MedChain facilitates for Electronic Medical Records (EMR) and electronic Protected Information (e PHI) with the assistant of Blockchain and distributed storage solution.
MedChain network (MCN) is governed and secured by multiple blockchains which use a multi-crypto-token framework.
There are several issues in the current healthcare industry such as,
- Hacking and data breaches and it could be highly cost
- Mismatching half of patient records when data is transferred between healthcare systems
- Losing the patient’s data
- Medical errors
MedChain aims to address these issues by,
- Securing patient data
- Improving patient outcomes
- reducing costs
- putting control back into the hands of the patient
It achieves cost saving by,
- by streamlining data flow and user experience
- reducing IT overhead
- ensuring true and accurate data for each patient
MedChain provides “common data layer “where all the service providers are accessible into all patient’s record. It will be easy for both patents to control their medical record and service providers to store medical records.
MedChain solves the primary challenges of data security and interoperability faced by EMR and ePHI by,
- Decentralizing Electronic Medical Records
- Putting control in the hands of the patient.
- using a Hyper ledger Fabric BlockChain
- Implementing permissioned Distributed Storage Network
- Verification of Ethereum BlockChain for transparency and auditability.
- Inaccessibility to unauthorized parties
The solutions provided by MedChain are properly certified by the Health Insurance Portability and Accountability Act (HIPAA) and GDPR rules and regulations. It provides an unprecedented level of reassurance to ensure the integrity of an investable BlockChain market.
The MedChain system comprises with following components.
- Patient dApps
- Service Provider dApps
- Blockchain as a Service
- Software as a Service
The security Token of this project is MedCoin. It is based on Ethereum-network. The initial supply of MedCoin is 100,000,000 and it is worth of 1,000,000,000.
Capital is raised by MedChain through three funding events. They are,
- Regulation CF Seed-ICO – It has been raised $467,000
- Anticipated Regulation D 506(c) Pre-ICO – It is expected to raise funds between $5-15M
- Anticipated Regulation A+ ICO – – It is expected to raise funds between: $15-30+M
Due to this nature of ICOs the financials of MedChain, it is audited by the public accountant(s) who are independent of MedChain.
Final MedChain Token is allocated among below mentioned parties.
- Community -94%
- Business Development – 2.5%
- Research and Marketing – 1.5%
- Reserves – 1%
- MedChain Development and Executive Team – 1%
The funds raised by MedChain as above will be used for the development of below-mentioned areas in the respective percentage.
- Engineering Development – 30%
- Operations – 25%
- Marketing – 15%
- Regulatory – 10%
- Business Development – 10%
- Reserves – 5%
- Legal – 5%
- Misc. – 5%
MedChain has planned their main activities up to 2020. It is included,
- Developing Block Chain and Apps
- Public verification Chain Coding and Development of Incentives
- Deployment of SMRC ‘s DevNet and V1PVC
- Development of MainNet
- Release the MedCoin
- Deployment of SMRC TestNet open platform to outsiders
- Deployment of external and internal dApps
- Conduct audits. Tests and compliance with certification of protocol
MedChain has a team which has excellent experience in healthcare, IT system, and Block Chain. Altogether there are fifteen members of the team. They drive the project towards the success in a manner that patients, service providers and the community in the healthcare industry can obtain benefits out of that.
For More Details of Medchain:
Official Website: http://medchain.us
Post By Anton De Mel
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1770640