New England-based blockchain SimplyVital Health, Inc. received a US$225,000 grant from the United States National Science Foundation (NSF) to study the integration of the Nexus and Graphene protocols.
NSF has provided a grant through its small business programs that provide $200 million a year to innovative start-ups and small businesses, as announced in SimplyVital Health's press release of October 10.
SimplyVital will provide a research and development grant for the integration of the Graphene Protocol into its Nexus Block Protocol, which deals with compliance with the Law on Portability and Civil Liability in Health Insurance. The Graphene protocol is designed to reduce bandwidth to distribute blocks to other nodes in order to improve blockchain performance while reducing costs.
In particular, the company is seeking a way to reduce healthcare costs by enabling access to data using "blockchain" technology. Commenting on the development, Andrea Belz, Director of Industrial Innovation and Partnership at NSF, said:
"NSF is proud to support the technology of the future by funding the most creative and influential ideas. With our support, deep technology startups can lead basic learning towards meaningful solutions that meet enormous needs.
By 2025, the value of blockchain technology in the healthcare market is expected to exceed $1.6 billion due to a number of factors including government initiatives and increased investment in healthcare. Indeed, organizations around the world are doing everything they can to block this process.
