February 27, 2024

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HKSTP incubatee launches blockchain platform

According to a recent report, a blockchain-focused HKSTP incubatee launched Mediflow, its latest blockchain based application.

According to the press release, in collaboration with the top healthcare providers and insurance companies in the region, leading enterprise blockchain developer is unravelling the latest innovation in the health and insurance sector, the e-Mediflow or EBT.

The EBT system promises unprecedented levels of trust and shared communications within the health and insurance industries, bringing huge benefits for businesses that align with the core interests of patients: general data protection.

The platform has been designed to address claim management for the medical insurance sector by securely connecting insurance companies and medical practitioners.

The service aims to help save costs, eliminate cross-border duplicated claims and provide reliable and up-to-date patient information to medical institutions and insurance companies.

The company’s blockchain and cryptographic technologies will allow patients to take control of their own electronic health records.

The platform received three awards from last year’s AIA Blockchain Challenge and won the Hong Kong Championship of the 2018 Zurich Insurance Global Innovation Competition.

In addition to the platform, the incubatee provides services including consulting for enterprises on how to use blockchain technology and develop blockchain components. The company specializes in digital identity management, insurance technology and notary network services.

The HKSTP incubatee offers various courses in blockchain technology, from introductory courses to business strategy and developer-focused courses, as well as prototyping assistance and professional services.

According to the press release and to reiterate, the platform enables patients to obtain control over their own electronic health. Moreover, their safety and reliability are secured by the incubatee’s proprietary blockchain and cryptography technology.

The EBT is compliant with the most stringent interpretation of the immensely-influential EU GDPR (General Data Protection Regulation of the European Union) that came into effect earlier this year, setting an example for preventing the compromising of valuable customer data, and ultimately their privacy.

The platform also opens a direct channel of communication and co-operation between insurance companies and medical practitioners to directly process claims, expedite claims approval, save costs, eliminate cross-border duplicated claims, and provide reliable and relevant on-demand patient information for medical institutions and insurance companies. It’s a triple-win situation for all stakeholders.

Earlier this year, it was reported that HKSTP would be focusing on biotech and AI to drive innovation.

The report noted that Hong Kong Science and Technology Parks Corporation (HKSTP) has plans to focus on biotechnology and artificial intelligence as part of its goal to become a major driver and coordinator of innovation and technology in the city.

HKSTP had pledged to upgrade its facilities, including laboratories and research-related application amenities, to boost research capabilities and provide a one-stop service for biotechnology firms. The goal is to turn Hong Kong into a top-notch biotech quality-testing centre in the region.

Aside from being a leading incubator of start-ups, HKSTP also coordinates ecosystems for innovation and technology among Hong Kong, mainland China and overseas firms.

The science park will strengthen ties with overseas academic and research bodies and attract investment in the biotech field under its four-year Incu-Bio scheme. The park is expanding its data workshop to attract multinational firms to work with local start-ups.

It appears that those plans have been manifested in this incubatees new platform.

The platform’s system is co-developed within a consortium of insurance and health professionals, lead by the incubatee, the top enterprise blockchain developer in Hong Kong, proudly incubated by Hong Kong Science Park.


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