The issue of keeping medical records is, naturally, a highly sensitive one. These are private and confidential information and their maintenance and management are strictly governed by legislative procedures. But, it all started with someone jotting them down on a piece of paper.
After literally centuries marked by patients’ efforts to decipher vital information quickly scribbled on a piece of paper, things have changed. Changes came long ago, of course. With the introduction of the computer, our most sensitive records were not dependent anymore on our doctor’s handwriting. In the digital age, one can store medical records not just electronically, but also upload them and keep them on our healthcare company’s website or a cloud.
But we could also argue that we are witnessing an ongoing crisis pertaining to the information in the healthcare sector. Namely, medical professionals often do not have access to the right information at the right time.
This is the backdrop against which we are witnessing emerging solutions to the problem. One of them is the versatile and transparent blockchain technology. Keeping, managing and updating medical records could indeed be revolutionized and decentralized. One of the most recent solutions is the MediChain platform and its initial coin offering.
This review represents our attempt at familiarizing you with what the platform and its ICO have to offer. Without issuing any advice, it is our aim only to convey the facts. The recent rising popularity of ICOs also brings an amount of risk and uncertainty. Therefore, we urge you to take a look at all the facts and do a fair amount of research before you consider investing.
As we know, medical data epitomize what “sensitive” means. They hold a patient’s entire history and information about their physical/psychological health which is very much confidential.
The MediChain platform implies a process in which a patient can keep their data in any designated physical location. Then, when the need arises, he/she would provide the relevant medical staff with access to the data.
With the use of blockchain, the platform remains decentralized, as it acts basically as a data ledger that can be made available to selected healthcare workers and institutions.
The MediChain platform will implement its own token (MCU), relying on the Ethereum ERC-20 platform. They have stressed the fact that the MCU will represent a utility token to be used for all transactions within the platform. Thereby, if you plan on purchasing the token, this does not imply that you will receive company shares. The presale has begun on February 5. As for the ICO, its start and end date will be announced in the days to come.
Facts and figures about MediChain:
Name of the token – MediChain utility token (MCU)
Total volume – 60,000,000
Hard cap – $40 million
The distribution of the tokens is planned in the following manner: Presale maximum (6.5%), ICO (40%), Partner Fund (15%), Team & Founder Fund (18%), Advisors (6.5%), Medical Data Fund (10%) and Bounty (4%).
The team responsible for MediChain consists of a diverse group of experts. They include medical doctors, entrepreneurs, IT experts, attorneys, blockchain and startup specialists, marketing professionals, developers, programmers, and advisors.
When visiting the platform’s website, you can find more information about all members of the team and follow links to their LinkedIn profiles.
Of course, influence and presence on social media do not guarantee the future success of a business venture or ICO. Still, as a rule of thumb, they could indicate what the future holds.
Statistics gathered in January 2018 with regard to Facebook and Twitter presence have not been promising. However, since then and less than a month later, MediChain’s Twitter followers have more than doubled. In addition, from a non-existent FB page, they have built a respectable community with around 3,500 followers.
In today’s world in which social media rule the public perception of new business ideas, it is good to notice that MediChain has taken this into account ahead of their ICO.
Besides MediChain, there are several other upcoming ICOs dedicated to this particular field. Some of them include Patientory, MEDIS, and Medicalchain. The implementation of the blockchain technology in keeping medical data will surely remain a hot topic. Still, time will tell which of these platforms will lead the way.
A potential investor will always use the company’s website as a measuring stick for the upcoming ICO. Since it will invariably give the first impression, leaving a good one is crucial.
In the case of MediChain, we are provided an informative and neatly designed environment. A variety of information is laid out in a clear and user-friendly manner. There were some smaller bugs, such as missing FAQ items. However, these have been resolved quickly which goes to show that this company is paying attention to detail.
An ICO ready to justify the platform behind it begins this with an informative and extensive Whitepaper. The text that constitutes MediChain’s Whitepaper is precise, instructive and educational, user-friendly and engaging. There are some neatly designed diagrams and charts with plenty of information. Having said that, the technical details are kept in a good balance so as not to scare away the casual reader.
Pretty much the only flaw is the fact that the website link to the Whitepaper brings us to a Google Doc, instead of opening a pdf file. It may seem like a small thing. However, we are dealing here with a platform that aims to change the way we handle sensitive medical data. Hence, one would expect them to apply a more security-oriented approach when it comes to their Whitepaper. We are certain that they will rectify this omission rather soon.
MediChain is making an attempt that could truly transform the healthcare sector as we know it. The use of blockchain could indeed revolutionize the way we store our medical data. However, this company is not alone in their ambitions. Time will tell how they will position and build their brand in comparison with their competitors. Last but not least, MediChain’s online and social media presence will also be a good indication of their status as their ICO approaches.
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