Health is Wealth — Medicalchain

Health is wealth — Medicalchain

Medicalchain –ICO Review

Telegram Link — https://t.me/Medicalchain

Disclaimer- My sole intention of writing this is to bring facts and data to you, please do not treat this as investment advice. You must do your own research before investing.

I try and find projects which are at a very early stage in their roadmap but still have an amazing vision and a real product on the horizon. If you guys have read my earlier articles, I will try and follow a similar approach to dissect this project.

I will be reviewing the ICO keeping in mind the following pointers

• What is the problem Medicalchain is trying to solve and how big is the problem?
• How practical and applicable is the solution keeping it in perspective with the real world?
• Do they have a product or are they like most other ICOs with just a whitepaper?
• What is the background of the team behind this project?
• Why should you consider buying the MedToken?

I request readers to carefully go through all the pointers mentioned above before jumping onto the last question, let’s try and dissect this project before we consider to invest our money.

Firstly, let’s try and understand what ïs “Medicalchain” ?

Medicalchain is a decentralized platform (built on Hyperledger) that enables secure, fast and transparent exchange and usage of medical data for multiple purposes. The project aims to use blockchain technology to store patient medical data on a single platform which can be used/viewed by doctors, medical practitioners, pharma companies and insurance companies by requesting access and consent from the patient.

Medicalchain also ensures that your data is safe, secure and no privacy is lost in the entire process by using Hyperledger Fabric architecture, which allows patients to grant multi-level access to their data.

( I will be attaching a link at the end of the article for those who wish to understand what is the Hyperledger Fabric architecture)

What is the problem Medicalchain is trying to solve and how big is the problem?

• In today’s fast-paced world of technology, the most common thing that moves around every second, every minute, every hour, every day all year long is “DATA”, technology has helped us move around huge terabytes of data with a few clicks but when It comes to “ medical data”, we are still living in the stone ages. In some countries medical data is still recorded and moved around in paper form and in varying formats making it extremely difficult to manage and make sense out of it.
• Let’s understand it with a real-life situation, how many times have you gone to a doctor for small problem like a fever, cold and cough or an even bigger health related problem.

There is always a new sheet of paper on which the doctor writes tests to be conducted or medications to be taken. Now ask yourself, do you store a record of all of those prescriptions, those blood reports you got 3 months ago? The answer in the majority of cases will be no. Even if someone has all of his/her reports, how difficult would it be to manage and keep all the papers in order? ( Sounds like a huge headache to me)

• The second problem is that current electronic health record (EHR ) systems, have a centralized approach to storing your private data, which in itself is a flawed system for many reasons, such as-
• Your data is controlled by one single entity/system leading to high dependency on that system. If that system breaks down your data may be lost forever.
• Risks of hacks. Research shows that medical data is sold on the dark web for almost 10x the price of credit card info as this data can be used by many pharma companies as well as other participants in a healthcare ecosystem.
• Ever received calls from a diagnostic center giving special discounts on problems you have in particular, how did they know those details about you? ( Food for thought)
• Thirdly, going in depth on the first point, every stakeholder involved in a healthcare cycle- Patient — Doctor — Hospital — Pharmacy — Insurance company, have a different version of the same data and may not be up to date with the others. At every point in the ecosystem, a patient needs to provide the same information to different stakeholders in their desired formats leading to a cumbersome process of filling forms, providing paperwork and many other redundant processes.

If we try and understand the problem in a single sentence I would say

“From centralization, to slow speeds and vulnerable networks, healthcare systems have not evolved along with other industries.” That is why Medicalchain is needed.

How practical and applicable is the solution keeping it in perspective with the real world?

Lets first try and understand the solutions and then weigh its scalability and growth potential.

We need to try and break down the solutions process to make it clear to everyone.

• Generation of medical data of any sort, for example; a prescription from a doctor, a medical Lab report, data generated from a wearable medical device. All this data is encrypted and sent to an encrypted cloud storage.
• The patient is given a unique ID, which basically corresponds to the data stored on the cloud.
• Whenever the patient requires the data, the unique ID is used to retrieve the specific data from the blockchain.
• The patient will always be informed when the data is uploaded.
• The patient can give multiple levels of access as per their choice.
• The patient will be notified whenever there is a request to access data.

Advantages of the solution

• Data can only be accessed by the patient’s private key, even if the database is hacked, the data will be unreadable.

• A patient will have full control over accessing their healthcare data. The patient will control who sees their data and what they see.

• Instantaneous transfer of medical data. Every member in the distributed network of the healthcare blockchain would have the same data of the patient’s record.

Disadvantages of the solution

• There is already competition building in the healthcare blockchain sector with other companies approaching the management of health care records from a different angle.
• Information governance surrounding healthcare is very difficult to secure and to prove to stakeholders such as universities and hospitals that as a third party company, they could offer a secure solution to the storage and utilisation of electronic health records.
• This is a project which has a large scope and vision and will take some time to establish.

Comparison between Medicalchain and Patientory

Medicalchain seem to have an upper hand

Do they have a product or are they also like most other ICOs with just a whitepaper?

ICOs in general have raised millions of dollars just showing a basic whitepaper, but we can breath a sigh of relief as Medicalchain is already working with a few hospitals in the UK using a smaller version of this product.

They have fixed a launch date for the Beta version before the Public sale in Feb 2018 ( Good news for potential investors).

What is the background of the team behind this project?

This is one the most important factors for any potential investor to research before investing because a well-experienced team can achieve great things and make huge progress in a short space of time.

I looked at their website and found the team comprises of doctors, CEOs from other successful ICOs and people with a strong technology background and look like an experienced team to pull such a huge disruption in the medical healthcare sector.

Why should you consider Medicalchain as an investment opportunity?

Besides the above pointers, I feel there a few more things that might interest investors –

• A smaller version of this product is already being used in hospitals in the UK
• Medicalchain plans to develop applications in the future, such as-
• Medicalchain bracelet
• Retrieves medical data easily and is especially helpful in emergency situations.
• The user may sell their medical data to pharma companies directly and accept med-tokens in return. (Revenue streams like these can help grow the price of the token)

Links

Website- www.medicalchain.com

Telegram Link — https://t.me/Medicalchain

Whitepaper link — https://medicalchain.com/Medicalchain-Whitepaper-EN.pdf

Hyperledger fabric- https://www.hyperledger.org/