What is Medichain?
MediChain is a Medical Big-Data Platform for storing and linking medical data to eventually harness the power of big data for augmented medical decision-making. More specifically, our proposed system allows patients to store their own data off-chain in an appropriate geographic domain, and give access to doctors and specialists anywhere, regardless of the payer network or EMR used.
— MediChain Team
ICO Alert Quick Facts
- Medical Big-Data Platform
- $1 = 1 MCU token
- Pre-ICO: February 5, 2018-February 19, 2018 | Main ICO: March 1, 2018 — May 1, 2018
- 46,500,000 total available / 100,000,000 total supply
- Public MVP to be released in Q1 2018
Q&A with MediChain Team
ICO Alert: For those who are not familiar with MediChain Network, can you explain what it is, and what the team aims to accomplish? (text used on ICOBench website)
Medichain: MediChain is a Medical Big-Data Platform for storing and linking medical data to eventually harness the power of big data for augmented medical decision-making. More specifically, our proposed system allows patients to store their own data off-chain in an appropriate geographic domain, and give access to doctors and specialists anywhere, regardless of the payer network or EMR used.
Patients, doctors, and hospitals could put data into a compliant cloud which becomes part of the MediChain ecosystem.
Patients will be able to access their data at any time and allow other doctors and hospitals to access selected parts of the data transcending individual electronic medical records systems.
Researchers and Pharmaceutical companies will be able to access the data as big-data in fully anonymised form. It is monetized by the ability to voluntarily give anonymised access to untampered data to pharmaceutical companies, researchers and insurers. Potentially it may also be used for prescription management.
MediChain aims to allow better conditions for all parties, creating a better way of handling patient data than anything available today. This is by improving patient data sharing and availability, and enhancing existing systems to be managed automatically by doctor or by patient. Additionally, by including different levels of access, MediChain seeks to neutralize the patient’s risk and increase their benefits.
ICO Alert: How does the MediChain token (MCU) function within the platform and why is it needed?
Medichain: A client, typically a pharmaceutical company, purchases data. When the payment for the data purchase service is done, MediChain converts received fiat funds into tokens and transfers them to a smart contract. The accounts, belonging to the people whose data was purchased, receive tokens. These tokens are distributed proportionally between patients, clinics or other providers who have added it to the system database.
In addition, when a patient loads data pointers to MediChain they can tender clinicians, providers and algorithms to perform analyses and diagnoses on it. This can be done anonymously and the results are uploaded to the blockchain (with suitable anonymizers). They can then be accessed by patients paying in tokens.
ICO Alert: There are multiple projects attempting to bring Electronic Health Records and patient databases to the blockchain, why should users choose MediChain?
Medichain: By choosing MediChain, users will be a part of a unique project set to revolutionise global health. Not only will they have control of their own health records, but they will also be in control of sharing this data to researchers and external bodies to help find cures for the diseases that affect the user.
Users will have voting rights to determine the future of medical research. MediChain funds and tokens support the creation of research grants particularly aimed at academic institutions, healthcare networks, universities and scientists to gather high-value big data to MediChain (and the research community). MediChain Utility Tokens are used to vote on determining the focus of future research. Voting options are determined by internal and external domain experts.
Other user benefits include, the ability for individuals holding utility tokens to be able to use their tokens to purchase any appropriate digitally transmitted medical services, such as diagnostic services from institutions participating in the system. MCU Tokens will be usable for discounts for a range of digital services as well as purchase of compatible devices which may include Fitbit products like the Fitbit Alta HR, AliveCor Cardiac Monitors like the Kardia, Apple Watches like the The Apple Watch Series 3 and related healthkit products from partners. MCU Token discounts will also be used for discounts on medical services which may include consultations and prescriptions in applicable domains.
