We recently had the opportunity to interview Dr. Mark Baker, the CEO and Founder of MediChain. MediChain is a medical big-data platform which allows patients to store their own data in a secure way and give access to specialists anywhere regardless of the payer network or EMR (Electronic Medical Record) used. They are using blockchain technology to revolutionize medical recording keeping and research breakthroughs, and making medical data more anonymous for patients. Check out our interview below with Dr. Mark Baker:
How MediChain Uses Blockchain Technology
The MediChain system allows patients to store their own medical data “off-chain in an appropriate geographic domain. It not only allows them to share it with doctors and specialists anywhere, but also allows them to share it anonymously with scientists working to develop treatments and cures, providing Big Data to revolutionize treatment development and monetize via pharmaceutical companies, researchers, and insurers.”
All parties could benefit huge from this technology. Patients, doctors, and hospitals could put data into a compliant cloud which becomes part of the MediChain ecosystem and the blockchain stores pointers and rules on usage and anonymity, while the data itself is a stored off-chain in a compliant cloud. “Patients could access their data at any time and allow other doctors and hospitals to access selected parts of the data transcending individual electronic medical records systems. Researchers and pharmaceutical companies would access the data as big data in fully anonymised form and use AI from our ML modules and our toolkit.”
The MCU Token
The Medichain Utility Tokens represent the data in the MediChain system. “There is a fixed number of tokens, so the greater the value of the data in the system, the greater the value of each token.” The tokens will be essential for medical data and medical services sales within the MediChain system.
Patients can pay money for “services, healthcare providers, algorithm providers and data processing providers can simply recieve money for their services. Data purchasers can simply pay money for data”. The tokens will also be used to purchase digital medical services for patients, and to purchase anonymised patient data for data purchasers. Check out this diagram below from their white paper that explains their tokens’ utility:
From an investors stand point, the value of the token could see dramatic increase in value if the system runs smoothly. Data is given to the blockchain, pharmaceutical companies need that data to do research and find new treatments they can sell, and to acquire the data they need the token. Therefore, Big Pharma could be competing to get access to the token which will only have a fixed amount available. This could revolutionize the medical world.
Learn More About The MCU Token and MediChain
Learn more about the project on their website here: medichain.online