MediChain ICO-The Way of Saving Patients’ Lives with Blockchain Technology
Have you heard about a way of saving patients’ Lives with Blockchain? There is a big problem with our current system of medical information storage and transfer. A county hospital might use one system of Electronic Medical Records (EMR) while the local private oncological practice might use a different system. When a patient sees his oncologist from the private practice and is prescribed rounds of chemotherapy at the hospital, the private practice and hospital need to spend extraordinary amounts of resources reconciling their respective EMR systems just to handle the patient’s medical history. Furthermore, the patient has no control over what occurs to their medical data, or who sees it. They can’t see it without asking their physician or hospital.
These aren’t the only consequences of outdated EMR systems. Researchers who need to use this data to study trends must to consolidate varying systems and process each one separately. The centralized forms of storage implemented by current EMR systems are prone to hacks, in which sensitive and private patient information is compromised. All of the issues listed here have rendered the industry ripe for much needed change.
What is MediChain?
This is where MediChain comes into the picture. Blockchain has provided humanity with a safe way to store and send sensitive and valuable information without the need for trust. By implementing a combination of blockchain and off-chain storage of EMR, MediChain is creating a simple way to transfer important medical information between entities. This new system will also give patients control over their own information, allowing them to share their records with as many or as little people as they see fit. Patients will be able to choose what to do with their data, whether that means sell it to pharmaceutical research groups or take part in clinical studies. Patients will have the same confidence and control over their data as holders of Bitcoin have over their funds.
How does MediChain work?
Whenever any data is gathered about a patient, by device or medical professional, dispensing a prescription or even purchase of a non-prescription medication, the patient (through an app) or the device would get a chance to have a reference or “pointer” added to the Ethereum blockchain. So the blockchain is an index to storage and it contains the hashes that validate the offchain data. Instead of payments, this blockchain ecosystem would record critical medical information off-chain, indexed by the blockchain. Every point at which a doctor logs on the blockchain (or the patient logs on for themselves with their smartcard, giving them control of their own data) would become part of a patient’s off-chain record, no matter which electronic system the doctor was using—so any caregiver could use it without worrying about incompatibility issues.
The MediChain (MCU) Token
The MediChain Utility tokens (MCU) are ERC-20 compliant and represent the value of patient data blocks. MCU can be purchased via the platform during the tokens sale. A rule of thumb is that initially, the data from each consultation or piece of data is arbitrarily given a value in MCUs equal to buyer cost of the consultation in US dollars. Over time this value is adjusted for token availability, different data types, diseases, patient demographics etc., to reflect the buyer’s market. Data is available (subject to rules and anonymization) through one or more marketplaces to buyers.
Holders of MCU can use their tokens to vote on the focus of future research projects, purchase various personal medical data services, as well as receive discounts with services related to Fitbit products like Fitbit HR, AliveCor Cardiac Monitors like the Kardia, Apple Watches like the Apple Watch Series 3 and related healthkit products from partners; MCU will also be used in discounts on medical services which might include consultations and prescriptions in applicable domains. Data may be sold to pharmaceutical data entities in exchange for MCU.
Although there are many projects seeking to bring EMR to the blockchain, MediChain stands out with their model of using data as anonymised big-data. The model provided my MediChain is a scalable and sustainable solution to the problem of pluralistic EMR systems and their cohesion. To learn more about MediChain, visit their website and read their whitepaper. It is also interesting that patients themselves can store their own data on the platform and, if necessary, provide access to them to the treating doctor or any other specialist without fear that they will use it in an inappropriate way. Most of us are familiar with the situation when a patient’s personal data have been lost in the form of a physical carrier (ambulatory card). This situation also applies to electronic databases, which are already firmly in circulation in the healthcare system, but are far from being reliable and accurate, therefore a patient’s data is not under constant protection, and often people themselves must take care of the safety of their medical information. Developers of the MediChain platform took care of its benefits and the need for each of the parties of the process – both patients and medical personnel. The data will be carefully stored in secure cloud storage, protected by blockchain technologies, and there will always be an opportunity to provide access to your data to a certain circle of people, regardless of their physical location.
In addition, the MediChain ecosystem also has benefits for scientific community – for research institutes and pharmaceutical companies. How does this happen? The representatives of these industries may have access to data, preserving its absolute anonymity, more often in a generalized form, which is quite acceptable and sufficient for research. When publishing the results of such studies, sources of information are never mentioned, so that users should not worry about their confidential information placed on the portal. To fully protect a patient’s personal information, the MediChain developers provided an authentication key that allows access to data only to a limited number of individuals who have special admission.
MediChain has undeniable advantages for all participants:
Access to personal data is possible anywhere and anytime. They can also be transferred to the attending physician, insurance company or financial specialists if necessary, and it does not matter where an addressee is – in the neighboring city or on the other side of the world
Data is stored under reliable protection of electronic keys and anonymity. A patient decides on his own whether to establish an anonymity function for his information
The platform will not cause financial difficulties for both sides of the process – doctors and patients. In addition, users will be able to monetize their personal information by giving it to the use of research companies. Thus, the benefit is provided not only to a specific person, but also to the entire medical community
At the moment, the medical sphere incurs large losses, which could be avoided with the use of advanced digital technologies, including the blockchain system, on the basis of which MediChain functions. For example, according to experts, large pharmaceutical organizations in the US spend about $157 million a year on research activities. Also, the death rate in the US due to medical errors is 3rd in ranking, which costs for the medical budget more than 1 trillion dollars. Thus, it is obvious that by using blockchain technologies, it is possible to reduce financial expenses at the initial stage, and in the foreseeable future completely eliminate the existing problems, since the enormous possibilities of advanced digital technologies have global development opportunities.
Research in the medical field is one of the most important components, and at this stage of development it is not at the proper level, since obsolete technologies require large monetary and human resources. The MediChain platform is ready to solve this problem in the shortest possible time.
The exchange of medical data is practically not developed now, as its importance is not fully appreciated by the medical community, but there is also no necessary capacity for its effective implementation. For example, medical exchange will help patients to find people who have similar health problems and help them solve them without spending a lot of effort and gaining the benefit. Also, the process of finding the necessary medicine for complex ambiguous diagnoses will be simplified. The MediChain system will lead to a revolutionary leap in the development of the medical field due to the use of modern technologies to bring patients and medical personnel closer together for the most productive collaboration. The currency of MediChain promises to show active growth in the near future, therefore the benefits for the participants are guaranteed.
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