Blockchain company SimplyVital Health receives a $225,000 grant from the National Science Foundation to help reduce medical costs
SimplyNews-based blockchain company SimplyVital Health has received a $225,000 grant from the National Science Foundation (NSF) to study the integration of its protocol Nexus and Graphene.
Image source: Pixabay
According to a press release issued by SimplyVital Health on October 10th, the grant is part of NSF's Small Business Program, which donates $200 million annually to innovative start-ups and small businesses.
Designed to reduce medical expenses
SimplyVital used the grant for research and development to integrate the Graphene protocol into its blockchain protocol, Nexus, which claims to be compatible with the Health Insurance Portability and Accountability Act. The Graphene protocol is designed to reduce the bandwidth required to allocate blocks to other nodes to improve blockchain performance while reducing its cost.
Specifically, the company is looking for a way to reduce data on healthcare costs through blockchain technology. Andrea Belz, head of the NSF Industrial Innovation and Cooperation Department, said of this development:
“NSF is proud to support the technology of the future by funding the most creative and influential ideas. With our support, deep technology startups can bring fundamental science to meaningful solutions to meet huge Demand."
The value of blockchain in the healthcare sector
By 2025, the value of blockchain technology in the medical market is expected to exceed $1.6 billion, supported by many factors, such as the implementation of government programs and increased investment in the field. Indeed, organizations around the world have been moving towards blockchain.
Just recently, blockchain startup MediConnect completed a proof-of-concept workflow to track drugs through the supply chain and began integrating the online pharmacy UK Meds process into its platform. It is said that this will make it possible to track and manage prescription drugs through the supply chain.