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Decentralized platform built to securely store and share electronic health records
Price on ICO
Feb. 15, 2018
Feb. 22, 2018
ICO is over
In spite of the digital revolution in data storage sphere, medical data is yet to catch up with other industries. Centralization, slow data transfer speed, vulnerable networks – these are some of the healthcare system problems nowadays.
Medicalchain is aiming to bring the following significant improvements:
– Single data source: Because of different systems and formats, the medical data is fragmented. The issue will be solved with the only storage system which can be accessed by all the stakeholders. They call it a single version of the truth.
– Data storage decentralization: When the data is controlled by a single organization, they are too vulnerable, and history already knows examples of losing health data of thousands patents.
– Privacy and access control: Patients will have full access and control over their data by providing differing levels of access to various users. They will be able to assign access permissions and define who can query and write data to their blockchain.
– Telemedicine communication: This is an online consultation with a doctor by using a webcam, but what is remarkable – the doctor will be enabled interact live with the patient’s records during the consultation.
– App platform: Medicalchain will allow third party developers to integrate their health applications into the ecosystem, such as assessment of medications, fat measurement, diet and nutritional advice.
The Medicalchain platform uses a dual blockchain structure. The first blockchain controls access to health records and is built using Hyperledger Fabric. The second one is based on Ethereum and uses the ERC-20 token. This layer is a basement for all the applications and services for the platform.
An ERC-20 token called MedToken will be used to pay for the applications developed on the platform and dealing with the medical data. Patients will also pay the doctors with this token for the telemedicine consultations. Pharmaceutical organizations will use the tokens to pay the patients for the access to their medical history.
Dr. Abdullah Albeyatti, co-founder, built the Discharge Summary application to generate accurate medical reports on patients. This app is a small component of Medicalchain is currently being used in three hospitals in the UK.
Mo Tayeb, co-founder, is an entrepreneur and has founded technology, finance, and e-commerce companies.
The team consists of 13 members experienced both in healthcare and tech. Eight advisers consult the team in healthcare and blockchain spheres.
Considering the lamentable situation in healthcare system in the United States including medical errors and lost health data, it’s obvious that Medicalchain is working on a real problem. The team having enough experience and expertise in healthcare and technology looks able to make this project successful. Medicalchain also good at self-promotion, they have more than 10,000 members on the Telegram group. But we must take into account a number of other projects competing with Medicalchain, such as Patientory or Medibloc.
Medicalchain enables users to give healthcare professionals access to their health data and records interactions with this data in an auditable, transparent and secure way on Medicalchain’s distributed ledger.
Moreover, Medicalchain is a platform for others to build applications on top of to complement and improve the user experience. Users will be able to leverage their medical data to power a plethora of applications and services.
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