As I search through all the latest applications of blockchain technology I always find myself taking a peak at the latest ICO’s that are coming out. I want to be ahead of everyone else in knowledge of the latest platforms and innovations in this crazy crypto world we find ourselves in. I’m searching for something that catches my eye. The right marketplace, the perfect plan of attack, or a cool idea that hasn’t been thought of by anyone else. My wife was just asking me “Has anyone applied blockchain technology to the medical industry?” …the answer is yes.
Meet Medicalchain. With a promise to revolutionize the medical system using blockchain technology, there is a healthy future for this ICO. In their whitepaper you can see the substance and application of this innovation. Medicalchain is joining the ranks of Bancor and Tezos, becoming the first U.K. company to apply Blockchain technology to the storage and safe transfer of medical records. Through Medicalchain, patients will have access to doctors across the world, hospitals can cut out paperwork, and pharmacies and insurers will receive accurate, up-to-date information to assist their customers immediately. According to Dr. Abdullah Albeyyati, cofounder of Medicalchain, “Going through the medical records of any patient is a pretty tedious task, especially when the patient submits all the documents.” With the massive amount of medical records that exist on all of us and the importance of efficient care needed to maintain ones health, this space is screaming for blockchain tech.
MedToken being an app token using as an access to the platform’s services. Patients will be able to place their medical records on Medicalchain for free, registered doctors will be rewarded with tokens to remotely review medical information and provide advice or a second opinion on a case. Pharmaceutical and other research companies will reward patients in tokens by having time limited access to their health records for research and experimental purposes.
Each patient to have one true medical record that can be updated in real-time, providing health care providers, insurance companies, pharmacies and laboratories with the most up-to-date patient information.
Fast and secure transfers of medical data, drastically cutting down paperwork, administrative errors and processing time for hospitals.
Patients to control their privacy first-hand; Medicalchain’s architecture will give patients the ability to choose who views their records, what they can view and for how long.
Patients to be rewarded for giving time-limited access to institutions for medical studies.
Insurers to monitor customers’ health status in real-time, rewarding patients for good health with reduced insurance premiums.
2. Check out these upcoming events for Medicalchain.
Mo Tayeb, co-founder at Medicalchain explains how blockchain technology is set to change the way healthcare is managed forever. “Blockchain allows for clinicians and patients alike to be confident that the medical records are accurate and up-to-date as the distributed ledger guarantees an incorruptible, trustless version of the data which can be depended upon at any given time. An indisputable single version of the truth is not achievable with today’s current systems and infrastructure.”
Medicalchain uses the Hyperledger Fabric, built by The Linux Foundation in collaboration with a few companies including IBM.
Medicalchain is a decentralized platform that enables secure, fast and transparent exchange and usage of medical data. We introduce utilization of blockchain technology to store patient health records and maintain a single version of the patient’s true data. Medicalchain will enable different 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. Medicalchain is dedicated to empowering patients, improving outcomes, and building healthcare infrastructure for the future.
I’m excited about the benefits provided by this much need application of blockchain technology. So many errors that have led to human suffering, so much time and energy wasted, can all disappear when utilizing Medicalchain. I’d like to think every hospital and doctor in the world will be on board. It’s time for healthcare to improve.