MedicalChain is a platform for secure storage of medical records of patients in the blockchain and their use in online consultations with doctors.
The initiators of the project were English doctors who saw and understood the shortcomings of the system used in the UK called “Electronic medical card” (EHR). Despite its merits compared to paper medical records, EHR failed to solve most of the problems.
The electronic medical records are still kept in the institution where they were created. The patient still does not have the ability to control access to their medical data.
Personal medical data is stored in a centralized database. This is the most vulnerable way to store important confidential information. According to statistics, attacks on medical bases are made 10 times more often than on credit cards. The patient cannot be sure that his data will not be stolen.
Medicalchain project offers a platform where personal medical records will be created, stored and used. The data will be owned by patients and stored in a decentralized network. The network consists of two circuits:
- the first ensures confidentiality and regulates access to the electronic medical records;
- the second one is based on ERC20 tokens and is used to pay for services within the network.
Network members will be able to receive online consultations from various professionals located in different parts of the world. Patients will have permanent access to their medical data from anywhere and from any device.
The low cost of telemedicine within the network is one of the advantages of the project. This will allow a person to consult with several specialists, to get a more accurate diagnosis and determine the most effective method of treatment.
The introduction of disease histories on the blockchain will reduce the risk of medical errors. Specialists will immediately see the entire history of the disease, including the results of studies and tests.
Patients will be able to decide which specialist and for how long they will provide access to their electronic medical records. Medical laboratories will be able to record the results of tests and studies in the map immediately.
Owners of medical data on blockchain will be able to receive income or perform an act of charity, providing their data to research or pharmaceutical companies.
MedicalChain project is open source and provides third-party developers with the ability to integrate their own applications into the platform. For example, to offer diets depending on the diagnosis or a certain combination of physiotherapy with a complex of restorative exercise.
The founders of the project are:
Dr Abdullah Albeyatti (education in medicine and natural sciences, still working in the ambulance);
Mo Tayeb (education in the field of natural sciences and business administration, a fan of blockchain technologies).
The main parameters of the commercial strategy are:
- Cost savings by eliminating re-diagnosis, reducing administrative and transport costs;
- Increase revenue by attracting numerous customers;
- Create a system of incentives for organisations that will assume the obligations of the nodes of network security.
A new approach to personal medical data and the transfer of their storage to a decentralized blockchain will provide:
- quick and constant access to it;
- safe and secure storage;
- ability for patients to manage access to their health record;
- the opportunity for patients to get online consultations from several specialists connected to the platform, from anywhere in the world for a relatively small fee;
- it will reduce errors in diagnosis and choice of treatment options, which in turn will lead to a decrease in mortality and an increase in the number of recovered people;
- provide access to real-life material on disease histories for research and development of new drugs.
MedToken will be a payment for various services within the network, including the use of third-party applications. An important part of the functionality of the token is to support the nodes of the blockchain.
Users can get tokens by taking part as investors in MedicalChain ICO.
Pre-ICO project was supposed to be over February 1, 2018, but was completed ahead of schedule, on 22 January 2018. This was done by purchasing tokens for $2 million dollars. The bonus for the pre-sale was a 50% discount of the token price.
The ICO started on January 1, 2018 and lasted until March 1, 2018.
A total of 500 000 000 tokens were issued at a price of 0.25 USD per piece.
Token distribution: 35% goes to investors; 34% will go to the founders, team and consultants; 31% will be saved in the company for the development of the project. MedTokens are traded on the following exchanges: Huobi.pro, Kucoin, Gate.io, Qryptos, Coinbene. Medicalchain bounty in the project was not provided.