MediChain, which offers a decentralized digital medical big data platform based on the Ethereum block system for medical records, has just signed a contract with ICOBox, the leading global provider of SaaS solutions for ICO. The MediChain project has a significant financial advantage because, according to Transparent Market Research, the global wholesale medical data market is worth $ 15.16 billion. ICOBox will provide a full package of technical, legal and marketing services for MediChain, which is preparing for ICO.
Currently, medical information is often placed in many different specialist databases that may not be available to researchers and new pharmaceutical companies, doctors, and even patients themselves. Paper notes and medical notes are still common in some parts of the world. Even entities providing health care services in one city can use various electronic medical record systems operating in different programming languages that hinder or even prevent data sharing. This is particularly alarming today when medical errors are the third most common cause of death in the US, at an estimated cost of $ 1 trillion to the country. Security is another issue. A cyber attack in 2017 at the British National Health Service caused serious disruptions in hospitals and raised concerns about the safety of patients’ data.
Blockchain technology, the core of the platform, will give patients more control over their personal data, facilitate secure exchange of medical records, and strengthen the protection of confidential data against malicious attacks. The first generation of MediChain will be built based on a decentralized record management system, MedRec, using blockchain technology to manage authentication, confidentiality, accountability and data sharing.
Patients will be able to access their medical information from various medical service providers, store data in a compatible cloud that becomes part of the MediChain ecosystem, and decide on the level of access to data that physicians and specialists can make available anywhere in the world. In addition, when patient data is added by a device or a healthcare professional, the patient may add a reference to this information on the platform. You will also be able to earn on your data that will be anonymized.
This will be possible on the platform using the MediChain Utility Tokens (MCU), representing the value of any patient data blocks. Values are initially arbitrarily allocated to each piece of data in MCUs equal to the cost of each patient consultation in US dollars. People with over 100 MCUs will gain access to their own smart card data and can use it to purchase digital medical services or get a discount, potentially for consultations and prescriptions, or buying compatible devices (for example, heart monitors). Institutions that purchase tokens will be able to buy or sell digital medical services. Pharmaceutical companies and researchers will benefit from the ability to scan anonymous patient databases, while insurers will be able to take preventive action at an early stage based on their access to patient data.
Asked about the preliminary project data and ICO, MediChain’s CEO, Dr. Mark Baker, commented: “We expect to receive large amounts of big data from the UK that may attract interest from pharmaceutical concerns. We keep the ICO to raise funds for business development, market expansion, research and education, and build a community of patients, healthcare professionals, pharmaceutical companies and insurers to drive the MediChain ecosystem. We are confident that we will achieve our goals now that we can use the technical, legal and marketing expertise of the ICOBox team to help us reach the community we need and provide the right support. ”
“We can not wait to move forward with a project that can play a key role in the health of people around the world,” comments the co-founder of ICOBox, Nick Evdokimov. “We are pleased that we can support MediChain’s goal of strengthening the position of individuals and, at the same time, stimulate research into the development of new potentially life-saving drugs.”
In total, 100 million MCUs will be issued, of which 46.5 million will be made available during pre-sales and ICO $ 1 for the token, and the remainder will be reserved for research and partner funds, MediChain team and advisors as well as the rewards program.