MediChain stands out from other medical blockchain companies through its core focus on big-data. The MediChain team consists of both experienced technologists and healthcare specialists, with team members highly experienced in building startup businesses. MediChain’s CEO, Dr Mark Baker, has founded a number of companies before and worked as a medical data research scientist at Cambridge and Oxford university. Dr Baker has designed, consulted and mentored in various data-driven medical technology companies and establishments including Harvard University and Hoffmann-La Roche AG in the space of blockchain, big data, security, algorithms and behavior. This differentiates us from other medical blockchains that are often primarily being lead by healthcare professionals.
A core focus on big-data is MediChain’s USP, within which there are eight areas of application of analytics which can improve healthcare: 1) predictive modelling for risk and resource use; 2) population management; 3) drug and medical device safety surveillance; 4) disease and treatment heterogeneity; 5) precision medicine and clinical decision support; 6) quality of care and performance measurement; 7) public health; and 8) research applications.
Predictive analytics using big data technology is technology that learns from experience (data) to predict the future behavior of individuals in order to drive better decisions (i.e., future insights), based on a full picture of associations, for example, across time or a wide geographic area, or observed in a substantial fraction of entire population.
These benefits not only help patients worldwide but make MediChain a natural partner to #ehr and #emr providers rather than a rival in a crowded and highly established market.
ICO Alert: Why is important that I am in control of my own electronic health records instead of them being stored in a more traditional centralized database? What steps are being taken to ensure that, older, more frequent users of medical care still understand how the service works even with blockchain implementation?
Medichain: Our underlying philosophy is that all personal data has value which should belong, in the first instance, explicitly to the customer. The customer can decide if they want to sell it in an anonymized form, for example to to insurers or pharma companies, but that’s for them to decide.
We are building a system that anyone will be able to use or benefit from, whether sick or even unconscious. Patients will have a secure smart card (very similar to carrying a credit card) so there is no massive code to remember.
ICO Alert: You have a Public MVP scheduled for release in Q1 of 2018. What is the status of the MVP and what benefits will it provide the user?
Medichain: We have a private MVP available now for any big investors. We’ll be making the source code available on github soon.
Our front end clinical information system already has some major functionality for both doctors and patients, and it is currently being tested on pain management clinics as we speak. We have also received strong feedback from hospitals/ pharmaceutical companies already wanting to partner with us on this system. This includes a definite from the Swisher memorial hospital and a number of other medical institutions in the pipeline, such as Cerner, AstraZeneca, Swiss SOS registry, CSIRO.
ICO Alert: Please explain why you chose to use off-chain data storage instead of building on traditional protocols such as Ethereum or creating your own blockchain?
Medichain: The hybrid approach allows the system to scale, while still providing the privacy and security of blockchain technology. One of the great limits to using blockchain in medical data applications is speed. While systems like Visa card processing handle 24,000 transactions each second, Ethereum can only handle 20 transactions per second. Even the innovative Ripple can only handle 1,500 transactions each second. To overcome this, we are working on a patent-pending system, designed by CEO Mark Baker, to allow parallel processing of the medical blockchain, to speed transactions up to a theoretical increase of 14,400 times with the data planned. MediChain’s approach may allow the speed that will outpace even state-of-the-art systems like Visa — but for medical data.
ICO Alert: It would seem that third world countries, and those with historically poor healthcare systems stand to benefit greatly from MediChain. Are you targeting any specific geographic regions initially?
Medichain: Yes, we will focus initially on China and India. The blockchain reduces or eliminates many of the security and access problems that plague implementation of large-scale healthcare systems.
And ultimately having access to vast amounts of location based data, researchers will also be able to better draw conclusions when identifying the potential causes of health problems or epidemics, due to specific geographic environmental factors. Through these valuable location-specific insights, researchers and doctors will be much more informed to take preventative and preparatory action on a global scale.
ICO Alert: How does collecting vasts amount of data and storing them using decentralized practices benefit more than just patients and doctors?
Medichain: Population-based de-identified patient data has already produced advances against WHO top ten diseases such as obesity, diabetes, hypertension, and heart failure. Population data lets researchers tackle the big issues in medicine. By patients opting in and sharing their data, they promote the research breakthroughs that can one day improve their own health and help people who are suffering from similar health issues.
