Doctor, doctor, give me the news! I have got a bad case of MedicalChain blues! Medicalchain is just as it sounds, a Blockchain used to maintain medical records. It was developed in the UK by an innovator, who had been working in the UK’s National Health Service, and discovered a better way to maintain medical records.
MedicalChain had a big ICO, where it raised some $24 mln in 30 days from Feb. 1, 2018 to March 1, 2018. The ERC20 token debuted at $0.25 and started its downward trend to $0.17 at the time of writing. It had a market capitalization of $32 mln and 500 mln medtokens in circulation. It is ranked 297 on CoinMarketCap. It is currently listed on Huobi Pro, Kucoin, Gate.io, Coinbene, and QRYPTOS exchanges.
Take control of your medical records
Medical records are similar to your “permanent record” from high school, which your teachers used to threaten you with. “This transgression will go on your permanent record from which it can never be expunged,” teachers used to say.
They got your records with information about you, but you are never allowed to see them nor have them in your own possession. But unlike the high school records, in the U.S. at least, all you have to do is ask for a copy. But what is stopping us from doing that? Trust?
MedicalChain claims to give you back the ownership over your personal information. A decentralized platform that enables secure, fast and transparent exchange and usage of medical data, it introduces utilization of Blockchain technology to store patient health records and maintain a single version of the patient’s true data.
MedicalChain aims at enabling healthcare agents such as doctors, hospitals, laboratories, pharmacists and insurers to request permission to access and interact with medical records. Each interaction is auditable, transparent, and secure, and will be recorded as a transaction on Medicalchain’s distributed ledger.
Moreover, no privacy is lost in this process; MedicalChain is built on the permission-based Hyperledger Fabric architecture which allows varying access levels; patients control who can view their records, how much they see and for what length of time.
So far MedicalChain is only accepting reservations for its services in the UK. However, it would like to expand to the United States and globally.
The US is a hot market in all aspects medicine because of all the hospitals, healthcare organizations, and the massive industry itself and ancillary markets. Despite the cornucopia of partnerships that are readily available in the US, Medicalchain is not seeking to partner with hospitals and healthcare organizations or government, but instead is approaching the patients directly and offering for them to have their records on their platform regardless of which healthcare organization they belong to. This is in general and not only directed at the US.
Dr. Adbdullah Albeyatti
Dr. Albeyatti graduated from Imperial College London as a doctor in 2011. He has always had a passion for innovation and problem solving and has developed solutions to inefficiencies he found whilst working in the UK National Health Service.
Mo is the co-founder and chief operations officer of MedicalChain. He is a graduate from Brunel University from where he obtained a degree in e-commerce. He also holds an Executive MBA from University of Oxford, Saïd Business School.
Newborn learning to walk or bedridden cripple?
MedicalChain has a great service for a multi-trillion-dollar industry that grows larger each year. It is still very new to the market and needs more time to evolve before its trajectory is set. However, the depreciating medtoken is a worrisome sign to some or a buy signal to others.