MedTokens ICO Review – ICO Token News
Medicalchain (MedTokens) ICO Review — ICO Token News
The crypto space saw a number of initial coin offerings in 2017. Many of these ICOs have fueled different, disruptive applications that have reimagined the way the world works. Today, we are reviewing an ICO project that has revolutionized the medical world’s capabilities to manage health records.
What is Medical Chain or MedToken?
MedTokens are backing Medicalchain, a platform that will bring the decentralized power of blockchains to streamline the electronic health records (EHR) sector. With Medicalchain, it is simpler, quicker, and more efficient to store different health records and maintain a robust, single version of the complete truth. Have a look at this token’s analysis and find out whether it is a viable investment option.
The current healthcare system, which is yet to be holistically digitized, is a relic. According to this historic system, patients need to visit a doctor, first; then, the physician will make them rewrite their medical histories on a sheaf of forms. So much paperwork! In actual fact, that information is already present somewhere else, with a medical practitioner or hospital or clinic.
Things would have been much easier and more streamlined if the digital versions of medical records were present on a blockchain—a place where disparate data sources are connected. By viewing a single version of these digital records, doctors, hospitals, researchers, and caregivers will gain crucial insights into the lives of their patients.
By integrating the blockchain technology just like in Bananacoin, CryptF, LH Token, etc. with the legacy EHR management system, the overall cost of diagnoses and care will be reduced while caregiving will be improved. With these potential benefits in mind, a team of healthcare professionals and blockchain specialists decided to incorporate the blockchain technology with EHR management systems; and that is ultimately how Medicalchain was developed.
The Medicalchain analysis
What is Medicalchain all about?
1 – As a complete distributed ledger, Medicalchain uses a blockchain for securely storing a number of health records and maintaining a specific, single version of the truth.
2 – The blockchain will cater to the needs of hospitals, doctors, pharmacists, laboratories, healthcare insurers, and every other organization that needs a patient’s critical data.
3 – As well as facilitating the data needs of these users, Medicalchain will allow the patients control the information accessibility.
These consumers of the patient data can request the blockchain nodes to give permission to access specific healthcare records. Every change or transaction performed on the medical records will be stored on this distributed ledger. This blockchain empowers the healthcare practitioners to access different health data sets and record the interactions; these interactions are completely secure, transparent, and auditable.
As well as being a simple blockchain used for managing EHR, Medicalchain is a platform leveraged for building a number of applications. The enterprise-level medical applications, which are built on the top of this platform, complement and improve the overall user experience. With these applications, the users of this platform will leverage important medical data sets for a range of healthcare services.
All in all, the platform uses a number of blockchain technologies, including smart contracts and its native cryptocoin, to provide a robust infrastructure. The other ICO’s like FintechBit, Inspeer, Upline, CorCom, Sether are also enabled with blockchain technologies Furthermore, this infrastructure will be used to host different digitized healthcare applications and services.
Bringing unmatched privacy to the fore
1 – This blockchain solution uses the Hyperledger Fabric; the networks built on this fabric are used for providing different users different permissions making data interaction secure.
2 – However, users of this network will need to sign up in order to access it.
3 – The permission on the blockchain will be controlled by several access control languages and Hyperledger modeling.
4 – This mechanism is apt for all the distributed ledgers that are underpinned by a robust modular architecture delivering the best in terms of flexibility, scalability, resilience, and confidentiality.
5 – As medical information and related data are very sensitive, the need for a completely closed blockchain cannot be ignored.
6 – That is precisely why the Hyperledger Fabric is used in this blockchain to make the network’s privacy of the highest quality.
7 – The fabric integrated inside this blockchain offers a better solution for streamlining the access to a number of health records.
8 – As per the Hyperledger Fabric, the blockchain gives multiple permission layers, but the data owners ultimately decide which patient data is accessible.
Simplifying medical management with smart contracts
1 – The Medicalchain solution has different smart-contract capabilities; these contracts are code held and executed on the Ethereum’s blockchain.
2 – Anything that is programmable can normally be built and executed inside the Ethereum’s ecosystem through these smart contracts.
3 – In this blockchain, smart contracts are used for managing the way patient data is stored, processed, and maintained.
4 – For instance, a Medicalchain user programmed a smart contract that allows the self-execution of some periodic insurance and billing activities for a medical practitioner; this smart contract will save the same physician nearly 3.8 hours weekly.
5 – By building similar processes using smart contracts, a lot of operational costs can be saved.
Leveraging Civic to combat identity fraud
1 – Identify theft is a problem common in the online world. A hacker can steal the identities of genuine patients and impersonates them to fleece healthcare businesses and medical insurance carriers.
2 – In order to combat this problem, Medicalchain has associated with Civic.
3 – The network uses Civic’s Secure Identity Platform for simplifying the management of all the identities of the platform users in a completely decentralized way.
4 – With Civic’s highly decentralized architecture, the blockchain with mobile device–enabled biometrics provides multiple-factor
5 – This authentication happens without passwords, usernames, physical hardware tokens, or third-party authenticators, and it ensures a user’s privacy in the safest and simplest ways.
