Health care data is one of those things that if breached can cause a great deal of havoc in the lives of patients. It wasn't that long ago that CVS Caremark inadvertantly disclosed an HIV reference for thousands of Ohio patients in transparent envelope windows, illustrating just how vulnerable personal information becomes in the wrong hands. Upcoming ICO MedChain is developing blockchain technology to create a trustless system for storing heath care records so that individuals have control over their own data without the need to rely on third-party service providers.
MedChain wants to decentralize medical records storage in order to combat some of the issues facing the industry, such as inefficiency and the propensity for fraud and data breaches.
The MedChain blockchain uses encryption so that a user's personal data is fragmented and spread across the network, which keeps the information private yet makes it accessible to the user when they need it so they remain in control of their health records. The platform is HIPAA-compliant smart-contract driven, so the patient/user can disclose the health records with physicians, health insurance companies, etc. at their own discretion and immediately.
The concept of placing control of health records in the hands of the individual is not a bad one, as long as the data can remain secure. There are specific rules governing the handling of health care records such as HIPAA, which the startup says is "easily and functionally integrated on front and back ends" of the blockchain. MedChain in recent weeks announced its maiden proof-of-concept blockchain without incident.
Taking the Pulse of the Upcoming ICO
According to SmartEngine, which is the platform through which MedChain has launched its ICO pre-sale, the medical records startup has raised USD 55,300 across several dozen investors. They are targeting between USD 10,000 and USD 1.07 million in the pre-sale and require a USD 500 minimum commitment.
The upcoming ICO is scheduled for January, followed by platform and blockchain development throughout Q1 and a tentative app launch for Android, iOS, tablets and desktop systems in Q4 2018.