The Veris Foundation Ico Review – Blockchain for the American Healthcare System

About The Veris Foundation

The Veris Foundation market in the United States is one of the most heavily regulated and fractured markets in existence. Many processes between providers and insurers are redundant, and thus add unnecessary expense to all parties. These expenses are estimated to be in excess of $59B per year. This fragmented system is a result of stakeholders unwilling to assume the risk associated with designating an intermediary to handle processing of data related to healthcare services between all stakeholders. The result is a duplication of this process at every provider and payer involved in healthcare services.

Moving to a central authority-or clearinghouse-for all healthcare services would dramatically reduce expenses for both insurers and providers. No concerted effort to move to a central clearinghouse has occurred yet, as the existing expense is clearly not as high as the risk of moving to a centralized intermediary. The Veris Foundation central clearinghouse based on conventional technology systems would also require an overwhelming amount of trust. A blockchain’s distributed ledger system allows users to interact with each other without relying on trust. Every transaction is completed with absolute certainty, allowing a versatile system capable of replacing the thousands of fragmented systems which currently facilitate this process.

The Veris Foundation Key Information

The Game Change Team Behind Guardium

What is veris building and how?

The Veris Foundation is building a blockchain with a set of smart contracts designed specifically to service the healthcare industry. Blockchain provides four key fundamentals which sets this solution aside from existing attempts to address this with ‘clearinghouse’ type organizations:

1. Disintermediation – No central agent is required to approve transactions.
2. Immutability – All transactions can not not be altered or deleted once added to the chain via consensus.
3. Reliability – All nodes contain a copy of the blockchain data, removing a central point of failure.
4. Transparency – The transactions in the blockchain are visible to all parties with appropriate access to decrypt and review.

Why is Veris a non-profit entity?

The Veris Foundation feel strongly that the only effective way to solve the challenges in back -end administrative expense in the American healthcare system is that the characteristics of the organization itself must match the blockchain as best possible. The best current business entity for this is a non profit. A non-profit business structure requires transparency and stakeholder feedback via a board of directors comprised of healthcare payers, providers and financial institutions.

What is the role of the Veris Foundation?

The Veris Foundation provides the strong governance mechanism required for the continuing development and maintenance of a blockchain. The Foundation is also a structure that allows industry stakeholders to collaborate and drive down expenses while meeting their common needs. Veris is initially funded via donations from the founder and key private parties. Once an inital deployment of the solution occurs in the fall of 2017, an Initial Coin Offering will be created to further fund Veris.

Increase efficiency and lower costs

Creating decentralized databases enables all parties to securely access and share data within and across organizations, eliminating the need to hire and maintain expensive third-party information systems. Blockchain technology has many advantages over the information systems currently in place. The addition of conditional executables known as smart contracts makes an even stronger case for why The Veris Foundation solution will save time and money, especially in the longer term.

Multi-Level Encryption

All data is secured by standard blockchain encryption. Patient data is additionally secured via encryption of a smart contract. No central agent is required to approve transactions which allows for strength in automated document processing. Changes to the The Veris Foundation blockchain are always 100% publicly viewable by all parties to ensure secure movement of information. Governance of the chain is directed by a separate non-profit entity, and upgrades are voted on by users of the platform.