Patientory (PTOY) Is Trying To Solve A Billion Dollar Inefficiency

Patientory (PTOY) currently goes for $0.38 a piece, up close to 80% on the token’s price this time yesterday. This is one of the more interesting concepts to come out of the wave of blockchain based industry shakeups over the last 12 months and it’s one that’s attracting quite a lot of attention outside of the core space.

PTOY Daily Chart

From a short-term trade perspective, this one is pretty tough to figure out right now. The company hasn’t really undergone any fundamental changes over the last 48 hours – at least none that would account for the dramatic upside revaluation we have seen across the period – but this doesn’t necessarily mean that it’s not worth a look from a longer-term perspective, especially at current prices.

What makes us say this?

Many of the coins that we are seeing gain ground on a short-term basis right now are coins that are representative of fresh ideas or are set up to solve relatively small problems associated with inefficiencies in various economic situations. This doesn’t mean they aren’t valuable, of course, but it does somewhat limit their long-term potential.

With Patientory and, by proxy, PTOY, things are a bit different.

The company is set up to be an Electronic Medical Records (ERM) storage network built on the Ethereum blockchain. Right now, inefficiencies in the health data and records space in the US cost billions of dollars annually to overcome. Even then, things like readmissions can never be entirely resolved and much of this is rooted in the fact that the medical record space is highly fragmented. There is nothing to guarantee that one element of a record will be reproduced, or, if reproduced, be available, at any one time and for any one person and this causes obvious problems.

While this problem exists, however, the solution is not a straightforward one. Sure, it would be easy to say that there should be some sort of open network that healthcare facilities and physicians can access and through which medical records are shared and updated but this brings with it some serious data security and privacy issues.

In the US, patient medical records are protected by what’s called the Health Insurance Portability and Accountability Act (HIPPA) of 1996’s privacy rule. We don’t need to go into what this rule entails in any real detail right now but, suffice to say, it makes it incredibly difficult for any centralized entity to build a data storage system that meets its security requirements.

What Patientory is trying to do is to employ the cryptography and security mechanisms built into blockchain technology to overcome this issue and – so far – it looks like it’s doing a pretty decent job.

The company just reported that it’s back on track (after an early month setback last month rooted in some false reporting on an FDA submission) with its December 2017 roadmap meaning that, by the end of this year, there should be a live patient portal and the DApp/Smart Contract(s) surrounding Private Data Store Implementation should be in place. These are both major milestones and their announcing could serve to inject some real upside momentum in PTOY as and when they hit press.

As mentioned above, however, the real opportunity here, in our eyes, is one of long-term disruption. Healthcare in the US is a $3 trillion industry with a multibillion-dollar inefficiency and, if Patientory is able to overcome this inefficiency, the company could quickly be one of the most disruptive blockchain based entities in the world.

Of course, the fact that this inefficiency gap exists highlights the complexity of its resolution but we’ve got to remember that those that came before Patientory were trying to overcome the problem with legacy technology. Patientory, on the other hand, has blockchain in its toolbox.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Patientory