Medicalchain, a blockchain for health records, has seen interest spike over the past few days ahead of its token sale which starts on the 1st Feb.
More than 6,000 users subscribed to the project’s Telegram group in the last 24 hours, making it one of the 20 largest groups on the platform as well as one of the fastest growing.
The ICO is setting out to raise $24 million in order to build an infrastructure for digital healthcare applications and services. The network will allow patients to give healthcare providers and other service providers time-limited access to their medical records.
Healthcare on the Blockchain Highly Competitive
While the ICO implements ERC-20 compatibility, the platform is actually being built on Hyperledger Fabric. The Hyperledger framework is permission-based which will allow patients to control the information they share, who it is shared with, and for how long it is shared.
Projects like Medicalchain have been proposed as an ideal use case for blockchain technology for a number of years. One of the reasons healthcare is so expensive is the high cost of administration.
Current systems result in duplication of records across multiple databases, and yet still don’t give service providers access to all the information they may need. A blockchain solution could solve many of these problems simultaneously.
However, the space is already highly competitive with MintHealth, Medibloc, Patientory, Litra, and others all developing similar platforms. The value of these networks will depend on them achieving widespread adoption, and so, ultimately there may only be one winner in this race.