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What is Medicalchain?

Medicalchain is a decentralized platform that provides fast, secure, and transparent storage and sharing of electronic medical records.

Medicalchain uses blockchain technology, smart contracts, and its cryptocurrency to provide the infrastructure for digital health applications and services to be built. It creates a user-centered electronic health record and keeps a single true version of the user’s data.

This would solve the problem of multiple copies of medical records existing in different locations.

How does it work?

The platform allows its users to provide for healthcare workers access to their personal health records. It then securely and transparently records the interactions with the accessible patient data on Medicalchain’s distributed ledger.

In addition, others can utilize Medicalchain’s platform to create applications which complement and enhance the users’ experience.

Partnerships Since ICO End

These are the partnerships Medicalchain made since the ICO ended:

  • The Groves Medical Group: A high-quality NHS diagnostic and health services provider;
  • The Mayo Clinic: US’s number 1 hospital;
  • Blockchain Research Institute: A research organization with a multi-million dollar research program dedicated to blockchain strategies, market opportunities, and implementation changes;
  • Hyperledger: An open source global collaborative effort advancing cross-industry blockchain technologies;
  • The Linux Foundation: A foundation for building sustainable ecosystems around open source projects to accelerate technology development and industry adoption;
  • NHS: UK’s system of public health services;
  • Blockchain Policy Initiative: An open interest group dedicated to the advancement of the cryptoeconomy;
  • Eidoo: A multi-asset wallet and a hybrid exchange.

Features

In terms of features currently available and tested, Medicalchain has its own token called MedToken (MTN), as well as an app called MyClinic.

Info, News, and ICO Results

The token sale begun and ended on 1 February 2018 and raised a total of $23,991,953 USD. The Medicalchain’s MedToken (MTN) ERC-20 token was sold at $0.25 equivalent in ETH and it’s now traded at $0.02 with a market cap of $4,270,493. The return doesn’t look very good at the moment with such a drastic change in price.

Community around it:

  • Twitter: 15.6K Followers
  • Telegram: 21.2K Members

Competitors’ comparison

Among Medicalchain’s main competitors, one can find projects such as Patientory.

With a $1 million revenue, Patientory is a platform which stores patient information on a blockchain. It is a huge step ahead of Medicalchain because it combines access to medical history across different providers with managing doctors’ schedules, and placing electronic orders. Medicalchain’s app is still in the pilot phase and it’s a bit difficult to reach through the website.

Just like Medicalchain, Patientory also has a team of skilled professionals on board, with expertise in the fields of healthcare, cybersecurity, and consumer technology.

Medicalchain’s advantage in comparison is that it is an open platform that allows developers to craft applications on top of this system. The team plans to release applications for telemedicine consultations as well as a health data marketplace. That said, developers can use the platform to create any kind of application they would like that uses health data.

Read the latest update on Medicalchain’s blog:

  • Forbes Features Medicalchain As ‘The Solution To The Patient Data Problem’:

https://medium.com/medicalchain/medicalchain-becomes-first-healthcare-pioneer-member-of-renowned-blockchain-research-institute-64ed96e93aef

For further news about the projects, here’s the official blog: https://medicalchain.com/en/company-blog/

The Team

The founding members are Dr. Abdullah Albeyatti and Mo Tayeb. CEO of Medicalchain, Dr. Albeyatti graduated from Imperial College London in 2011. In 2016, he co-founded Medicalchain, initially as an application for generating patients’ medical reports before being discharged. He is currently working in Accident and Emergency department.

Mr. Tayeb is the COO at Medicalchain and a Brunel University graduate. He obtained a degree in e-commerce at Brunel, as well as an Executive MBA from the University of Oxford, Saïd Business School. He is currently a partner at Hearn Capital and non-executive director on the board of Salic.

For the full list of Medicalchain team and advisory board, check the link below:

https://medicalchain.com/en/team/

Pros

  • Many important partnerships achieved after ICO like UK’s NHS +3
  • Recent release of their app +2
  • Forbes Featured the project in its articles +1

Cons

  • The platform will not be fully operational before Q1 2019 -1
  • Many competitors with more practical solutions, already much ahead -1

Considerations About What We Have Seen

The concept of Medicalchain is well thought-out and the team consists of expert professionals who worked hard to develop Medicalchain’s app.

That said, Medicalchain has quite a few competitors that might offer better and/or simpler solutions. It still has some work to do on its platform and has only recently released its app. Also the platform will not be fully available before Q1 2019.

Nevertheless, its usefulness can be seen in serving as a platform for developing other apps, separating Medicalchain from its competitors.

Tokeninvestoronline.com rated the project 4/5

Contacts

By Sead Fadilpasic