What is MediBloc (MED)?

What is MediBloc (MED)?

In the healthcare industry, there's a South Korean-based decentralized blockchain protocol called MediBloc (MED). This protocol facilitates the secure transfer, collection, storage, and management of data for medical institutions. Physicians can access patient information, medical history, prescribed medication, insurance issues and more using MediBloc. One of the significant benefits of MediBloc is that it makes medical data more accessible by allowing everyone involved to track and record medical conditions, appointments, examinations, treatments, and more.

Who Are the Founders of MediBloc (MED)?

MediBloc was founded in 2017 by a team of experienced doctors and entrepreneurs, along with talented software engineers. The co-founders, Dr. Allen Wookyun Kho and Dr. Eunsol Lee, are both healthcare professionals with impressive credentials and achievements in their respective fields.

Dr. Kho holds a Bachelor of Science from Korea Advanced Institute of Science and Technology, a Master in Computer Science from Columbia University in New York, and a Master of Dentistry from Kyung Hee University. He is a former lead software engineer at Samsung Electronics, where he played a significant role in the development of the Galaxy S software.

Dr. Lee, on the other hand, holds a Bachelor of Medicine from Hanyang University and a Master of Medicine from the University of Ulsan. She is a radiology and biomedical informatics specialist with a remarkable track record, having worked as a developer at NEXON, a radiology specialist at Asan Medical Center, and a public health doctor. She was also a former member of the Presidential Committee on the Fourth Industrial Revolution and a representative of the Special Committee on Digital Healthcare under the same committee.

How does MediBloc (MED) Work?

MediBloc is a decentralized blockchain protocol in the healthcare industry that has been designed to provide secure transfer, collection, storage, and management of medical data for patients and medical institutions. The ecosystem is built on three key elements: MediBloc Core, MediBloc Application, and MediBloc Service. These layers enable physicians to access all the necessary patient information, including medical history, prescribed medication, insurance issues, and more. The platform offers three categories of accounts, which are for general users, healthcare providers, and data scientists. MediBloc is aimed at improving the quality of medical services and infrastructure by optimizing information storage processes and giving users control over their data. Additionally, it complies with the HIPAA Security Rule, the Health Insurance Portability and Accountability Act.

What makes MediBloc (MED) Unique?

MediBloc's ultimate objective is to create a health data platform that is centered around patients, driving the importance of data and encouraging a healthy lifestyle. The project aims to revolutionize the healthcare industry by creating a unified, real-time patient database. The decentralized platform brings together patients, healthcare providers, and medical researchers, with the patient being the sole owner of their health data, records, treatment history, and more.

The platform is designed to prevent any data loss through backups, and only reputable medical institutions and trusted healthcare affiliates are allowed to make changes. The blockchain system provides an added layer of network security, minimizing risks such as fraud and data hacking.

The protocol aims to minimize redundant data, ensuring streamlined treatment, efficient medical care, and greater accuracy of diagnoses. The platform also features an objective incentive system, where all contributors or data owners are rewarded in MED tokens.

How is the MediBloc Network (MED) Secured?

MED was launched in December 2017 as a decentralized application (dApp) on the Ethereum Virtual Machine (EVM). Later, it was deployed on the Qtum blockchain and then moved to Cosmos via the Cosmos Software Development Kit (SDK). In 2019, the project announced the decision to create and launch its own mainnet.

The platform uses the Delegated Proof-of-Stake (DPoS) consensus algorithm, which is an evolution of the Proof-Of-Stake (PoS) concept. DPoS is considered one of the most energy-efficient models and provides network security through delegate approval voting.

Conclusion

To summarize, MediBloc has the potential to disrupt the management and sharing of medical data. Its emphasis on privacy, security, and decentralization could have a significant impact on healthcare and patient outcomes. As with any investment in cryptocurrency, potential investors should carefully consider the risks and conduct thorough research before investing in MED or any other digital asset.