ICO Analysis: Medicalchain | Hacked.com
Medicalchain is aiming to disrupt data management in the healthcare industry using decentralization and the blockchain technology.
Despite the world being in the midst of a data revolution, medical data is yet to catch up with other industries. From centralization, to slow speeds and vulnerable networks, healthcare systems have not evolved along with other industries.
Medicalchain is solving four significant issues with the current state of healthcare data storage.
- Interoperability: Health data contained in legacy systems is fragmented because of varying systems and formats. There is no single version of truth which can be used and accessed by all the stakeholders.
- Security and Fraud: Sensitive information about patients is stored in centralized legacy servers. WannaCry attack crippled the NHS with an attack on more than 230K computer systems. Medical data is sold on the dark web for almost 10x the price of credit card info.
- Data storage: Medical data is usually controlled by a single entity which results in high dependency on that system. NHS recently lost the medical records of around 700K patients putting their health at risk.
- Privacy control: Patients have no control over who uses and accesses their medical information.
Medicalchain’s decentralized platform enables secure, fast and transparent exchange and usage of medical data using the blockchain technology. The platform is built using a dual blockchain structure. The first blockchain controls access to health records and is built using Hyperledger Fabric. The second blockchain is powered by an ERC20 token on Ethereum and underlies all the applications and services for the platform.
Hyperledger fabric allows access control and multiple layers of permissions which is ideal for the privacy control use case. Only the patients can access their medical data while blockchain makes it immutable to hacks and breaches.
Medicalchain is not just a platform to store and access medical data but provides an infrastructure for digital health application and services to be built on top of the healthcare database. The company is currently developing two applications to work alongside the platform: a doctor-to-patient telemedicine application and a health data marketplace. Going ahead, Medicalchain aims to serve as an ecosystem for decentralized healthcare applications. A closed beta platform will be launched in February of this year.
The ERC20 MedToken will be used to access and pay for applications built on top of the Medicalchain data. When conducting telemedicine consultations (using the Telemedicine application), patients will pay the doctors using MedTokens.
Pharmaceutical organizations will pay the patients in the form of MedTokens if the patients provide them access to his medical history using the marketplace application.
Users will use MedTokens for a variety of other applications and services that will be developed on Medicalchain’s platform.
Co-founder Dr. Abdullah Albeyatti created an application called Discharge Summary in 2016 to generate accurate medical reports on patients, before they are discharged. He created these frameworks to create standardization in medical reports. Discharge Summary is being used in 3 hospitals in the UK. Discharge Summary is a very small component of Medicalchain, and contrary to many claims, it would be inappropriate to suggest that Medicalchain is being tested in 3 hospitals.
The other Co-founder Mo Tayeb is a tech entrepreneur and has previously founded technology, finance, and e-commerce companies.
There are 13 members in the team with extensive experience in healthcare and tech.
Medicalchain has eight advisors which include healthcare professionals and blockchain specialists.
Medical error is the third leading cause of death in the United States; add to it the woes faced by NHS in 2017, we can conclude that Medicalchain is working on a real problem which needs immediate solutions. The team looks solid with a mix of both healthcare and technology.
Medicalchain also scores well on the hype factor, with more than 10K members on the Telegram group a couple of weeks before the ICO.
But as with any industry with solid blockchain use case, there are many current and upcoming projects competing with Medicalchain.
Medicalchain vs. competition?
The most well-known project in this space is Patientory. Patientory differs from Medicalchain in 2 major aspects. Patientory is primarily focused in the US, while Medicalchain has global ambitions. After initial testing in the US and the UK, Medicalchain will expand in other geographies in this year itself. Another major differentiator is that Medicalchain follows a bottom-up approach, where they plan to integrate patients and doctors onto the platform and then make the platform functional using the Telemedicine application. Patientory follows a top-down approach and is trying to partner with establishments, hospitals, healthcare organizations. We have a favorable view of the bottom-up approach, as it makes the project less dependent on partnerships and can be readily operational.
Medibloc is another platform operating in the same sector. Medibloc is based on Qtum while Medicalchain’s data layer is based on hyperledger fabric, which we feel is more suitable for this use case. We also think Medicalchain’s team more capable than either of these projects.
Overall Medicalchain is a good project on the conceptual level, but some concerns start to emerge once you think about executing it on scale. We will discuss some of these concerns in the Risks section.
- The team will have to interact with multiple entities including the doctors, patients, pharmacies, insurers.
Bringing all these entities on board and convincing them about the potential benefits won’t be an easy task. -2
- Interacting with the regulatory authorities of each region will have its own difficulties. Each geography has its specific laws and regulations when it comes to medical data. E.g., in the US, the patients do not necessarily own their medical data, the hospitals and the clinicians have the right over it. The UK has a central healthcare database, but Medicalchain will need to extract data from the UK’s central servers which are based on subpar technology. -3
- Medicalchain is expected to face significant competition in the future. Tech giants like IBM are actively exploring blockchain solutions for the healthcare industry. IBM recently collaborated with major insurers in India for blockchain solutions. -1
- The project fares better regarding the team, roadmap, and vision against the existing competition. Co-founder Dr. Abdullah Albeyatti has been working in this direction since 2016. +5
- There is a significant growth potential for blockchain solutions in the healthcare industry, especially in the Healthcare data segment. Considering the issues that NHS had to face in the past year, UK seems like ideal geography to begin operations. +4
- Medicalchain is also creating an application layer to build medical applications. The Telemedicine application and the health data marketplace differentiates it from other similar services and will create a pathway for future healthcare applications to be launched on the platform. +3
We arrive at a score of +6 for Medicalchain. The score captures the growth potential of the project but also incorporates some execution level concerns.
- Token Type: Utility
- Platform: Ethereum
- Symbol: MEDTOKEN
- Pre-sale: Sold out
- Public sale: 1 February 2018
- Initial value: 1 MEDTOKEN = 0.25 USD
- Hard cap: 24,000,000 USD
- Total Tokens: 500,000,000
- Available for Token Sale: 35%
- Website link: http://medicalchain.com/
- Jurisdictions Barred from Participating: U.S
Featured image courtesy of Shutterstock.
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