare sector.
How blockchain can boost the healthcare sector
With this partnership, Solve.Care aims to leverage on the benefits of blockchain technology. This technology is capable of easily bringing patients and administrators together in a secure manner. Not only will blockchain improve access to health care, it can also help in the efficient administration of healthcare, hasten the payments of healthcare providers, and also improve and reduce the costs related to healthcare services.
With blockchain, many of the inefficiencies relating to healthcare services can be addressed. Some areas that could see a boost from blockchain include improving health insurance finances and reports, managing patient data and confidential research, and boosting the supply chain of medical devices.
The decentralized oracle networks of Chainlink can be used to source and deliver off-chain medical data. Chainlink’s decentralized oracle will also play an essential role in connecting non-blockchain devices and key datasets to the Care Networks, which are medical ecosystems created by Solve.Care to carry out different health care services. Such healthcare services include managing diabetic patients, remotely monitoring patients with chronic ailments, managing the well-being of the healthcare workforce, and a host of other services.
Why did Solve.Care chose Chainlink?
Of all the decentralized oracles, Solve.Care chose Chainlink because they feel that it is the “most secure, flexible, and proven decentralized oracle network on the market.” Presently, Chainlink has secured over $4 billion for different decentralized applications that are currently live. This achievement makes them a perfect fit for the healthcare platform.
According to Pradeep Goel, the CEO of Solve.Care, “This integration gives us tremendous options to use Chainlink’s secure networks to ensure a more efficient healthcare process across the industry.”
He added, “From individual patient care to practitioners, insurance providers, and medical device industry needs, Chainlink oracles will allow us to address any external data requirements of our smart contract solutions for the healthcare industry. This will lead to greater adoption of blockchain in the healthcare sector.”
Chainlink will be integrated into Solve.Care because of the features it possesses. Such features include reliable and secure oracle infrastructure, credential management capabilities, and flexibility which provides transparency. Using oracles like Chainlink on a DLT can also help the issue of interoperability that is taking over current legacy IT systems today.
Various studies have shown the wastefulness of legacy systems and their inability in achieving data interoperability. These failures associated with the present IT infrastructure are some of the factors that attribute to Solve.Care’s choice of partnership. When an oracle like Chainlink is integrated with a blockchain platform like Solve.Care, the issue of interoperability can be solved.
“We’re excited to be able to collaborate with Solve.Care in expanding the scope of oracles in their healthcare platform. Chainlink’s oracle network will ensure that Solve.Care smart contracts have secure and reliable access to accurate healthcare data, enabling clinicians, patients, financiers, and regulators to accomplish better healthcare outcomes with much greater efficiency,” said Daniel Kochis, Head of Chainlink Business Development.
In addition, Chainlink is capable of providing device usage data which can aid in the creation of peer-to-peer DeFi lending solutions. In this case, anyone on the Ethereum blockchain can directly invest in medical equipment whilst gaining passive revenue. With this partnership, there’s more to come in the healthcare industry.
SOLVE, the native token of Solve.Care, is currently trading at $0.090710, with a market cap of $34,923,162 and a 24-hour trading volume of $632,359. By contrast, LINK, the native token of Chainlink, is trading at $11.22, with a market cap of $4,386,745,879 and a 24-hour trading volume of $1,078,012,736.
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