ICO Alert: How far along is the project today and when can contributors expect to use the platform? Please feel free to share any recent updates.
Medichain: We’ve achieved some great successes so far, and have more exciting developments in the pipeline! Our platform is being developed as a data solution for the entire medical ecosystem. In addition to our solutions for data application speed, security, and access already described, we are in talks with national level medical projects and specialist departments all over the world. This includes Rheumatology, Alzheimer’s, Epilepsy, as well as a major provider of Electronic Records Systems and major research institutes in Heart Disease, Alzheimer’s Disease, Blindness, Arthritis and Cystic Fibrosis.
We have received strong feedback from hospitals/ pharmaceutical companies already wanting to partner with us. This includes a definite from the Swisher memorial hospital and a number of other medical institutions in the pipeline, such as Cerner, AstraZeneca, Swiss SOS registry, CSIRO. What’s more, Wolfram Alpha have already said that would allow us use the Wolfram engine to do machine learning / AI to make automated medical decision making based on data stored within the database.
We expect to announce over a dozen collaborative big data programmes with major institutions from Q2 2018 onwards.
ICO Alert: As a non-MediChain question we like to ask for unique predictions for the ICO and crypto currency space in the future. Where do you see both in the next 3–5 years?
Medichain: As more people are included in the world market through internet adoption, travelling, education and entrepreneurship, the startup sector has grown enormously, and thus creates a higher demand or need for financial capital.
- Currently we’re witnessing ICO’s as an new vehicle to fund these startups. Blockchain themed startups paved the path for ICO’s, and now in 2018 mainstream startups see possibilities of tokenizing their service offer as well, probably increasing the amount of ICO’s for the near future — allso benefiting from a positive economic outlook.
- As jurisdiction shopping exist in ICO space, governments who have the clearest and fairest rules will attract ICO’s to their country. More politicians will opt in to support ICO acceptance and it’s legal support in their jurisdictions.
- As ICO backed startups will progress on their milestones in the upcoming years it will become clear that, although backed by a fair amount of capital, some ideas, products are actually not well received by the market or potential clients. Reaching perhaps to same levels of startup failure that we currently have.
- The ICO space and thought leaders will propose additional governance models to secure the position of consumer investors. One example is mentioned by Vitalik Buterin, the DAICO, aiming for enable token holders to vote for the refund of the contributed funds if they are not happy with the progress being made by developers.
- Through the increase of ICO’s and increase of liquidity in the crypto market the extreme short term volatility or quick gains might disappear. Making it more difficult to find the gems and creating long term holds.
- Also later stage startups will enter the space, creating a barrier for early stage startups to get funded through ICO’s.
- The success of ICO backed companies will impact society positively by harnessing the potential of blockchain in areas as banking, energy, health, etc.
The Pre-ICO began February 5, 2018 and ended on February 19, 2018. There are a total of 6,500,000 MediChain tokens (MCU) available during this period, representing 6.5% of the total MCU supply.
The main ICO will begin on March 1, 2018 and will end on May 1, 2018. There are a total of 40,000,000 MediChain tokens (MCU) available during this period, representing 40%% of the total MCU supply. A hard cap of $40,000,000 is set for this period.
$1 = 1 MCU token
Current accepted currencies for Medichain includes BTC and ETH.
There are a total 100,000,000 MCU tokens being created, with 46,500,000 available during the entire ICO period.
MediChain is an ERC-20 token, so it’s important that contributors use ERC-20 compatible wallets to send funds to the ICO smart contract, and to receive the MediChain tokens.
Contributors will have their tokens distributed shortly after the end of the ICO. Visit the MediChain website for more information and the contribution address.
Use of Crowsale Proceeds
View the MediChain website here.
View the only comprehensive list of active and upcoming Initial Coin Offerings (ICOs) here.
- MediChain Website, MediChain (2018)
- MedicCain Whitepaper, MediChain (2018)