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October 11 2017

ICO Alert Report: Medicalchain

ICO Alert Report: Medicalchain

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What is Medicalchain?

We are building a platform for the secure storage and utilization of electronic health records on the blockchain. We are also building a doctor-to-patient platform to allow users to directly connect with healthcare professionals whilst sharing their records in real time and getting consultations, second opinions, etc online through a secure channel. 
 — Mo Tayeb, COO and Co-Founder


ICO Alert: How does the Medicalchain token (Medtoken) function within the platform and why is it needed?

Medicalchain: The token is needed in order to have your health record on the platform. It is also used to pay doctors for consultations. Pharmaceutical companies will fund patients to put their health records on the platform in return for access to that specific record for research purposes with the patient’s consent. Likewise, insurance companies will pay in tokens to have access to patients health records after gaining their consent, in order to offer a more accurate premium to that customer and to support and motivate them to lead a more healthy lifestyle.

ICO Alert: There is other competition within the blockchain based health/medical space. How is Medicalchain different and why will it achieve the greatest network effect?

Medicalchain: We are taking a bottom-up approach and connecting directly with patients. We are not trying to convince healthcare organizations to work with us at this stage. The idea is that if we create a big enough movement and a platform, eventually Medicalchain will become a utility for healthcare organizations to use in the future. We also have a belief that healthcare can benefit from lots of innovations. We don’t see other companies in our space as competitors. In fact, we would like to see them succeed. If they succeed in doing the legwork of convincing healthcare organizations to embrace blockchain technology, it will make our future conversations with those same organizations much easier!

ICO Alert: Why do patients or doctors need Medicalchain today? Is it simply for safe and secure access to medical documents, or are there other large issues that Medicalchain solves as well? How will Medicalchain fit into the large process that is the current healthcare system?

Medicalchain: There are currently hundreds of different systems and platforms which store patient data across the world. None of these interact with each other and the patient’s information is siloed in each of these systems. We are creating an ecosystem where the patient can be confident when visiting a clinician that they are seeing their most up to date records and the complete set. We are empowering patients to have access to their own medical records so that they can grant or revoke others access at anytime. This will reduce data theft and corruption and will also benefit clinicians, as they will feel confident that they have all of the patients records in hand. Furthermore, this will streamline access for pharmaceutical and insurance companies to access the patient’s records for research and analysis after obtaining their consent and permission.

ICO Alert: Many patients and doctors are not tech-savvy. Is the Medicalchain platform easy to use, or is the project providing in-depth tutorials for people who are less tech savvy?

Medicalchain: We are making a seamlessly easy system to use. We are currently securing various partnerships with companies that provide authentication applications without passwords.

ICO Alert: What is the Medicalchain bracelet that may be coming in the future?

Medicalchain: The bracelet is our idea of allowing patients (particularly those with chronic illnesses) to carry private keys or some sort of a digital summary record that can be accessed by any doctor in an emergency situation. This is done by scanning a QR code or using NFC (near field communications). These scenarios are events, such as major trauma, where the patient is unconscious and unable to share vital information, such as their allergies or next of kin details. The patient will control the level of information which is shared when accessing their bracelet.

ICO Alert: How does the changing health and cryptocurrency regulatory space affect this project? Is there a time in the future that you could foresee where sweeping legislation in either industry greatly helped or hurt this project?

Medicalchain: We are already taking care of things like HIPAA compliance and GDPR. We are building our platform on Hyperledger Fabric — it is a blockchain platform that is being used by other healthcare providers and pharmaceutical companies. So far, we are able to comply with most regulations within North America and Europe.

ICO Alert: Has the project signed on any partnerships as of yet, or is the platform being used/tested at all in any of the medical settings described?

Medicalchain: Yes, we already have phase 1 of our product being used by three NHS hospitals in the U.K. very successfully. We are currently in the process of securing more partnerships in North America and Europe.

ICO Alert: How far along is the project today? What does the roadmap look like for the rest of 2017 and 2018?

Medicalchain: Currently, we have our discharge summary tool being used by three hospitals in the U.K. We are doing our presale now and ICO in February, 2018. We expect to have a beta version of Medicalchain, which includes the health records and the doctor-to-patient platform by the time we do the ICO. For the record, we are setting up our ICO in Switzerland and have already applied for a FINMA ruling. We have hired KPMG in Lugano to do our legal work.

