SimplyVital Health, Inc., based in New England, has received a grant of USD 225,000 from the National Science Foundation (NSF) of the United States for the integration into research of its Nexus protocol with the Graphene protocol.
The NSF awarded the grant as part of its Small Business Programs, which contribute USD 200 million annually to the creation of innovative companies and the creation of small businesses, according to a press release dated October 10 from SimplyVital Health.
Aiming to reduce healthcare costs
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SimplyVital will assign the research and development grant for the integration of the Graphene protocol into its blockchain protocol, Nexus, which promotes compatibility with the Health Insurance Portability and Accountability Act. The Graphene protocol is designed to reduce bandwidth to distribute blocks to other nodes in order to improve blockchain performance and reduce costs at the same time.
Specifically, the company is looking for ways to reduce health care costs by allowing access to data through blocking technology. Commenting on the development, Andrea Belz, director of the industrial innovation and associations division of NSF, said:
"NSF is proud to support the technology of the future by financing the most creative and impactful ideas. With our support, new technology companies can guide basic science towards meaningful solutions that respond to tremendous needs."
The value of the blockchain in the health sector
The value of blockchain technology in the health market is expected to exceed USD 1.6 billion in 2025 due to a number of factors such as the application of government initiatives and increased investment in this field. In fact, organizations around the world have been making a pivot for blockchain.
Recently, MediConnect completed a workflow for a Proof of Concept designed to track medications through the supply chain and began integrating the UK Meds online pharmacy processes into its platform. This will supposedly allow the monitoring and management of prescription drugs through the supply chain.
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