MediBloc

What is Medibloc (MED)?

Medibloc is creating a patient-centric health data ecosystem that protects individual privacy and maximizes the reliability of health data. The immutability of blockchain technology is key to this, and Medibloc’s efforts concentrate on “Panacea,” the project’s high-performance blockchain optimized for health data exchange.

Thanks to the decentralized and tamper-proof nature of the blockchain, Medibloc attempts to return sovereignty over health data back to owners and confer the ability for users to utilize their own health information according to their own needs.

How Does Medibloc Work?

Central to the Medibloc system of health data exchange is the concept of the decentralized identifier (DID). This is important because of the sensitivity of health data and the public nature of the blockchain.

Thanks to DID, health data doesn’t need to be recorded directly on the blockchain. Rather, the data is stored and managed only at the user endpoint. Then, it is encrypted and transmitted to a separate channel to ensure high data security during the data-sharing process. The reliability of the data is guaranteed by blockchain-based DID.

Producers of health data can issue signed credentials using a DID to patients, which in turn lets them share their data with data consumers. DID allows anyone to check the authenticity of the data on the blockchain.

Patients and institutional participants in the Medibloc health data ecosystem, such as medical professionals, research institutes, insurers, and pharmaceutical firms, can earn rewards based on their contributions via the MED token. Data owners have full sovereignty over their health data and secure the right to control its use.

Additionally, data can come in many forms. For example, patients can use PHRs (personal health records) to collect and manage lifelog data they create or transfer the data to medical professionals or institutions as needed. These actors also record various health data during treatment into EHRs (electronic health records) and provide them upon patients’ requests.

All of this data distribution is done based on an identity verification system that uses Panacea’s DID and data authentication.

What makes Medibloc Unique?

As powerful a niche as Panacea has, it isn’t the be-all and end-all of what Medibloc can do. The platform also has its own EHR and PHR solution for institutions and patients, respectively, that work seamlessly with the Medibloc ecosystem.

Dr.palette is Medibloc’s EHR software for institutions that creates and provides data within the system, and Medipass is the PHR, allowing patients to manage personal health data recorded by institutions.

How is the Medibloc Network Secured?

Medibloc’s Panacea blockchain was created with the Cosmos SDK, which means it uses delegated proof-of-stake (DPoS) Tendermint consensus for security. Panacea can provide a high-performance, consistent, and secure decentralized network thanks to Tendermint’s partial BFT (Byzantine Fault Tolerant) synchronicity.

The network already has several institutional validators, including Handok, a leading Korean pharmaceutical firm.

What is the Use of MED?

The MED token is a cryptocurrency that creates an economic ecosystem for Medibloc and its users and incentivizes participation across the platform. Actors receive contribution-dependent incentives in MED, which includes both patients who own data as well as health data consumers and other providers.

How Much MED is In Circulation?

MED has a total supply of just over 8.4 billion, although this figure will increase as the project uses an inflationary supply mechanism. The circulating supply is currently over 6.9 billion.

Note that the MED token currently exists on three networks since the mainnet launch of the Panacea blockchain came after the initial launch of the project and its cryptocurrency.

MEDX ERC-20 tokens are present on the Ethereum blockchain, while QRC-20 MED tokens are also available on Qtum. Finally, mainnet Panacea MED tokens are also available.

Holders of these older ERC-20 and QRC-20 versions can swap for native MED via the platform’s biannual token swap, but tokens purchased after January 9th, 2020, are not eligible for swapping.

How Do You Buy MED?

You can buy Medibloc on several prominent exchange platforms, especially those specializing in the Korean market, such as Bithumb. Leading Cosmos DEX Osmosis is also a great place to buy MED tokens, with the added benefit that you can become a liquidity provider there as well.

How Do You Store MED?

You can store MED tokens easily with the native Medibloc wallet. Using other wallets from the Cosmos ecosystem may also be possible to store MED tokens, but if in doubt, the official option is definitely the way to go.

One of the benefits of non-custodial storage options such as Cosmostation or the Medibloc wallet is that you can stake your MED tokens. This allows you to participate in network security and earn a portion of the rewards without having to run a validator node.

Is MED a Good Investment?

Medibloc is one of many instances of blockchain technology being applied to industries crying out for innovation rather than being directed toward applications bereft of value addition.

Privacy and data are also crucial regarding the advancement of society as a whole, and Medibloc’s simple but effective approach toward incentivization while maintaining privacy goes a long way.

The project launched in 2019 but has been gathering steam in its fourth year, announcing several corporate validators for its blockchain and picking up state backing for its initiatives. If it continues to follow this trajectory, going from strength to strength, there’s no reason why it can’t be a solid investment.