ICO Alert: As a non-Medicalchain question, we like to ask for unique predictions on the cryptocurrency and ICO space in the near future. Where do you see the industry in 3–5 years?

Medicalchain: It is an exciting and thriving industry. There are, unfortunately, a lot of things not clear at the moment from a regulation perspective and we hope governments step up and provide friendly and encouraging laws to support innovation, rather than oppose it with restrictive ones.

Presale Information
The presale for MedTokens began on September 15, 2017 and is now live on the Medicalchain website. There is a minimum contribution amount of $5,000 to participate, and contribution can be made using Bitcoin, Ethereum, or bank transfer.

The MedTokens are priced at $0.10 for presale contributors. The team is guaranteeing a crowdsale value of $0.20 per token, or they will distribute more tokens to presale contributors to reflect the lower value.

Crowdsale Information
The crowdsale is currently set to begin on February 1, 2018. More information regarding token distribution, allocation of tokens, and the use of crowdsale proceeds will be provided by the team on their website and social media channels as the crowdsale date approaches.

Dr. Abdullah Albeyatti, CEO and Co-founder
Dr. Albeyatti graduated from Imperial College London in 2011. He has always had a passion for innovation and problem solving and has developed solutions to inefficiencies he found while working in the U.K. National Health Service. In February 2016, he co-founded Medicalchain, initially as Discharge Summary — an application used in hospitals to generate accurate medical reports on patients before they are discharged. He continues to work in accident and emergency units to sharpen his clinical skill set.

Mo Tayeb, Co-founder
Mo is an Internet entrepreneur, investor, and has previously founded technology, finance, and e-commerce companies. Mo has a great deal of experience in the eCommerce sector. In 2010, he led the development side of morethan.com, one of the U.K.’s largest personal insurers. During his time there, he architected and developed a system to drive down online fraud, saving the company over £40 million. Prior to that, he ran a boutique consultancy business in the field of mobile web and application development. He has a degree in eCommerce from Brunel University and an Executive MBA from the University of Oxford.

Jamie Povey, Blockchain Developer
A self-taught programmer and blockchain evangelist, Jamie has been programming for 7+ years. He has a bachelor’s degree from Buckinghamshire New University. He previously worked on a forex trading algorithm using deep learning and pattern recognition techniques. He has been interested in blockchain technology since 2014.

Robert Miller, Strategy and Partnerships
Robert has been a blockchain enthusiast since 2011 and started a bitcoin club at his local college. He has worked with multiple successful startups, completed industry research with the Mayo Clinic and led a team to conduct medical research. Recently, he ran IT operations and data analytics for the world’s largest student conference on venture capital.

Emma Whitford, Communications Director
Emma Whitford is a journalist with a background in business reporting and an interest in covering healthcare, technology, and local politics. Before joining the Medicalchain team, she worked as a reporter for the Minneapolis/St. Paul Business Journal. She has experience in a variety of reporting and editing roles, as well as time spent working on voter outreach during the 2016 U.S. presidential election.

Andy Yee, Technology Policy Advisor
Andy Yee is a technology policy expert. He is currently a public policy director for Visa in China, handling policy issues related to digital payments, economic growth, and financial inclusion. Prior to Visa, he was a public policy analyst for Google in Asia Pacific. He is a University College London (UCL) Centre for Blockchain Technologies Research Fellow, and a Center for Strategic and International Studies (CSIS) 2017 Abshire-Inamori Leadership Academy (AILA) International Fellow.

Vincent Biret-Chaussat, Developer
Vincent has a BSc from Epitech University, France. He has spent the majority of his career developing and implementing scalable infrastructure for some of the world’s largest data centers. He also has experience building enterprise-grade complex distribution systems from scratch. He specializes in system architecture and security and has a keen interest in blockchain technologies. He has extensive knowledge of blockchains algorithms (Proof of Stake and Proof of Work) as well as experience in the optimization of mining algorithms. Before Medicalchain he worked at Blippar, a leading AR and machine learning company in London.

Medicalchain also lists various advisory positions on the team portion of their website.

Social Media
Telegram: https://t.me/medicalchain
Twitter: https://twitter.com/medical_chain

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View the Medicalchain Website here.

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(1) Medicalchain Website, Medicalchain, (2017)

(2) Medicalchain Whitepaper, Medicalchain, (2017)

Topics: Health Technology, Blockchain, ICO, Cryptocurrency, Healthcare