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SinglePoint Looks to Apply Blockchain to Healthcare with New LOI -- CFN Media

Seattle, WA, March 05, 2018 (GLOBE NEWSWIRE) -- CFN Media Group ("CannabisFN"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article discussing SinglePoint, Inc. (SING) and their recently announced entry into the blockchain healthcare space with its letter of intent with ORHub, a technology provider that aims to make operating rooms much more efficient.

The healthcare system is fraught with dangers and inefficiencies, from electronic health records to counterfeit pharmaceuticals. Blockchain technologies have the potential to revolutionize the industry with an immutable ledger of information for patients, physicians, and payors. These records could create solutions like manufacturing-to-consumer supply chain verification or standardized medical health records to lower costs and address other issues.

Blockchain in Healthcare

Blockchain technology is best-known for powering Bitcoin, but its applications move well beyond the financial sector. Wal-Mart and IBM are collaborating to build a blockchain platform for tracking food procurement in China, BHP is testing a program to track mineral samples using Ethereum, and the start-up Everledger has already been tracking more than one million diamonds from mine-to-consumer since May of 2015.

Electronic health records, or EHRs, are a prime example of where blockchain technology could dramatically improve efficiency. Physicians and surgeons often treat acutely ill patients without access to medical histories, current medications, and prior imaging studies that could influence their patient care because EHRs lack interoperability and entail high costs. Blockchain technology could lower these costs and make these records highly standardized.

Fraudulent Medicare billing is another area where blockchain technology could help solve a key problem costing more than $60 billion per year. An immutable blockchain that informs patients of all changes to their healthcare records and bills would eliminate any possibility of abuse, while increasing the safety of drug and device supply chains. In fact, blockchain technology that track every step of the pharmaceutical procurement and delivery process are in development.

SinglePoint’s New Letter of Intent

SinglePoint recently announced a letter of intent with ORHub Inc. (OTC Pink: ORHB) to build out a blockchain services platform for healthcare applications. Under the proposed agreement, the company will design and develop a blockchain-based solution for ORHub to enhance the value of data collected by its operating room software platform. ORHub will contribute $750,000 to cover initial development costs of the blockchain-based platform.

“The healthcare blockchain initiative with SinglePoint is an exciting development for us at ORHub,” said ORHub CEO Colt Melby in the press release announcing the LOI. “Our vision is to dramatically lower surgical costs, create time efficiencies while improving patient outcomes by capturing relevant surgical data and deploying this information through blockchain solutions to provide instant access or doctors, patients, and hospital administrators.”

SinglePoint believes that the LOI with ORHub represents just the beginning of many similar agreements to build out blockchain technologies across different industry verticals. With the commitment to fund the project, the company is in a strong position to design, develop, and execute on the solution in collaboration with key blockchain engineers. These develops help solidify its leadership position in one of the world’s fastest growing markets.

Please follow the link to read the full article: http://www.cannabisfn.com/singlepoint-look…althcare-new-loi/

For more information, visit the company’s website at www.singlepoint.com.

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