As advanced and profitable the healthcare industry may be in developed countries around the world, it is still quite underwhelming to see how poorly optimized the medical information can be, I mean it is still impossible to transfer medical records and information across several regions, even in the 21st century. However, the blockchain tech might be the solution the healthcare system needs. The very fundamental principles on which blockchain functions, such as database distributions, peer-to-peer connection, transparency and immutability of records, could prove to be the building blocks for a better healthcare system.
That is where MediBloc comes in the picture. Founded in Seoul, South Korea in 2017, this crypto project aims to improve and revolutionize the healthcare experience by redistributing the value of personal healthcare data, as well as quickening the world’s shift towards the decentralization of private information.
MediBloc is basically a blockchain-powered project that provides patients, healthcare providers, and medical/data researchers with a decentralized, transparent, secure and practical healthcare ecosystem.
How Does MediBlock Work?
MediBloc provides a data integration system that assembles every bit of medical information on a patient with real-time updates for every new entry into the system, such that at any given point in time, the system can be accessed for a patient’s comprehensive medical history. The medical information stored on MediBloc, is not restricted to a particular healthcare facility, which means that medical information acquired outside a particular health facility can also be stored on the system.
In essence, MediBloc is patient-centric in the sense that it gives patients complete control over their medical records. They alone are granted decrypted access to their personal medical data and are at liberty to share their data where they want. The private key to unlocking and decrypting confidential medical data is only given to the owner of that data.
In this way, MediBloc can help reduce the element of exploitation of patient’s healthcare data, as well as, ward off the unauthorized usage of the personal data by meddling third parties.
In addition to giving controls in the hands of the patients, MediBloc also provides a data storage system that offers security without compromising transparency. Owing to the immutability of the blockchain tech, every new entry made in the system, comes with a location and time stamp, a track record of how the accessed information is utilized. Furthermore, there is also a backup protocol in case the original data is ever lost.
Being an open-source platform, it allows for the development of applications that can further be connected to the system for the purpose of a smooth data transfer. Naturally, data can be in different formats, hence MediBloc provides API and SDK programs that allow users to create more data formats on the system. This is great because in some instances the data that is to be uploaded might not be supported by the already existing formats on the system.
How is the Information Stored?
The platform is formulated on the Ethereum Virtual Machine and three layers, in total, contribute to the overall structure of the platform.
Since blockchain storage is limited, the Core layer supplies extra storage to counter healthcare data loss.
Utilizing the smart contract technology, this layer forms a connection between the App layer and the Core layer and allows for data input/output through connection with the later.
This layer enables people to use various applications to access and manage the information.
The Medi Token
The MediBloc system has two tokens – MED and MEDX. MED, the initial token to be launched was released on the QTUM network, thus, MED was released as a QRC token.
The Medi token (MED) is used for the purpose of incentivizing the users for their contributions on MediBloc. Any network member can use MED to gain higher Medi Points (MPs) within the data network. MED can also be used to complete transactions for medical and pharmaceutical expenses, as well as insurance premiums at any of the institutions associated with MediBloc.
Redistribution of Data Ownership
MediBloc puts health record data back into patients’ hands and allows the owners to decide on the access to view the documents.
Data Loss Prevention
All the data is backed up and only reliable healthcare affiliates have access to edit this data. Since modifications of data are transparent to all users on the blockchain, unethical adjustments are highly unlikely.
This encourages data owners to contribute to the data ecosystem through profit empowerment.
Global Exchange of Medical Information
Worldwide exchange of real-time information among the medical community stimulates medical advancement and reduces unnecessary data repetition. Medical staff doesn’t have to wait for updated information, which ultimately provides streamlined care with a greater chance of correct diagnosis.
MediBloc seems to have a solid team behind it. With the founders having experience in both the medical field and the technical field, it’s not hard to imagine that they know first-hand the problems facing the healthcare industry and are equipped with creative ways to solve them through technical advancement.
Read the whitepaper here.