As things currently stand, most hospitals around the globe use centralized servers to store patient medical records. This severely restricts data sharing opportunities between healthcare professionals and reduces the opportunity for sourcing third-party opinions to better care for individuals. Instead, we have laws such as HIPAA (Health Insurance Portability and Accountability Act) which restrict the sharing of patient data between doctors, medical service workers, and researchers, thus blocking high-quality medical aid from reaching patients who are in need.
MediBloc is an open-source platform that makes use of a healthcare ecosystem built entirely on the Ethereum blockchain. Owing to its decentralized nature, it allows for open interactions between patients, medical experts, and researchers. From a functional standpoint, MediBloc allows users to freely track their medical data including their health records and doctor visitations.
The platform accumulates all of one’s sensitive health-related information into a single data bank which can then be shared reliably with experts in a completely discreet, private manner. Additionally, MediBloc makes use of its own monetary system in order to facilitate record-sharing through an incentive-based financial model. Rewards can be obtained by both caregivers and patients, and the native tokens can also be used to facilitate internal transactions like insurance payments and pharmacy charges.
OVERVIEW OF MEDIBLOC
Offers patients a new way of interacting with medical experts
All records are maintained on a transparent network
Has huge future market potential (the US healthcare market alone currently rakes in an annual revenue of $2 trillion)
Has an intuitive interface
KEY FEATURES
MediBloc was designed to make healthcare more accessible to patients through the use of a redistributed data ownership model. What this basically means is that hospitals no longer have a monopoly over a patient’s healthcare data, and medical records are placed back in the hands of the individuals themselves.
Another key feature of MediBloc is its use of a data loss protocol that ensures all sensitive information is stored on a decentralized network at all times. Not only that, only authorized healthcare personnel are given access to the blockchain, thereby minimizing the possibility of unethical record alteration or tampering.
MediBloc user interface
Through the use of a token reward system, patients as well as doctors can receive incentives in the form of native currencies. Moreover, MediBloc is a cross-border platform, and thus is not limited by problems of geographic distance. It was created to facilitate real-time data exchange between patients and experts across the globe, which makes diagnosis and treatment much more streamlined and error-free.
HOW MEDIBLOC WORKS
This platform was created on the EVM and has three components that address key aspects of the system’s overall functionality. They include the Core, Service and App layers.
MediBloc’s layer structure (from the official whitepaper)
Each of these layers is designed to hold vital information and process data as needed. For example, the Core layer is designed to safeguard all of one’s medical information stored within the system. This is done using new encryption protocols which cryptographically lock all records via a private key (which can only be accessed by the patient).
Similarly, the Service layer serves as an intermediary between the App and Core layers. Its coding facilitates seamless data exchange and allows for the execution of smart contracts within the MediBloc ecosystem.
Simple illustration of the MediBloc working principle
MediBloc’s Application layer allows users to access various native and third-party apps in order to manage and regulate personal data in an easy and effective manner.
Lastly, it should be noted that this platform employs a Medi Point system (MP) that automatically tracks user participation and doles out relevant incentives and rewards accordingly. The MPs that are procured can be exchanged for MED tokens that can then be used to make payments and facilitate internal transactions.
Flowchart explaining the Medi Point system (from the official whitepaper)
ABOUT MEDIBLOC
The origins of MediBloc can be traced back to October 2017, when the company first released its roadmap and whitepaper to the public. Since then, the project has garnered a lot of momentum and it is expected that by May 2018, the MediBloc SDK will be made available for commercial use.
The project is the brainchild of Dr. Allen Kho and Dr. Eunsol Lee. Dr. Kho also serves as the business development head of the company and previously worked at Samsung as a lead engineer. Dr. Lee is a certified physician and holds a medical degree from Hanyang University. Other key personnel include Chae Ho Shin and Saehan Park, who are the platform’s front and back end developers, respectively.
TOKEN PERFORMANCE HISTORY
Since its introduction to the trading markets in December of last year, the value of a single MED token has pretty much stayed the same.
MED token lifetime performance chart (courtesy of CoinMarketCap)
As can be seen in the chart above, the initial value of a single MED token (on the 25th of December, 2017) was US$0.054. Its value currently stands at US$0.050.
MED’s all-time high was reached on the 10th of January, 2018 when the price of one coin touched US$0.22.
FINAL THOUGHTS
With statistical data showing that losses in excess of $6 billion per annum are incurred by the US healthcare system, it would not be surprising to see a steep rise in the value of the MED token in 2018.
Since this platform aims to restructure the balance of power within the medical domain, it has serious market potential in the near future. Currently, only two online exchanges support the trading of MED: Coinrail and Gate.io.