Philip Runyan

CoinGeek Backstage: Phillip Runyan talks trust-as-a-service on BSV with Veridat

On Day 3 of CoinGeek New York back in October, one of the panel discussions centered on how healthcare and life sciences are integrating blockchain technology. Veridat’s Phillip Runyan was one of the panelists, and on the sidelines of the event, he joined CoinGeek Backstage to talk about how his company Veridat is bringing trust into the healthcare industry through the BSV blockchain as well as the company’s plans to expand beyond its niche to regulatory technology (regtech), aerospace, cannabis, and more.

On the panel, Runyan talked about how the pharmaceutical industry generates vast amounts of data; since it goes through many hands, it can often be lost, altered, or changed by accident. Blockchain technology’s immutability fixes this and introduces trust in the ecosystem.

Speaking to CoinGeek’s Patrick Thompson, the Veridat executive doubled down on the lack of trust in the healthcare industry. 

“There’s a lot of issues around trust in things like vaccines, where there shouldn’t be. Where we feel blockchain really slots in is [providing] this immutable timestamp ledger to validate data,” Runyan said. 

Veridat is leveraging the massively scaling and unbounded Bitcoin SV enterprise blockchain to introduce an immutable single source of truth for its users. Describing it as a “data integrity platform for regulated industries,” Runyan said that his company offers the ability to capture and record data in real-time and record it on the immutable BSV blockchain before it can be altered or manipulated.

Veridat has made a name for itself in the healthcare industry, but Runyan pointed out that its data integrity platform goes beyond any one niche. “We’re looking at a lot of fintech opportunities right now, regtech, the cannabis, and hemp industries as well. There are so many opportunities to crack into these industries and provide a better experience,” he said.

Runyan believes that data integrity is not only very beneficial to enterprises, but it also applies to consumers who get a lot of confidence in the products they consume. 

Veridat has already attracted several high-profile clients despite being a relatively young startup. As the managing partner revealed, one of them is JuvaTech, a medical technology company dealing in behavioral phenotyping and its relation to learning, memory, aging, and more. Runyan revealed that it’s also working with a ‘large pharmaceutical company’ and COVID vaccine manufacturers.

Beyond healthcare, the company is also working with SeraScript, a document workflow company, and this partnership having the potential to expose Veridat solutions to 200 million Microsoft 365 users, including 85% of Fortune 500 companies.

Runyan believes that it’s imperative for Veridat to keep innovating despite the success. For now, it’s working on diversifying beyond healthcare and introducing its trust-as-a-service offering to several other industries. 

“We’re not here to ask you to replace your current systems and infrastructure, we’re here to easily tap into them, and that doesn’t limit us to a particular industry,” he noted.

Runyan mentioned the aerospace and automotive industries as some of those in which companies have approached them to tap into their Bitcoin SV-powered solutions, despite not having targeted these sectors at first.

For his takeaway, Runyan believes that “we can be doing better, and we should be doing better.” In whatever industry, the lack of trust is holding back a lot of innovation and progress, and only the BSV blockchain can solve this. 

Watch: CoinGeek New York panel, Health Care, Life Sciences & Blockchain

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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