QUOINE and Medicalchain are pleased to announce the listing of Medicalchain token on QRYPTOS (https://qryptos.com).
QRYPTOS is QUOINE’s fully digital cryptocurrency exchange and trading platform launched in June 2017.
Medicalchain is a decentralized platform that enables secure, fast and transparent exchange and usage of electronic health records. Using blockchain technology, Medicalchain has created a user-focused electronic health record that can be used by patients and healthcare professionals — including doctors, hospitals, laboratories and insurers alike, and enables patients to consult doctors and medical physicians remotely, wherever they are in the world, in the knowledge that they’ll have access to necessary health records. Medicalchain will be launching the world’s first crypto-based borderless Telemedicine application in 2018.
The way in which patients’ medical data is currently collected, collated, shared and secured within the current healthcare system is flawed. Patients’ information is spread over multiple systems, hospitals, networks and physicians, with siloed communication taking place between all parties.
Patients have little ownership of their data or understanding of their full medical history, including who sees it, how it is shared and how to access it.
Medical professionals don’t have complete knowledge of patients’ histories.
This fragmented record keeping has led to unnecessary risks in patient care, including incorrect decision making, delays, and unnecessary costs for the patient or health institution. At worst, medical errors can be fatal, with studies estimating that the third leading cause of death are errors of “poorly coordinated care”.
Currently, Electronic health records (‘EHR’) are stored on centralized databases in which medical data remains largely non-portable, where cyber security risk is a significant issue (the 2017 UK NHS WannaCry malware attack as a case in point), and where trust lies with a single authority.
Coupled with this is the secondary problem of having an increasingly burdened and outdated healthcare system, with oversubscribed GPs and healthcare professionals working within severe time constraints and insufficient resources to hand. This results in routine appointments such as referrals, second opinions, education, follow-up care, monitoring, and diagnosis being incredibly cumbersome and costly for patients to organize.
In creating a portable and immutable health record platform, Medicalchain blockchain technology solves these issues.
For example, it:
Empowers patients to be at the centre of their care, holding onto their electronic health records and giving them full control over who that data is shared with.
Allows physicians to give the best care they can through informed decision-making, whilst allowing clinicians to communicate with each other with ease.
Protects patients’ health records from increasing security risks presented by cyber-attacks by using a double encryption mechanism on a closed, permission-based blockchain.
Creates medical records that are incorruptible, trusted and cannot be deleted or tampered with — including by the patients — resulting in accurate, factual and clinician-approved notes.
Gives patients the ability to contribute real-time data through integrating the Medicalchain platform with smart wearables such as FitBit, Apple Watches etc.
Crucially, it also provides instant informed access to medical professionals through Telemedicine facilities, allowing for patients to access medical professionals no matter where they are in the world, and visa-versa. Travelling businessmen and women can contact their physicians wherever they are in the safe knowledge that the practitioner has complete notes to advise from. From a patient perspective, this cuts down on the need to physically attend appointments, making the management of ones own healthcare more convenient and empowering.
Medicalchain technology will also assist in:
Increasing transparency across health plan networks
Cutting down on insurance fraud (currently estimated to be more than $40bn per year)
Cutting down on physicians’ paperwork (in relation to billing and insurance related activity)
Providing researchers with global audience of consenting patients through Medicalchain’s health data marketplace.
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