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MediBloc MED

medibloc
Medibloc
$0.021-1.70% 24H
  • medibloc
  • Medibloc
    (MED)
  • Price
    $0.021
  • Market Cap
    $114.04 M

MediBloc is a blockchain-based healthcare information ecosystem for patients, healthcare professionals, and medical researchers. MediBloc facilitates a decentralized healthcare ecosystem that benefits all parties involved by providing an all-in-one solution. The MediBloc team, founded in 2017 by Allen Wookyun Kho and Eunsol Lee, has created various patient-centered solutions. One of these solutions is Medipass, which provides customers with a simplified method for filing healthcare insurance claims.

What is MediBloc?

MediBloc is a blockchain-powered data management solution focusing on healthcare data. Patient’s medical data are spread and disseminated throughout various healthcare providers and institutions across states and nations in healthcare. As a patient, every new doctor you visit in every new hospital in every new town, city, or government has access to your medical history. Healthcare equipment and gadgets that analyze and collect data save your medical information in their storage system.

It would be exceedingly difficult, if not impossible, for a healthcare practitioner to collect a thorough and complete record of one’s medical history in order to make the accurate diagnosis or the most efficient course of treatment, as the case may be. MediBloc offers a data integration system that assembles every piece of medical information about a patient, with real-time updates for every new input into the system, so that the system will be available at any time for a patient’s complete medical history.

MediBloc: roots and history

MediBloc was founded by two physicians, Dr. Allen Wookyun Kho and Dr. Eunsol Lee. They wanted to create a blockchain-based data-sharing service for patients, clinicians, and researchers. Both doctors have extensive experience as software engineers. Dr. Kho, who previously worked at Samsung Electronics as a lead software engineer for the Galaxy S with a specialization in the field of peer-to-peer networks, later changed careers to become a dental surgeon and practiced medicine for a few years. On the other hand, Dr. Lee is board-certified radiology and biomedical informatics physician.

MediBloc was born out of a desire to develop a patient-centered healthcare ecosystem that would address interoperability, security, and privacy of medical data. As a result, on October 17th, 2017, the MediBloc White Paper was issued as part of a Proof of Concept application. On December 17th, two months after the White Paper was published, the research and design for the MediBloc mobile app version began. The app is intended to improve the platform’s operability and efficiency and broaden the MediBloc ecosystem by encouraging other developers to use MediBloc’s SDK program to design and develop apps for the system.

How does MediBloc work?

MediBloc is a blockchain-enabled patient-centered medical information system, not merely a blockchain-enabled medical information system. In effect, MediBloc gives individuals complete control over their medical records, which must be kept private under HIPPA standards. Only patients have been allowed access to their medical data using MediBloc. The secret key to unlocking and decrypting personal medical data is only supplied to the data owner. To put it another way, only the patients have decryption access to their personal medical data. And they are free to disseminate it anywhere they wish. This patient information management approach will aid in significantly lowering the rate of exploitation of patients’ healthcare data and any other ways of unlawful use of patients’ information housed in the MediBloc database by unscrupulous third parties.

Aside from giving patients control, MediBloc also offers a secure and transparent data storage system based on the immutability of the blockchain database. Each new entry to the system includes a location and time stamp, a history of how the information accessed was used, and a backup protocol if the original data is ever lost.

Not only can MediBloc preserve a record of patient data from medical facilities, but it may also save medical information gathered outside of a health facility. Applications may be built and attached to the system as an open-source platform for data transfer, which may be accessed in various formats (text, graphics, etc.). Suppose the data to be uploaded isn’t supported by any of the existing formats. In that case, MediBloc provides API and SDK applications that allow users to build new data formats on the system. Overall, MediBloc provides customers with a versatile, scalable, and user-friendly medical data solution.

Why choose MED?

MediBloc’s primary mission is to make healthcare data more accessible while also boosting the contents of medical information for the growth of science. The following are some significant features:

  • Data ownership is redistributed: MediBloc returns health record data to patients’ hands and allows data owners to select who is permitted to read the records.
  • Data loss and fraud prevention: Data is backed up, and only trustworthy healthcare affiliates will be allowed to update it. Because data changes are visible to all users on the blockchain, unethical changes are exceedingly rare.
  • The ERC20 MED token incentive scheme incentivizes data owners to participate in the data ecosystem by allowing them to profit from their contributions.
  • Worldwide data interoperability: The global interchange of real-time information among medical professionals will accelerate medical progress while reducing redundant data. Medical personnel won’t have to wait for new information, resulting in more efficient care and a higher probability of the proper diagnosis.
  • Security: Blockchain technology provides enhanced security features to prevent data breaches.

Many individuals are unaware of their present system’s vulnerability to outside hacking (which is currently on the rise) when it comes to security. According to Chicagobusiness.com, if internet theft continues at its current rate, everyone in the United States will have had their healthcare data hacked by 2024. A breach like this costs the medical business much money. Healthcare data breaches cost the United States over $6 billion each year.

Is MediBloc secure and reliable?

Since health data is sensitive and confidential, it is not directly recorded on the blockchain. Furthermore, the direct recording might result in data leaks because the blockchain is a public ledger that anyone can view. As a result, data is kept and maintained at the user’s endpoint. Furthermore, the data is encrypted and transferred over a different channel to ensure robust data security during the data exchange process. In addition, the Panacea-based DID is utilized to ensure data integrity.

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FAQs

Is MED real and safe?

For patients, health care providers, and researchers, the firm provides an interoperable healthcare data system verified and protected utilizing blockchain technology. The MediBloc platform provides users with a digital wallet to quickly and securely access their digital health data and records. So, MED seems real and safe enough to invest in.

What is DID, and how do credentials get verified?

Patients can share their data with other data consumers using signed credentials issued by health data producers using a decentralized identifier (DID). Anyone can also verify the authentication details by consulting the DID document on Panacea.

What blockchain is MediBloc on?

The MediBloc test net was designed and created on the Quantum blockchain.