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 you already took with your previous doctor. This could be costly and time-consuming. Therefore, MediBloc has created a healthcare database platform. 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.
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 4 ways MediBloc can revolutionize the healthcare industry through Blockchain technology.
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 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, it will need to have the full data of a particular patient. Every time a patient goes to a new hospital they have to go through the same process over and over again. The process involves the hospital asking the patients 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.
Blockchain technology can be used to store every single record digitally in a secure way. The blockchain platform will only be accessible to hospitals and healthcare administrators. Therefore there will be no need for physical papers. All the information can be stored on a security-chipped card. That card or device will hold the patient’s information stored as private data. It will only be accessible to authorized people.
It is important to know where the medicine is coming from. Blockchain technology can help pharmaceutical supply chain management because it is decentralized and 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 (manufacturer or laboratory). The ledger will be able to record every single piece of 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). Furthermore, the CDC is already looking into using Blockchain to monitor COVID-19 and report outbreaks in real time.
In the past, patients had to get their medical records on paper and had to go through many steps to buy prescription drugs or prove their health status. All Korean hospitals do not provide personal medical records. Blockchain technology can solve this issue. It is a decentralized cloud storage and can prevent the manipulation of the stored data. In addition, most medical institutions and doctors in Korea welcome the introduction of an electronic prescription system.
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 makes this process simple. In addition, MediBloc will facilitate the content sharing of records through a reward system. Therefore, contributing to the system will allow 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
Security is going to be a huge issue with healthcare data in the future. Moreover, 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 platform is a decentralized app formulated on the Ethereum virtual machine. Three layers create the overall structure of the platform. Those three layers are 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 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 in the medical ecosystem. Korean medical startup MediBloc is a much-needed change for our medical ecosystem.
Medibloc 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.
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