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What is MediBloc and what’s their plan?

Blockchain technology has been implemented in several different areas of the economy, with one of these industries being the traditionally conservative healthcare industry. With applications ranging from the management and protection of medical data to the facilitation of clinical trials and medical research, blockchain is unquestionably the revolutionary technology that will alter the healthcare business, benefiting both healthcare providers and patients alike. Several technologies, like MediBloc, have had an impact on blockchain in healthcare, and it is the most recent of these technologies.

What exactly is MediBloc?

MediBloc is a blockchain-based data management solution that is specifically designed for the healthcare industry. Patient medical data is spread and disseminated throughout a variety of healthcare providers and institutions located across states and nations in the healthcare industry. For the most part, as a patient, every new doctor you see at every new hospital you visit in every new town, city, or country has a copy of your medical record. Health-care devices and gadgets that analyze and collect data also store a small amount of your medical information in their internal data storage systems.

Obtaining a complete record of one’s medical history would be difficult if not nearly impossible for a healthcare provider because it would be scattered across various platforms and locations, making it difficult to make the most accurate diagnosis or to administer the most efficient course of treatment. At the heart of MediBloc’s offering is a data integration system that brings together every piece of medical information about a patient, providing real-time updates for every new entry into the system so that the system can be accessed at any point in time to obtain a patient’s comprehensive medical history.

What is the mechanism of action of MediBloc?

MediBloc is more than simply a blockchain-enabled medical information system; it is also a blockchain-enabled patient-centered medical information system, according to its developers. In essence, MediBloc gives the patients complete authority over their medical records, which must be kept confidential following HIPPA standards, according to the company. Patients are the only ones who have allowed access to their medical data when using MediBloc since the private key to unlocking and decrypting confidential medical data is only given to the person who owns the data in question. For better or worse, decryption access to their medical data is allowed only to the patients themselves, and they are free to share their information with anyone they choose. This patient information management concept will contribute to a significant decrease in the rate of exploitation of patients’ healthcare data as well as every other method of unauthorized use of patients’ information stored in the MediBloc database by third parties who are interfering with the system.

In addition to putting patients in control, MediBloc provides a secure and transparent data storage system that relies on the immutability of the blockchain database – every new entry to the system comes with a location and time stamp, a record of how the information so accessed is used, as well as a backup protocol in case the original data is ever lost – and it does so by relying on the immutability of the blockchain database.
Additionally, not only does MediBloc maintain a record of patient data from medical facilities, but it also has the capability of storing medical information gathered outside of a healthcare institution.

Because it is an open-source platform, it is possible to design apps that can be connected to the system for data transfer. Data may be accessed in a variety of formats — text, graphics, and so on. MediBloc provides API and SDK programs that allow users to establish additional data formats on the system if the data to be uploaded is not supported by any of the currently available data formats. Taking it all into consideration, MediBloc offers users a medical data system that is adaptable, expandable, and user-friendly.

What was the genesis of MediBloc?

When MediBloc was first conceived, it was in response to the need to develop a patient-centered healthcare ecosystem that would address issues such as interoperability, security, and privacy of medical information within the healthcare ecosystem. The MediBloc White Paper, which was released as a Proof of Concept application on the 17th of October, 2017 was published as a result of this release. It was on the 17th of December, exactly two months after the White Paper was published, that the research and design for the MediBloc mobile application version of the software began. Beyond its intended use of streamlining platform operation and increasing efficiency, the app is also meant to contribute to the MediBloc ecosystem by encouraging other developers to make use of the SDK program supplied by MediBloc to build and develop apps for the system.

Who is the Founder of MediBloc, and what is his background?

Medical Blockchain (MediBloc) is the idea of two doctors, Dr. Allen Wookyun Kho and Dr. Eunsol Lee, who decided to establish a blockchain-based data exchange service to create a more efficient information system for patients, clinicians, and researchers. Even though both doctors have extensive experience working as software engineers, Dr. Kho, who previously worked as a lead software engineer for the Galaxy S with a specialization in the field of peer-to-peer networks at Samsung Electronics, made a career change later in life to become a dental surgeon and practiced medicine for a short period before joining the team. Dr. Lee, on the other hand, is a board-certified physician who specializes in radiology and biomedical informatics, among other things. They are backed by a group of other software engineers, developers, and blockchain experts who have the necessary knowledge and skills to help them establish a reliable and effective platform.

The MED Token and Initial Coin Offering (ICO)

Tokens are used in the MediBloc system, and there are two types: MED and MEDX. To commemorate this occasion, MED, the first token to be launched, was distributed on the QTUM network and so became known as a QRC token. However, as the MediBloc system continues to evolve and advance, the MediBloc development team has determined that it would be perfect to establish their blockchain platform to optimize their service. The addition of a native blockchain platform to the MediBloc platform will improve the security system as well as the overall efficiency of the site.

In addition, the new blockchain will provide the MediBloc developers with an entire control over their services, and if there is a need to expand to other platforms or upgrade services in the future, the blockchain will allow for that flexibility to be achieved. This is what sparked the creation of the MEDX token, which is an ERC-20 standard token. The decision to switch to the Ethereum network is purely tactical, to increase business adaptability.

