To maintain a single, real version of a user’s data as well as create a user-centric electronic health record, adopting blockchain technology is Medicalchain’s choice. Medicalchain’s mission is to improve care for people by placing the patient at the center of the digital transformation of healthcare.
Summary
Medicalchain is a decentralized platform that enables secure, fast, and transparent exchange and usage of medical data. Medicalchain uses blockchain technology to create a user-focused electronic health record and maintain a single true version of the user’s data. Users can offer conditional access to healthcare agents such as doctors, hospitals, pharmacists, and insurers. Medicalchain hopes to position itself at the forefront in the new age of medical technology leading to a safer, simpler, and more efficient healthcare system.
Company Overview
After the conceptualization of ideas in 2016, Medicalchain has positioned itself as the leading company in digitizing health records. The medical chain team has a holistic understanding of the industry and the implications of providing a platform for other digital health applications to develop.
Token Sale
Under the code MedToken, Medicalchain’s ICO will be a capped sale raising $24 million (24,000,000) equivalent in ETH or BTC. Medicalchain will issue 500 million MedTokens (500,000,000) to create a new blockchain-based healthcare system.
The chart below demonstrates that 35% of the MedTokens will be offered during the pre-sale and crowd sale. An additional 34% will be retained by the company, team, advisors, founders, and future employees.
MedToken Team and Long-Term Expenses
The Medicalchain team will recuperate 34% of the issued MedTokens. This 34% can be broken down further as 10% will have already vested, 12% vests over 2 years, 12% over 4 years, 15% to the Founders, 8% towards company development, 11% will be dished to the team, advisors, and early backers.
Reserve/Long-Term Expenses
N/A stated above
Commercial and Technical Strategy
Medicalchain will be a platform for other digital health applications to develop. The Medicalchain team is currently developing two applications to work with its platform. These applications will consist of a doctor-patient Telemedicine application and a healthcare marketplace. The Telemedicine application will allow users to consult doctors in real-time, remotely, for only a small fee. The marketplace will give power to the users by allowing them to negotiate commercial terms with third parties for alternative uses or applications of their health data. Medicachain hopes to bring more applications to the platform adding value to stakeholders.
Medicalchain hopes to implement a digitized healthcare platform to eliminate the faults in the current healthcare system today. According to John Hopkins University, medical errors account for the third leading cause of death per year, with 251,454 deaths in 2016. Medicalchain can play a prominent role in eliminating these errors. Medicalchain will increase the security risks related to patient data as well.
Roadmap
Medicalchain’s plan for the future consists of short-term application testing for Telemedicine and a worldwide launch set to take place at the beginning of 2019. Medicalchain is currently engaged in several community campaigns to raise awareness of the project and the benefits of blockchain technology for healthcare users. Medicalchains top priority is informing users about blockchain technology and how it will provide for more secure handling of their health data. Medicalchain believes that influential users who witness the benefits of Medicalchain will be the deciding factor for further patient onboarding. The Medicalchain team will work alongside clinicians to test pilots with consenting patients and assist providers with patient-targeted marketing to improve user adoption.
Token Use
The purpose of MedToken is to power the Medicalchain ecosystem and act as a unit of exchange for patients who wish to share their health records with apps.
Use of Funds
Funds raised through the crowd sale will be distributed as shown above. One area of distribution not talked about yet is the 31% of tokens utilized for community development. To develop the community, Medicalchain will use the funds of the tokens to educate others about the project, bring partners to its platform, conduct pilots, and sponsor industry-led events.
Team
The Medicalchain team is a unique blend of clinicians, engineers, and developers. The team consists of nine different nationalities, each carrying their perspectives and experiences of healthcare in their own countries. This mixing pot of backgrounds is vital to creating exactly what Medicalchain visions.
- Dr. Abdullah Albbeyatti: CEO and Co-Founder
- Mo Tayeb: COO and Co-Founder
Advisors
Advisors backing the Medicalchain team come from diverse backgrounds inside the healthcare sector. Medicalchain has 8 advisors, which are on the larger side compared to companies launching ICOs.
Strengths
- Medicalchain is leading the charge in making a much-needed change in the healthcare industry.
- Medicalchain platforms can make it easier for patients to share information, all while feeling secure with the highest level of security.
- Medicalchain is developing Telemedicine platforms to make it easier and more affordable to conduct doctor’s visits.
- The technology created by Medicalchain could spark the invention of bracelets that will contain important health records of individuals, so in an emergency, medical staff can obtain documents.
- Medical chain is building a platform for other apps to develop off of, making it the leading company in digitizing health records.
- Medical Chains roadmap is obtainable and easy to understand.
Weaknesses
- Medicalchain needs to create a lot of awareness to help early adoption of the technology.
- If early adopters do not like the Medicalchain platform, it may not be easy to get the public to adopt this technology.
Conclusion
Medicalchain is an ICO that we are excited about, so we give it a buy with a rating of 9/10. The only thing holding us back from giving this a ten is that early adopters have to act as the main catalysts to influence more people to become platform users. I don’t believe creating awareness of Medicalchain’s project will be difficult. I believe that the current healthcare industry requires improvement, and this technology can be that.
Medicalchain wants to give patients the power to decide who gets to see their health data and how much of it. The company has a big vision, but it is not impossible; after proper development and testing of the platform, Medicalchain will be able to expand its technology and platforms to multiple segments of people’s lives. By building the infrastructure of healthcare for the future, Medicalchain hopes to improve the lives of today and future lives.
