protect your medical records with Medicalchain
The world of ICOs is a land of extraordinary discoveries and ideas for blockchain technology. These new, ambitious projects set one goal: to revolutionize the industry by using the latest, decentralized solutions. That’s why DowBit is launching a series of new articles on these innovative and sometimes risky projects. In each article, we’ll investigate a new ICO.
ICO in healthcare
Our first look is on the UK’s Medicalchain. The ICO’s main task is to create a blockchain-based, uniform, and universal electronic register for health information.
Users make their medical data available to physicians or pharmacists in a secure and transparent way using distributed ledger technology.
An important aspect highlighted in Mediacalchain’s whitepaper is an app where you will be able to use information from the register — all protected by smart contracts. Two projects are currently underway. First is a doctor-to-patient (telemedicine app) and second is a data market.
Telemedicine would give patients the opportunity to consult doctors remotely for a small fee. This is already a rapidly growing niche in healthcare. Medicalchain assumes that a patient who meets with a specialist will only be able to share his or her data in real time for the duration of an “online visit.”
The second application will focus on making information from the register available to third parties for scientific purposes. This will be the basis for further development of applications based on Medicalchain. Of course, permission to share your health status would only happen if you agree since you own your records.
Medicalchain developers will encourage companies and institutions to create their own websites that could use the data for research projects. As a reward, participants receive tokens for their participation.
The system is based on a double blockchain structure. The first, built on the basis of Hyperledger Fabric, is designed to control access to patient data, while the ERC20 (Ethereum network token) will form the basis of all additional services.
Problems of modern healthcare systems
Medicalchain points to several healthcare problems, which often complicate the system. Indeed, it’s hard to disagree that the healthcare ICO will address some of them. We live in a time of unhindered and unrestricted data flow. In a world of instant access to information, the health system has lagged behind. Unfortunately, patients often play an insignificant role in the process. Fragmented information causes massive inefficiencies. Different information may end up stored in different places, and doctors may not be able to access it.
As a result, inaccessible records can cause medical malpractice. Medicalchain’s whitepaper cites a 2016 Johns Hopkins University study which lists medical malpractice as the third most common cause of death in the United States. Introducing a decentralized register with a patient in the center would be a step in the right direction.
Security also plays a role in patient health data. Blockchain may be an effective solution to protect medical privacy. Medicalchain can also provide adequate information to insurers.
An important element of Medicalchain is the introduction of MedToken. It will be used both for the use of telemedicine and for participation in research.
For consulting a specialist, for example through telemedicine services, a patient could pay for it using MedToken. Additional security features of the platform will also limit medical access only to the most necessary data.
In addition, you will be able to make your health status and treatment information available to pharmaceutical companies, insurers, and laboratories.
In terms of total token circulation, Medicalchain plans to release 500 million MedTokens, of which 35% will be sold at ICO. 31% will go towards community development, the company will retain 34%.
The latter is the most questionable information. Although these tokens will be divided between investors, advisors, and employees, the founders will still hold about 15% of them. This is quite a large amount of money that, if liquidated, could effectively undermine the token market in the future.
Medicalchain comes from the UK, although the team responsible for the project is diverse. According to the whitepaper, the team includes developers, engineers, and physicians. In his letter, Dr. Abdullah Albeyatti states that the team’s multinational nature has brought together different experiences and points of view on healthcare in different countries around the world.
Looking through the list of people responsible for creating this project, we will notice people with a solid educational and business background. Dr. Albeyatti writes in the letter:
Our mission is to improve people’s care by putting the patient at the centre of digital healthcare transformation.
Achievements and Roadmaps
A list of Medicalchain’s achievements highlights cooperation with Hyperledger and Linux Foundation. The three cooperated with several hospitals and received nominations in several competitions in the health technology industry.
The plans for 2018 are quite ambitious. In the company’s Roadmap, we will see the development of applications, performance in Europarliament, partnerships with universities, as well as pilot projects in Asia.
Medicalchain — report
The medical industry faces many problems. These are issues of queues in the public health service, the problem of costs, the lack of access to data for patients and many others.
Medicalchain can certainly be a future solution that will be able to replace hospital records. No need to register at every hospital and clinic. With access to a decentralized register, it’s certainly a solution that will reduce both time and costs. The biggest problem in this matter is that Medicalchain will function well in the conditions of the widest possible adaptation. In countries with private healthcare, it will certainly be easy to do so, but it is difficult to assess whether in the case of public health services adoption of such technology will be possible. It is possible that governments would decide to implement a public version of Medicalchain.
An extremely interesting solution is the possibility of providing information to insurers, as well as receiving payment for providing information on health condition. Patients will now be able to influence how their data is used. That is why the idea of putting the patient at the center is absolutely right.
However, the distribution of tokens is questionable, as well as the number of tokens that will be retained by the founders. However, this is also a specific characteristic of the innovativeness of this form of financing. In order to obtain full certainty and transparency, we must wait for clear regulations that will allow us to define the rules of this type of financing.
Telemedicine services are not entirely convincing either, and despite the hype, they are very often unable to replace a traditional doctor visit. However, the strength of this ICO, in my opinion, has more to do with patients owning their medical records.
Medicalchain is certainly an interesting project, it has a chance to become something really big, a project that may revolutionize private health service.