Against the backdrop of continuing volatility on the cryptocurrency market driven in part by market uncertainties and the speculative buying of traditional security tokens like Bitcoin, more attention is being paid to so-called utility tokens such as those of the MediChain Medical Big Data Platform. As well as standard token features of scarcity and market capitalization, utility tokens have another intrinsic merit: they are tied to a useful, in-demand service. Access to the service is contingent on the use of the utility tokens on a blockchain-based platform.
Through its platform, MediChain plans to revamp the electronic health records (EHR) and electronic medical records (EMR) sectors. In the process, it will enable patients to take control of their own data, help medical providers to improve the quality of service and reduce errors, enhance the security of EHR and EMR data and facilitate the discovery of cures for diseases. As well the social factor, the platform is likely to trigger significant revenue streams.
According to a recent survey conducted in seven countries, commissioned by the consultancy Accenture as part of its 2018 Consumer Survey on Digital Health, consumers are increasingly ready to share personal data with healthcare professionals and even insurers, and also open to using personal gadgets that enable them to monitor their health.
Thanks to the creation of a compliant cloud on MediChain’s blockchain, patients can save their medical data and decide what to share with healthcare providers and personal doctors both locally and globally. Furthermore, the records are anonymized on the platform, with key data kept off-chain. These records will constitute interesting big data for a number of different players, as MediChain CEO Doctor Mark Baker explains:
We know that our unique big data are attractive to pharmaceutical companies, for example, when they research or test new drugs. Naturally insurers are keen to understand medical trends going forward. And there is a burgeoning market for mobile healthcare apps. So we are also targeting software developers and manufacturers of various healthcare gadgets and devices.
Access to the platform requires the use of MediChain Utility Tokens (MCU) representing the value of the arbitrary data blocks of patients. Each piece of medical data is accorded an arbitrary value in the MCUs equivalent to the price of a patient consultation in US dollars. The tokens are currently on sale in the company’s ICO.
Doctor Baker also discloses more good news for potential token holders:
As well as the anticipated revenue streams, we have already entered into partnerships with the Swisher Memorial Healthcare System in Texas, and have also garnered interest from a number of companies and other institutions, from technology solution provider Cerner and the Swiss SOS register, to Australia’s scientific research agency CSIRO.
The MediChain ICO commenced on March 1, 2018, and is set to end on April 30, 2018.
Images courtesy of MediChain