March 1, 2018
March 1, 2018
MediChain’s token represents patient data block values, which are arbitrary. In effect, token holders benefit from medical research data services. These include diagnosis, institutional medical data services, storage and transfer of personal medical data, research program voting and MCU discounts among other things.
The company’s 20-strong team is comprised of healthcare, economics, blockchain and business experts. In fact, the board of advisors, in particular, includes some of the most influential and experienced persons in the blockchain ecosystem.
The system proposed by MediChain would enable patients to hold their data in a suitable geographic domain off the chain and give access to medical experts everywhere. In that case, hospitals, doctors, and patients can enter data into the company’s ecosystem, more specifically a compliant cloud. This data can be accessed at any time and from anywhere. Doctors and hospitals can choose the parts they want or need to access based on the individual record. As a result, they will no longer be limited and bound by separate systems of electronic medical records.
The ecosystem concept is as follows: Whenever any given information is collected about a patient by a person or device, the patient can get a reference through an app added to the Ethereum blockchain. This would be a storage index containing values validating autonomous data. The ecosystem registers important medical information maintained by a computer network. It is indexed by a cryptographic database. Access permission from the patient is required. It then grants access to any entity operating the software.
Regardless of the electronic system used by the physician, every point logged on the blockchain would become an element of a patient’s record off the chain. This way no one will need to worry about incompatibility.
The ecosystem is stored in appropriate regions in secure clouds. At the beginning, it will be launched using specific diagnostic devices and in certain areas of expertise, such as rheumatology. In the next stage, the company will develop its data storage facilities through a medical partnership and an open access API. The ecosystem will then be made available publically using the API. The final step is developing an exchange to allow safe, controlled and anonymous access to the data.
MediChain’s vision is based on the concept that all personal data is valuable, and it should belong to the person. Individuals can then choose if they want to sell their data to insurance providers or in another anonymized form. The company’s tokens can be bought during the token sale via the platform. Generally, the piece or whole data is assigned an arbitrary value of MCUs equivalent to the price paid for the consultation by the buyer in USD. With time, this amount is adjusted depending on data type, token availability, demographics, diseases, and other factors to reflect the unique market of the buyer.
MediChain tokens and funds support the accumulation of research grants specifically aimed at healthcare networks, academic institutions, scientists and universities to collect a large volume of valuable data. This will benefit not only MediChain, but also the scientific community.