Medichain aims to be the go-to platform for medical big-data. The platform will be a distributed database for patients to store their own medical history which can then easily be shared with doctors and specialists.
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“MediChain is revolutionising medical records and healthcare with Blockchain”
— Dr. Mark Baker, CEO and Founder
Currently, most patients medical records are stored either in files written on paper in a file storage room or on the centralized computer network at the patient’s medical institution. This method of storing a patient’s sensitive medical history including medical conditions and diseases can be super ineffective. Not only do records take some time to locate but lost medical records, unsurprisingly this is the 3rd leading cause of death globally.
It’s not only paper hard copies which run the risk of being lost, digitally stored records are also at risk of being exposed to data loss and can also be leaked or penetrated by hackers. Medical institutions often use different systems and mechanisms to store their databases making them difficult to share move across.
These are just some of the risks patients are unknowingly taking with the use of the current systems in place today. The use of these storage methods, especially hard copy, is outdated with the technology that is available today. Medical data should be stored securely, electronically and should be accessible from anywhere at anytime.
Medichain is a cutting-edge platform designed to solve many of the problems faced in the medical big-data industry today. It uses innovative technology which is widely considered to be a breakthrough in the field of medicine. Medichain utilizes blockchain technology to provide a secure, decentralized and distributed platform for patients to store their medical records.
Medichain has launched an ICO to fund the development of its global scale medical record database. Medichain will offer the following benefits to both patients and medical centers.
All patient medical data is stored on an open-source ledger, but this does not mean that it can be seen by just anyone. The system guarantees privacy by enabling the patient to decide who has access to their records, unlike in a traditional system where anyone with access to the network can view them.
It also assists in sharing medical records between healthcare providers and pharmacies. Medichain makes this happen by acting as the bridge to share this data between traditional networks. Not only will the patients benefit from this transaction but the medical practitioners will be rewarded for utilizing the system too.
Practitioners are rewarded in Medichain token simply for accessing and reviewing a patients data.
The high level of security provided by blockchain will ensure that not only are records easy and fast to access from anywhere but that they will only ever be seen by those who are given permission. Transferring of records between practitioners has never been safer.
The encryption methods used to ensure that any publicly available data on the blockchain is not readable but need to be decrypted in order to be viewed.
Little to No Cost
One of the major benefits of this technology is that there will be no cost to patients or doctors, in fact as mentioned previously the platform will reward the practitioners simply by using it. This is in stark contrast to the costly systems in place today.
On top of the savings to patients and doctors, it will also mean that huge sums of money spent globally on medical research can be better spent where it’s needed. Also, since misplaced medical records are the 3rd largest indirect cause of death globally, there could be saving upwards of 1 trillion US Dollars in the US alone!
Sharing Medical Data
A breakthrough in distributed file storage mechanisms means patients will be able to opt-in to share their medical history with all medical practitioners and researchers to access. This will create a global database os cases which will streamline the process of finding cures and improving the rates and speed of a successful diagnosis for another patient with similar conditions.
The use of decentralized technologies means that patients, doctors, pharmacies, insurers etc. will be able to access your records from anywhere with ease, even if you’ve migrated overseas! This also means that all medical practitioners will have access to shared medical information globally, this could save countless lives in under-equipped hospitals in 3rd world countries.
The mediChain presale of 6,5 million MCU tokens has been open from 5th of February, it closes on 19th of February and carries a bonus of 15-50% depending on the amount invested. There will be a break on the ICO from 5th of Feb to the 1st of March where only deposits will be possible (no purchases). The main ICO sale will take place from March 1st to May 1st 2018, there will be a minimum purchase of 10MCU equivalent to 10USD and 40 million MCU tokens will be made available to purchase.
- Softcap: $2,000,000
- Hardcap: $40,000,000
The roadmap on their website provides a plan for the next two years (Q1 2018 to Q4 2020). It can be found here.
Their website shows a team of 25 individuals a mix of professionals with what seems to be a good mix of medical, cryptocurrency, marketing, and business development backgrounds, and a list of 10 advisors who mainly have backgrounds in ICO’s, startups, law, cryptocurrency and Fintech
MediChain is not the only ICO at the moment for a medical record storing blockchain solution, there are a number of startups intending to provide a platform for medical data storage on the blockchain. Some other ICO’s with very similar product offerings and solutions are:
We are yet to see how this ICO stacks up against the competition, only time will tell which will be the widest adopted and best performing of this new type of blockchain platform.
- Name: MediChain Utility Token
- Platform: Ethereum
- Type: ERC-20 Standard
- ICO Price: 1 USD/MCU
- MCU on sale: 40,000,000
- Total Tokens Produced: 60,000,000
The total supply of tokens will be distributed according to the following percentages as provided by MediChain:
- Pre-sale tokens – 20%
- ICO tokens – 40%
- Partner tokens – 15%
- Team & Founder fund tokens – 15%
- Medical Data Fund tokens – 10%
Links & Resources: