MEDICALCHAIN - Blockchain solution for health care


Medicalchain is the platform using blockchain technology to securely store health records and maintain a single version of the truth

Blockchain - the backbone of Bitcoin and many other cryptocurrencies - is proving its potentiality in many different industries, including healthcare.

The 4th Industrial Revolution has been taking place in every sectors, and healthcare is no exception. Hospitals around the world have been applying different modern technologies in order to improve the effectiveness of medical examination and treatment for patients, specifically to reduce the cost and waiting time. Access to medical records, however, still constitutes a problem for the medical sector, since a person's medical history may directly affect his/her current state of health. Let’s take a simple example: A few years ago, you went to clinic X, and your medical records were stored there. Today, you go to hospital Y, but this hospital is not aware of your previous medical information stored at clinic X. This may lead to the risk that the diagnosis of the doctors at the hospital Y will be misleading, and that you will have to bear the consequences. In fact, according to studies by Johns Hopkins University in 2016 on the causes of death in the United States, medical error is the third leading cause of death - with more than 250,000 deaths a year, right behind heart disease and cancer. How will the blockchain solve these problems?


Medicalchain - blockchain solution for healthcare sector

Medicalchain is a platform that allows users to save their medical information on the system, giving the users the right to allow certain medical professionals to access their information. Moreover, every visit is recorded in a digital ledger, ensuring security and transparency. Accordingly, information about the patient's medical history will be saved and passed to all medical facilities with the patient's permission.

In addition, Medicalchain also acts as a platform for other medical applications to operate. Currently, Medicalchain is developing two applications on its platform, Telemedicine and Marketplace. The Telemedicine application allows patients to receive telemedicine counseling from the doctor via telephone and pay a direct premium to the doctor. Marketplace apps allow users to negotiate with third parties for the use of their personal medical information.

For these purposes, Medicalchain uses a dual blockchain structure. In particular, the first blockchain Hyperledger Fabric is responsible for controlling access to medical records. The second blockchain Ethereum blockchain is for other electronic medical applications of Medicalchain.

MedTokens - Token of Medicalchain

Medicalchain has developed its own electronic token, MedTokens. Users of MedTokens can access and use a number of Medicalchain utilities such as paying for Telemedicine. In addition, users can also allow third parties to access their medical records and then receive MedTokens.

According to Medicalchain’s white paper, 500 million MedTokens will be issued during the pre-sale period beginning on February 1, 2018. The exchange rate is 1 MedTokens = $ 0.25 and the payment will be made by Ether or Bitcoin.

General review on Medicalchain

Medicalchain provides effective solutions to the problems that the healthcare industry faces in patient data. Compared with the previous centralized information system, a decentralized information system will help to ensure data security. Patients will be able to fully control what information he or she can share and to whom. Medicalchain provides great opportunity to grow through that help patients around the world access health care services more quickly and conveniently. And what’s important, the costs will be reduced significantly.

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