Longenesis has concluded two new partnerships in South Korea.
According to the Riga, Latvia-based, Hong Kong-incorporated company,
it will be providing its medical-consent platform-as-a-service to
Hanshin Medipia Medical Center and Infinity Care. That brings to four
the number of business relationships it has in South Korea, currently
the company’s primary market of focus.
Longenesis,
which was formed in late 2017, provides a suite of modular blockchain
solutions for medical providers, supplying everything from user
interfaces for patient interaction to medical recordkeeping. But its
main focus has become medical-consent technologies.
With its platform, every step of the process is linked, verifiable
and auditable. The patient agrees to specified care or participation in a
study or a trial. They can withdraw that agreement, while the medical
provider can offer to extend, modify or amend the agreement.
The key, said Denis Bazinov, Longenesis project manager, is the way
in which the system works with pharmaceutical companies and research
institutions. They can peruse the anonymous metadata to see what
information might be available. They can then offer to the owner of the
data—the patient—the opportunity to participate trials or studies or
release their existing information to be used in the evaluation of a
medicine or procedure.
Bazinov said this is very different from current normal operating
procedures. In most cases, consent is handled by using paper forms, and
the system for renewing, updating and altering consent is haphazard and
inconsistent. Once the data is collected, it is traded in an OTC-like
manner, with researchers paying for bulk deliveries of information that
may not be reliable or properly collected.
“What our platform offers is a transparent chain from the patient
through to the hospital,” Bazinov said. “Our desire is to make more
information available to the researchers, who now face problems of
quantity and quality.”
Hanshin Medipia, located in Seocho, Seoul, specializes in testing and
health checkups. Infinity Care is the developer of a healthcare
algorithm.
Longenesis is already active in South Korea and has two previous
transactions in the market. In April, it signed an agreement with
Incheon-based Gil Medical Center to develop a blockchain solution for
medical-data management. The other relationship is with Korea’s
Terragene.
The solution being provided by Longenesis utilizes Bitfury’s Exonum, a
framework for decentralized blockchain applications. According to
Bitfury, the platform is highly secure, transparent and auditable,
written using the Rust programing language.
Longenesis has the exclusive license for the use of Exonum in the medical field.
The company notes that the product is Health Insurance Portability
and Accountability Act (HIPAA) and General Data Protection Regulation
(GDPR) compliant, so it meets both US and EU standards.
Insilico was founded in 2014 and has raised a total of $14.3 million, according to Crunchbase. Bitfury,
a cypto mining company, has raised a total of $170 million over a
number of funding rounds. Investors include Macquarie Capital. At the
end of 2018, valuation was estimated at more than $1 billion.
Bitfury, which is considering an initial public offering this year,
already has significant relationships with South Korean partners.
Earlier this year, it established Bitcoin mining operations in Paraguay
with Commons Foundation, a Seoul-based group. Korelya Capital, which is
based in Paris and connected with South Korea’s Naver, was an investor
in an $80 million Bitfury funding round late last year.
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