TYDEi Health teams up with Blockchain Technology Partners to help modernize the medical device market
TYDEi Health leverages BTP’s Sextant for Daml platform to boost the implantable medical device supply chain
HIMSS 2021, LAS VEGAS — 10 Aug 2021 — Healthtech startup TYDEi Health (TYDEi) today announced that it has selected Sextant for Daml, the blockchain and smart contract management and operations platform provided by Blockchain Technology Partners (BTP), to underpin the delivery of its innovative SaaS offering, debuting at HIMSS Startup Park @ Innovation Live, that helps healthcare facilities better manage supplier relationships and medical device procurement.
In the US, nearly half of hospital revenues are from surgical procedures, with most of these procedures relying on third-party medical device suppliers to deliver patient care. The implantable medical device market — forecasted to reach a value of US$160 billion by 2026 — operates mostly by way of paper-based transactions.
TYDEi is transforming this market by launching an innovative service that allows healthcare facilities to efficiently and transparently manage the ordering, inventory and delivery of implantable medical devices. This way, these medical facilities are better equipped to meet HIPAA compliance, and have greater control over inventory as well as the surgical implant to ensure that the right device is available for surgery when and where it is needed.
“We chose Sextant for Daml because of BTP’s ability to provide an industry-grade management platform for our smart contract application,” said John Hatchell, CEO & Co-founder of TYDEi Health. “The Sextant platform offers scalability, enhanced monitoring services and security — all things that are crucial for our organization to successfully deliver a service solution in healthcare.”
BTP’s Sextant for Daml solution radically simplifies the deployment and management of the Daml runtime environment on distributed ledgers as well as centralized alternatives, which allows TYDEi to focus on customer needs and the development of its supply chain management application, rather than the underlying technology infrastructure.
“We are delighted to support TYDEi’s innovative healthcare application by taking care of the technology infrastructure,” said Duncan Johnston-Watt, CEO & Co-founder of BTP. “By utilizing smart contracts TYDEi is making the implantable medical device supply chain more efficient, transparent, and from the patient’s point of view, trustworthy.”
Daml is an application platform created by Digital Asset, and purpose-built for coding complex multiparty business processes. Daml applications provide a robust framework to better manage transactional workflows, resulting in improved operational efficiency, while preserving privacy and trust. This is especially important in highly-regulated industries such as healthcare.
“Digital Asset believes that seamless coordination is essential for quality healthcare,” said Corey Todaro, Senior Product Manager, Healthcare, at Digital Asset. “With Daml, TYDEi Health is making operational coordination across enterprise boundaries a reality.”
Sextant for Daml, developed by BTP in partnership with Digital Asset, simplifies the deployment and management of the Daml runtime environment on Hyperledger Besu and Hyperledger Sawtooth, as well as Amazon QLDB, Amazon Aurora and PostgreSQL. It is rapidly emerging as the platform of choice for companies delivering Daml applications in production.
About TYDEi Health
Founded in 2021, TYDEi Health provides a technology-enabled service for healthcare facilities designed to substantially modernize the management of the medical device supply chain. The startup’s mission is to enable hospitals and other medical facilities to better manage supplier relationships and implantable medical device procurement, while raising the standards of information security and patient safety, as well as reducing excessive administrative spend. Learn more about TYDEi Health at tydei.io.
About Blockchain Technology Partners
Founded in 2018, BTP is a leading enterprise blockchain company, with a mission to bring the benefits of distributed ledgers, smart contracts, and information security to business. BTP is the company behind Sextant, a platform that radically simplifies the deployment and management of enterprise blockchain infrastructure. BTP is headquartered in Edinburgh, and has a presence in Barcelona, London, New York and San Francisco. Learn more about BTP at blockchaintp.com. Click here to follow BTP on Twitter and LinkedIn.
About Digital Asset
Digital Asset helps companies of all sizes and across industries get distributed applications to market faster, and stay there longer. At the core of our service offering is Daml, an application platform unconstrained by organizational boundaries. Companies can create new multi-party solutions that transform disparate silos into synchronized networks, eradicating latency and errors by guaranteeing consistent data.
Digital Asset works with leading organizations in financial services, healthcare and insurance, including 5 of the top 10 stock exchanges in the world. In 2020, CB Insights named Daml as one of the top blockchain networks for capital markets. To learn more about Digital Asset, please visit www.digitalasset.com and for more information about Daml, please visit www.daml.com. Click here to follow Digital Asset on Twitter and LinkedIn.
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