Given the fact that there are existing holders of MED tokens in the system, holders of MED tokens were airdropped MEDX at a 1:1 ratio to preserve the rights of those token holders. In other words, upon the launch of the mainnet, holders will receive 0.5 MainNet coins for every MED and 0.5 MainNet coins for every MEDX they possess. In the MediBloc ecosystem, the token will serve as the primary means of exchange between all users, including healthcare providers (institutions and employees) and data researchers (medical devices, sensors, and researchers). As a bonus, MED will be utilized to reward users that actively participate on the platform.

MED tokens were issued as part of an initial coin offering (ICO) to collect cash for the ongoing development of the Medicare ecosystem. In total, three stages of the ICO were held: the first and second presale ICOs, as well as the main crowdsale. The entire amount of MED issued for the token sale was 10 million MED, with 5 million MED – or 50% – of the total amount allotted for the token sale going to the token sale. The remaining 50% was allocated in the following ways:

20 percent of the total – the founding crew
12 percent of the budget is allocated to business development.
Early investors and advisors account for 10% of the total.
Research accounts for 8% of the total.
A successful initial coin offering (ICO) of MED was completed on the 15th of December 2017 with around 6,200 investors from over 70 countries around the world taking part. The token sale earned around $30 million through the distribution of nearly 3 million MED tokens to investors. After being published on cryptocurrency exchanges on the 20th of December 2017, the tokens were burnt in the system a month later, on the 20th of January 2018, if they remained unsold after one month.

The following is the distribution scheme for the monies raised during the ICO:

50 percent of the budget is allocated to promotion, platform development, and expansion.
Transfer of Medi Points to Medi Tokens accounts for 30% of the total.
20 percent of the budget is allocated to operations and maintenance.
Because of the release of MEDX, an ERC-20 compliant token built on the more generally accepted Ethereum network, the MediBloc team chose to offer its tokens on cryptocurrency exchanges as well, so that holders of MEDX would not be penalized in any way. In addition, on June 4th, the MEDX token was officially listed on DEx.top, a decentralized Ethereum-token exchange platform that was established as an adjunct to the Bitmain exchange. The addition of MEDX to the Kryptono exchange took place on June 19th. Kryptono is a newly formed global cryptocurrency exchange that focuses on the security and safety of users’ money. It was founded in 2014. The exchange, which operates on a peer-to-peer network, facilitates both crypto-to-crypto and crypto-to-fiat transactions.

There are several ways to earn MediBloc through the MEDX airdrop.

MEDX tokens will be given away as part of a MEDX airdrop to thank investors for holding MED tokens. Every MED token holder, whether they hold their tokens on exchanges, in a QTUM wallet, or any other wallet, is eligible to participate in the airdrop program. An eligible token holder would have taken a MED snapshot on June 1st, 2018 at 00:00 (UTC+9), QTUM Block number 0000, and submitted it to the QTUM team (163890). The system will instantly credit the QTUM wallet with an equivalent quantity of MEDX as represented on the snapshot if a request for an airdrop is made by a qualified token owner. Those who possess QTUM tokens in a wallet other than a QTUM Core wallet will be asked to pay additional fees to authenticate ownership of the wallet and its assets before the tokens will be credited to their QTUM account balances. Starting on the 8th of June, 2018, payouts for successful airdrop requests began to be processed.

MediBloc is a good investment.

The MediBloc platform has entered into strategic agreements with several institutions in the healthcare and financial sectors as part of its mission to do all possible for the healthcare system and to achieve development as a platform. MediBloc has partnership agreements with about four major medical facilities, including Kyung Hee University Dental Hospital, Oracle Medical Group, Hanyang University Medical Center, Bastian Foundation, and FineInsight, in the healthcare sector. Oracle Medical Group is a subsidiary of Oracle Corporation. Hospitals participating in the collaborations will have their medical record systems integrated into MedicBloc’s blockchain database, and they will also be involved in the creation and implementation of new and improved business models for digital healthcare delivery.

Among the major relationships that MediBloc has formed in the financial sector are those with PolicyPal Network and Deloitte Anjin LLC. Utilizing data to bridge the gap between insurance institutions and their customers, the PolicyPal Network is a decentralized insurance platform that intends to improve consumers’ access to the insurance system by using data to bridge the gap between insurers and their customers. It is anticipated that this agreement will provide MediBloc with health insurance through PolicyPal’s CryptoProtect insurance. Deloitte is a global accounting and consulting firm that specializes in financial and business consultancy. The technology cooperation with MediBloc will assist Deloitte in the development and investment of blockchain-based projects in Korea and other parts of the world. Overall, these collaborations are expected to generate synergies and move the MediBloc platform closer to standardization.

All investors/token holders of the MED tokens will be entitled to a share of the MED pool, which will be used to draw the tokens that are allocated to them. Token distribution to token holders will take place on an annual basis, with inflation rates of 5 percent and 3.5 percent on the first and second years, respectively, and will be completed after 10 years, at which point the program will be stopped. Apart from that, MediBloc gives its users one gigabyte of free storage and one gigabyte per month of bandwidth, both of which must be paid for using MED tokens to Storj, the data service provider.

Conclusion

MediBloc’s mission is to create a patient-centered healthcare ecosystem in which data is secure, disintermediated, incorruptible, and can be safely transmitted. The use of a decentralized information system will significantly reduce the prevalence of data leaks while also empowering patients by providing them with access to their sensitive medical information.

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Evangeline Christina is a Cyber Security Enthusiast, Security Blogger, Technical Editor, Certified Ethical Hacker, Author at Cyberspecial.net. Previously, he worked as a security news reporter in a reputed news agency.