Unleashing the power of Medicalchain APIs
1 – Medicalchain offers a huge number of APIs; these available programming interfaces let third-party companies obtain and even interact with a number of EHRs; however, the final permission to interact with the data will be given by the users.
2 – With time, this API library will evolve into a robust ecosystem of services and applications.
3 – Such applications and services are efficiently powered by a user’s health data. Anyone with programming capabilities will be allowed to develop on Medicalchain.
4 – This is how this platform will thrive and will provide the needed value to reduce the cost and improve the quality of healthcare.
Witnessing the integration of the future
1 – Medicalchain has integrated a number of healthcare applications and technologies.
2 – Some popular technologies, such as Apple HealthKit and other common wearables, have successfully integrated with Medicalchain to improve the user experience.
3 – This network has integrated with these technologies before adding support to IoTs, diagnostic tests, and other digital health commodities.
Why choose Medicalchain?
In Medicalchain’s model, every health record will be first encrypted and then housed in all regulatory-compliant databases. The reason for the records to be stored in databases and not on local ledgers is simply because storing copies of patient data on a user’s local device will be tricky; plus, it will be impossible to cater to such a huge storage capacity.
Also, the team behind this platform does not want to hold any patient’s data. However, it clearly states that it will host some patient data during the initial proof-of-concept stage. Instead, Medicalchain will be a robust platform that will record the hashes pointing to the data’s exact location present on the encrypted servers; these servers will probably be located near the patient’s very own jurisdiction.
Such a setup will simplify access to patient data from the mobile devices worldwide. As the patients will be data owners, they will use private keys for providing the permission to a doctor for decrypting, editing, and viewing the medical records. The patients, however, can view these records but will not be able to edit them.
This arrangement simply sidesteps all such regulatory hurdles. One of the key team members behind this blockchain states, “There’s nothing legally that’s stopping you as the patient to say, ‘I want my medical records.’” With the help of this network, the patients can simply decide all the authorities and healthcare professionals whom they want the records to visible.
1 – Everything in this blockchain is straightforward and simple.
2 – Plus, the team behind this blockchain has taken the necessary steps to make the network fully immune to different regulatory complications that are unique to every country.
3 – Furthermore, the developers of this blockchain see a number of additional benefits that will simplify and accelerate the transfer of such medical records.
4 – The blockchain aims to make telemedicine more productive, and it will happen when the doctors will see real-time patient data right on their screen—one API, on this network, is being developed to perform this function.
5 – Also, the platform will even combine health data with a number of connected devices and wearables; these data sets will be directly committed to the centralized ledger.
6 – Through Medicalchain, insurance companies can also view a patient’s medical history to determine the authenticity of a claim.
Put simply, this network is all set to become one of the most indispensable elements of the healthcare world in the future.
MedTokens price and sale
MedTokens, or Medicalchain tokens, are used to buy hosting services and storage space on this private blockchain. Many doctors and healthcare professionals will receive the tokens as rewards for reviewing different medical records and for offering medical advice.
Also, many pharmaceutical companies can simply reward the patients in exchange for gaining access to certain health records.
1 – The token’s pre-sale began in September 2017, and the ICO’s (Upline, Inspeer, etc.) crowdsale begins on February 1 this year.
2 – The ICO sale will simply be a whitelisted capped sale that will raise USD24 million equivalent of BTC or ETH.
3 – The platform will issue 500 million ERC-20 tokens, which are MedTokens themselves. This release will create a fresh blockchain that will improve the healthcare ecosystem once and for all.
These tokens will financially lubricate the entire ecosystem that is responsible for running the complete blockchain. MedTokens will even be used for compensating different nodes that will keep on validating the transactions on the ledger. These nodes will take a specific percentage of the overall commission that the Medicalchain blockchain will earn by making a MedToken transfer.
On this network, the patients will use the tokens for paying the doctor if they receive a telemedicine consultation. As mentioned earlier, the doctors too can give the tokens to a person who is giving them the access to her/his health history from which they can get insights.
Likewise, the pharmaceutical companies that wish to gather reams of digital patient data might pay the patients directly in the form of MedTokens. Presently, the pharmaceutical companies collect patient data from the hospitals; but by using the network and its cryptocurrency, the hospitals will be removed from the transaction, as the pharmaceutical companies will deal directly with the patients.
The team behind Medicalchain
The blockchain was developed by the ideas and notes of:
- Abdullah Albeyatti.
- Robert Miller Jr.
- Mo Tayeb.
- Jay Povey.
The development of this network started in the beginning of 2016 when the founder, Dr. Albeyatti, identified a specific issue with writing clinical notes in detail. These notes were related to all patients who were being discharged, named “Discharge Summaries.” This information was penned in a freeform text by many doctors and therefore contained a lot of errors and was sometimes illegible. To address these issues, the team came up with a blockchain—Medicalchain—that will digitally store all the EHRs.
There are countless companies that seek to bring the blockchain technology to the existing EHR landscape. Nevertheless, the Medicalchain network has taken a head start and is developing at a tremendous pace. The company has already released its blockchain network in the hospitals in the UK. As a result of the platform’s robustness and a network effect it is relying on, it makes sense to invest in MedTokens.