What Is MedChain?
MedChain is a pioneering blockchain-based healthcare company which works with electronic medical records (EMR). As you might know, if you are from the health field, EMRs are hard and expensive to maintain, especially because they have to be stored in places that are secure, as they contain sensitive and private information about the patients.
This company intends to use the blockchain technology to put the control of the EMR in the hands of the patients, which can make these records more secure and more private. The company is currently aiming to launch the Beta version of the system at the end of 2018.
How Will MedChain Work?
This company intends to create the solution for storing EMRs by using a technology that can make them more secure and more transparent at the same time, which can also improve the optimization of resources of hospitals because they will not need to provide this services anymore and to waste physical space with them.
MedChain’s technology will improve the operability of these systems and allow the primary healthcare providers to communicate better with other health professionals like the others from labs and pharmacies. Because they are mostly physical or at least stored in a single HD, EMRs are hard to be carried around safely which can turn into an annoying problem.
By storing the information on the blockchain, you can both make it accessible and secure because only the users and whoever they let see the records will be able to access them. The records will not be able to be hacked or accessed by malicious third parties or even the hospital if the users do not want it.
The company states that the platform is beneficial for both the clients and the healthcare providers because of many reasons like preventing breaches into the system, avoid redundant testing because the information can be easily shared quickly and have near instant access to the files in case of emergencies.
MedChain Blockchain Protected Medical Health Records App
All of MedChain’s features can be accessed via the MedChain Patient App which will be launched for both iOS and Android platforms and will be made for desktop computers, too. All the documentation of the patient will be on the platform and it can also be used to notify healthcare professionals and institutions to request services.
The app will also function as a wallet for storing cryptocurrency that can only be accessed by using a unique private key that decrypts the code and enables the user to see the information decrypted. The patient will also have access to information that only doctors generally do.
The platform will also have a version for providers, the MedChain Service Provider Software, that will work as a way for these professionals to connect with the people who use MedChain.
MedChain Blockchain And Tokens
The technology that powers this product is the MedChain Network protocol, which is based on the Ethereum blockchain and it uses a ERC20 token. You can mine MedChain tokens and they are used for data storage and validation, using both proof of retreivability and proof of storage protocols.
The network will act as a hash depository for the decentralized network and everything will be paid using MedChain tokens. The tokens will act as a currency to be used to pay for some of the services on the platform.
If you want to invest in this company, you can do this right now. You just have to go to the company’s site and register. You can use ETH to buy tokens. The token sale will go on until April 15.
This is a very interesting choice for people who work in the healthcare industry or for people concerned about their health. While its platform is still far from its official launch date, it looks like MedChain has the potential to become a big corporation in the near future.