Korean Blockchain Startup MediBloc looks to reinvent your healthcare experience. MediBloc is the most reliable and safe healthcare data platform. Every time you go to a new doctor you need to take the same medical exam. This could be costly and time-consuming. Therefore, MediBloc has created this database. They used the latest Blockchain technologies to have the highest level of security for their platform. Furthermore, this will lead to big data in Korea for data-driven medical innovations in areas such as personalized precision medicine, big data-based disease predictions, and medical research.

3 Ways MediBloc Can Revolutionize the Healthcare Industry 

The company that comes out with a Blockchain-powered healthcare information exchange will show the true value of interoperability. A Blockchain-based system for healthcare has the potential to reduce the costs of current intermediaries in South Korea as well as the US. Therefore, by connecting fragmented systems, the Blockchain can generate insights for better access to healthcare for many patients and institutions. South Korea already has shown how effective its healthcare system is during the COVID-19 outbreak. Blockchain technology can make it even better. 

Here are 3 ways MediBloc can revolutionize the healthcare industry through Blockchain technology. 

1. A Decentralized Patient Data Platform

Korean Blockchain Startup Medibloc

If doctors and physicians do not have the correct medical data they will not be able to give optimal care. This is where MediBloc comes in. The team behind the project guarantees that the platform is fully compliant with HIPAA (Health Insurance Portability and Accountability Act of 1996).

What MediBloc is focusing on is the healthcare data. Currently, healthcare data is stored in different hospitals. So these hospitals end up having only a part of the patient’s health information. In order for a hospital to give the best possible care, they will need to have the full data of a particular patient. Every time a patient goes to a new hospital they have to go threw the same process over and over again. The process involves the hospital to ask the patient questions regarding their medical history. With MedicBloc the patient can have all their information in the palm of their hands. 

MediBloc is an open-source protocol and defines itself as a decentralized Healthcare Information system built on Blockchain technology for patients healthcare providers and researchers. Therefore, its Blockchain platform allows you to track and record everything revolving around a patient’s healthcare such as doctors’ visits and records updates.

2. Digital Stored Hospital Records 

Blockchain technology can be used to store every single record digitally in a secure way. The blockchain platform will only be accessible by hospitals and healthcare administrators. Therefore there will be no need for physical papers. All the information can be stored in a security chipped card. That card or device will hold the patient’s information stored as private data. It will only be accessible by authorized people. 

3. Medical Supply Chain Management

It is important to know where the medicine is coming from. Blockchain technology can help the pharmaceutical supply chain management because of the fact that it is decentralized guarantees full transparency in the shipping process. Once a decentralized ledger is created for a particular drug, it will be able to mark a point of origin (example: manufacturer or laboratory). The ledger will be able to record every single data throughout the chain-of-custody. This type of ledger will be helpful for pharmaceutical companies to make sure their drugs arrive quickly while also allowing the government to review any miscellaneous activity (drug trafficking/counterfeiting).  The CDC is already looking into using blockchain to monitor COVID-19 and report outbreaks in real-time. 

MediBloc MED Token

By accumulating all of the patient’s medical history into a single conscious format, reliable patient care can take place. Furthermore, individuals can be in charge of dispersing their own records. The MED Token will make this process simple. In addition, MediBloc will facilitate the content sharing of records through a reward system. Therefore, contributing to the system will allow for both the patients and the provider to get rewarded. In addition, patients will be able to use MED tokens to initiate routine medical transactions with partners of MediBloc.

The main goal of MediBloc is to make healthcare data more accessible. In addition, they want to stimulate the contents of medical information for the purpose of scientific advancement.

“The biggest problem now is that all the health data is scattered around medical institutions and patients have difficulties accessing their own records. In addition, it is very difficult to guarantee security and trust for any data that has been transferred from one place to another. MediBloc solves these two big problems.” said Dr. Allen Wookyun Kho the CEO of MediBloc

Some key features include:

Korean Medtech Startup Medibloc
  • Redistribution of data ownership – MediBloc will put health data records back into the patient’s hands. Therefore, only the patients can decide who will use their documents.
  • Data Loss/Fraud Prevention – Back up all data. Furthermore, only reliable health care affiliates will have access to edit the data. Since the modifications of data are transparent to all users, unethical adjustments are highly unlikely.
  • The MED Cryptocurrency – This reward system will encourage data owners to contribute to the data acquisition through profit improvement.
  • Worldwide Data Interoperability – This will allow for a global exchange of real-time information among the medical community.
  • Security – The Blockchain protocol offers increased safety measures to combat data hacks.

Security is going to be a huge issue with healthcare data in the future. People do not realize how vulnerable the current system is to outside hacks. In the United States alone, healthcare breaches account for roughly six billion dollars a year in losses.

The Three Layers of MediBloc

The platform is a decentralized app formulated on the Ethereum virtual machine. Three layers create the overall structure of the platform. Those three layers being core, service, and application. In the three layers, the information held will pertain to personal information, medical data, and MED account balance. Therefore, every action will be transparent through blockchain technology.

The MED Point System

The platform will use the MED point system, a points-based system that measures user participation. Therefore the more you participate the more rewards you will receive. The rewards will be in the form of MED Tokens. These tokens can help pay for insurance payments as well as other medical transactions.

Licensed, medical doctors comprise most of the team at MediBloc. Therefore, they have decades of experience in the Medical field in Korea. In addition, they are constantly looking for innovative solutions that will lead to new changes to the medical ecosystem. Korean medical startup MediBloc is a much-needed change for our medical ecosystem.

Medibloc Partners with Severance Hospital 

MediblocMedibloc agreed to work with Severance Hospital to create a blockchain-based medical information platform. The platform will deal with insurance claim billing, medical data forgery detection, certificate document issuance, and e-card issuance for patients. In addition, they will share their facilities, network, and human resources.  

“We are delighted to build a patient-centered platform with MediBloc, which is leading the blockchain-based medical information platform,” Severance Hospital General Director Lee Byung-seok said. “By working with MediBloc, we will be able to provide personalized medicine and digital healthcare to patients at Severance Hospital through the establishment of an integrated medical information system.”

Medibloc will continue to focus on creating a model for the medical information ecosystem. Furthermore, they will look to expand the scope of their business so that patients will be able to collect, utilize, and manage their medical information in a secure manner.