Medicalchain ICO Review – Revolutionizing Health Record Problems
This article is not financial advice. ICO investments are high risk. Not a sponsored article.
Medical Chain Introduction
Medicalchain’s goal is to use the blockchain technology to store a singlue true version of patient’s health records. This technology allow doctors doctors, hospitals, research facilities, pharmacists and insurances to access a user’s medical information. By digitizing health records, medicalchain aims to empower users to have more transparency on the authenticity of their data. It will also allow industries to work better with each other.
To explain the whole concept a little better. Watch the short video below:
Medicalchain is a decentralised platform that allows a secure, fast and transparent exhcange of medical data. The vision is to create user-focused electronic health record and allow for a single true version of a user’s historical medical data.
Interesting: A doctor-to-patient telemedecine application and health data marketplace will allow users to consult a real doctor from wherever they are for a small fee.
Current State of Healthcare
- Healthcare systems are slow and difficult to manage.
- Vulnerable to outside attacks. Example: Wannacry attack
- Sharing user data is difficult with other industries because the healthcare data landscape is fragemented
- No incentive to keep all the records up to date.
- Medicine is being democratized. There is a shift of authority in recent years.
It is important to realize that Clinicians need this user data to make informed decisions on what kind of treatment a patient needs to undergo. Therefore, a patients quality of care can suffer due to incomplete medical history. Below is a diagram where you can see the amount of deaths that occurred due to medical error:
Figure 1: Table showing yearly death rate as per
John Hopkins University research in 2016
Source: Medicalchain Whitepaper; National Center for Health Statistics, BMJ
Risk management – Patient Safety
A patient can grand or disallow access to his own medical records at will. However, if there is an emergency and the patient is non-responsive, then the doctors can get be granted access by scanning the bracelet.
The bracelet saves the following information:
- Patients name
- Next of kin
- allergies & known procedures
500 million tokens
- 175 mm pre-sale & crowdsale
- 170 mm company, team advisors, founders and future employees.
- 75 mm Founders
- 40 mm Company development
- 55 mm Team, advisors early backers
- Token Sale: 1st of February
- Available tokens for sale: 175mm
- Softcap: 1 MEDToken = $0.25
- Pre-Sale: $20mm
- Crowdsale: $4mm
- Whitelist: Yes
- KYC: Yes
500 million supply is a good supply. One thing that I am a bit worried about is the slightly higher token price of $0.25 cents. There is a chance that the price dips under the ICO price as soon as it hits the exchange.
I am hyped about this project. There are a few concerns that they might not be able to target the global healthcare spectrum. However, I am positive they will definitely thrive in the UK. Even though they have strong competition such as Vechain and Medibloc they will push forward with there diversified team. I will be investing in this ICO.
Feedback and improvements appreciated.
This article is not financial advice. ICO investments are high risk.