Circular, Arculus and IT Lab Partner on Healthcare-Focused Blockchain Ecosystem

Circular Protocol, Arculus by CompoSecure and IT Lab said Thursday (March 20) that they plan to launch a blockchain-compliant ecosystem for healthcare providers in the U.S. market in the second quarter.

The companies’ solution will integrate into clinical networks and serve as the secure passkey for recording, managing and safeguarding healthcare data within facilities using the MedTech device, according to a Thursday (March 20) press release.

The solution will be enabled by the Circular blockchain and by security and software offerings from Arculus by CompoSecure and IT Lab, according to the release.

In use, the ecosystem’s solution will include a physical card holding a private key that will enable authorized administrators, operators and patients to digitally sign off procedures, exams and other transactions on the blockchain by simply tapping the card on their computer, per the release.

“Tech needs to be invisible and easy to use while delivering the benefits of secure and immutable records on a public registry, so the rights of medical institutions and patients are protected, and their data safely stored,” Dr. Gianluca De Novi, founder and CEO at Circular Protocol, said in the release.

Blockchain has numerous potential benefits to serve the unique needs of healthcare and other regulated industries that must adhere to numerous requirements, according to the PYMNTS Intelligence and Solana collaboration, “Blockchain’s Benefits for Regulated Industries.”

The report found that blockchain enables robust know your customer (KYC) and anti-money laundering (AML) by verifying identities in real time and providing an immutable record of data and transactions; facilitates secure data sharing between authorized parties by using cryptography and access controls; and, with smart contracts, can enforce rules automatically to aid compliance and reduce human error.

“For example, in healthcare, blockchain’s distributed ledger technology can be leveraged to streamline centralization of patient records while ensuring that only authorized parties have access to their confidential data,” the report said.

At a time when authentication-based fraud is skyrocketing, tap-to-authenticate technology is currently being considered as a security measure by 77% of financial institutions, according to the PYMNTS Intelligence and Arculus collaboration, “To Stamp Out Authentication-Based Fraud, Banks Want Metal Cards.”