Everything Blockchain Enters Multi Million Dollar Partnership with SP Capital Management to Develop World Medical Platform

Rhea-AI Summary

Everything Blockchain Inc. (OTCMKTS: OBTX) announced an agreement with SP Capital Management to develop a World Medical Platform and electronic medical records utilizing blockchain technology. This decentralized platform will ensure secure storage of personal health data, providing patients control over their information. The project has three phases: design, development, and implementation, with EBI receiving $6.25 million in compensation. The integration of blockchain could save the healthcare industry over $100 billion annually by 2025, emphasizing the growing importance of secure digital health records.

Positive

• Agreement with SP Capital Management to develop a blockchain-based World Medical Platform.
• Projected savings of over $100 billion per year in healthcare costs through blockchain integration.

Negative

• None.

Platform will be based on Everything Blockchain’s secure, patent-pending blockchain technology

Jacksonville, Florida, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Everything Blockchain Inc., (OTCMKTS: OBTX), a technology company that enables real-world use of blockchain to solve critical business issues, today announced that it has entered into an agreement with SP Capital Management, LLC  to develop a World Medical Platform (WMP) and electronic medical records (EMR) built on blockchain technology.  The platform along with corresponding medical records, will be stored in a decentralized blockchain utilizing EB Build: EBI’s secure, patent-pending blockchain technology.

A new federal rule that went into effect October 6, 2022, requires health care organizations to give patients unfettered access to their full health records in digital format. It’s imperative to protect this information from potential bad actors.  The World Medical Platform enables storing these medical records on blockchain technology enabling individuals to secure their personal identifiable information (PII) and personal health information (PHI) while also providing an immutable health record. The World Medical Platform will serve as a one-stop-shop for those looking to take charge of their health information and keep it secure.

“Our World Medical Platform will be a game changer for keeping medical information secure and giving the data owners complete control over how it is shared,” said Sandy Lipkins, President, SP Capital Management. “Everything Blockchain’s technology gives consumers, payers, and medical providers and systems peace of mind knowing that there is an immutable record.”

The agreement consists of three phases, i) design, ii) development, and iii) implementation.  EBI will be compensated for design and development cost of $1.25 million in cash and $5.0 million in token compensation.  EBI will receive transactional fees throughout the life of the system.

BIS Research estimates that the immediate application and integration of blockchain in healthcare could save more than $100 billion per year in costs related to IT, operations, support functions, personnel, and health data breaches by 2025. “Partnering with SP Capital Management, to provide a world wellness platform enables us to enter into a market that is only growing in prominence and importance,” said Toney Jennings, Chief Executive Officer, EBI. “With our patent-pending blockchain technology as a foundation, users will be empowered to securely store their medical data, forever.”

For more information about EB Build, please click here. For more information about EBI, visit everythingblockchain.io

About Everything Blockchain, Inc.
Everything Blockchain, Inc. (OTCMKTS: OBTX) envisions a future where every transaction is trusted and blockchain is used to meet ESG goals, support cities of the future, build and control the transparency of supply chains and ensure the rights of data ownership sustain forever. The company’s patent-pending advances in blockchain engineering deliver the essential elements needed for real-world business use: speed, security, and energy efficiency. Current sub-brands include: EB Advise, EB Build and EB Control. For more information, please visit https://www.everythingblockchain.io/

Forward Looking Statements
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of blockchain and zero trust- based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

FAQ

What is the World Medical Platform developed by OBTX?

The World Medical Platform is a blockchain-based system for secure electronic medical records that allows patients to control their health information.

How much is Everything Blockchain Inc. (OBTX) receiving for the development of the World Medical Platform?

EBI will receive $6.25 million for design and development costs, comprised of $1.25 million in cash and $5 million in token compensation.

What are the expected benefits of integrating blockchain in healthcare according to OBTX?

The integration of blockchain in healthcare could save over $100 billion annually by 2025, improving security and efficiency in managing personal health data.

When was the agreement to develop the World Medical Platform announced?

The agreement was announced on October 18, 2022.