Over the years, blockchain technology has not only proved its potentially worth in the financial and banking industry, but in a plethora of other industries: politics, real estate, security, insurance, automotive, charity, travel, transportation, media, entertainment, education, as well as healthcare.
Blockchain in Healthcare
As advanced and as profitable the healthcare industry may be in developed countries, it’s still underwhelming to see how poorly optimized medical information can be. The best example of this drawback is the fact that it’s still almost impossible to transfer medical information across various geographic regions easily.
Just by looking at the underlying principles of blockchain, such as database distribution, peer-to-peer transmission, transparency with pseudonymity, irreversibility of records, and computational logic, the potential for revolutionizing the worldly healthcare system is evident.
One crypto company with a strong Blockchain in business model that aims to make all these drawbacks a thing of the past is MediBloc.
Founded in Seoul, South Korea, in 2017 by a team of doctors and developers, MediBloc is a small crypto project that aims to improve blockchain in healthcare access and experience by redistributing the value of personal healthcare data, as well as accelerating the world’s shift to private information decentralization.
What Exactly is MediBloc?
MediBloc is a blockchain in healthcare project that provides patients, healthcare providers, and medical/data researchers with a decentralized, transparent, secure and practical healthcare ecosystem.
Before anything else, it’s worth noting that MediBloc works in full accordance with the HIPAA, the Health Insurance Portability and Accountability Act that enables the centralization of health records and forbids the sharing of the said data.
The main advantage of MediBloc is that it allows all involved parties to track and record all aspects of one’s healthcare history and situation, from doctor visits and medical interventions to insurance-related issues. In short, MediBloc aims to make healthcare data more accessible.
How Does MediBloc Work?
MediBloc is actually a decentralized application (dApp) that runs on top of the Ethereum Virtual Machine (EVM). The platform’s structure is comprised out of three layers dubbed Core, Service, and Application.
The MediBloc Core is responsible for adding extra storage to counter healthcare data loss. It’s the “place” where healthcare reports, automatic insurance claims, and data exchange info are held. This layer is “fortified” with some of the best encryption technologies, and it makes use of private keys, meaning that only the owner or specifically authorized personnel can decrypt and use the data.
MediBloc Service uses smart contract tech, and it’s the interface between the MediBloc Core and the MediBloc Application. In short, MediBloc Service allows the exchange of data between the two layers.
Finally, the MediBloc Application is the component that allows users to use various apps as well as to efficiently access and manage the information.
Another noteworthy aspect is the fact that MediBloc supports the creation of three types of accounts, namely for general users, healthcare providers, and data researchers. According to the project’s whitepaper, healthcare providers and researchers are required to show proof of their accreditations and certifications.
What are MPs and MEDs?
The Medi Token, MED, is the platform’s ERC-20 token used to incentivize users (patients or healthcare providers) for their contribution on MediBloc. MED can be used to complete transactions for medical and pharmaceutical expenses, as well as insurance premiums, at any of the institutions associated with MediBloc.
MEDX is currently ranked 190th on CoinMarketCap, with a total cap of $21,313,843 and a circulating supply of 3,157,026,866.
According to the project’s whitepaper, The Medi Point (MP) is a points-based system used to measure the amount/extent of contributions by users. To be more precise, any network member can use MEDX to gain a higher MP within the data network.
How can MediBloc Revolutionize Healthcare?
MediBloc is working to be a real-time patient database that, if used correctly, can provide healthcare information in a decentralized ecosystem, anywhere on the globe, and from different pools of demographics.
Besides the obvious interoperability that MediBloc brings, the platform also ensures that patient data can be made available in record time, thus, potentially cutting down on medical complications that could lead to death.
The platform also comes in handy in critical situations or in case of accidents. In those situations, knowing as much as possible about the patient is critical (the patient’s blood type, various conditions, diseases, or genetic disorders).
One other big use case for MediBloc is related to the IoT field. By combining the platform’s technologies with AI, patients from all over the world might benefit from superior treatment monitoring. Furthermore, patients could also be notified to take their meds or shots.
MediBloc could very well revolutionize the blockchain in healthcare systems from all over the world if the project’s team plays its cards right. The system could save patients and medical professionals a lot of time, and it could further advance medicine through decentralization.