A blockchain-based, patient-centered, decentralised healthcare information ecosystem is being built by MediBloc to improve the security, transparency, and effectiveness of the exchange of medical data. Before building its own purpose-built blockchain, Panacea, the project first constructed a testnet and mainnet using two blockchains (Quantum and Cosmos), pushing industry interoperability. Owners of the earlier MEDX or MED tokens then transferred their holdings to the native MED coin that was introduced on Panacea. Additionally, MED currency owners can use the project’s desktop MediBloc Wallet to keep their money.
Additionally, it is obvious from Medipass and Dr. Palette that MediBloc’s decentralised healthcare ecosystem is a serious candidate for widespread blockchain adoption in the healthcare sector. However, MediBloc and Medipass are currently only offered in South Korea. Additionally, the MediBloc team routinely shares updates via the MediBloc website or Medium page. One of the most recent news mentions how MediBloc is employing Medipass to enable Korea’s first digital Covid-19 immunisation pass.
What is MediBloc?
For patients, medical researchers, and healthcare professionals, MediBloc is a blockchain-based ecosystem for healthcare information. MediBloc is promoting a decentralised healthcare ecosystem that is advantageous to all stakeholders involved by providing an all-in-one solution. The MediBloc team, which was founded in 2017 by Allen Wookyun Kho and Eunsol Lee, has developed a number of patient-focused applications. This includes Medipass, which gives customers an efficient service for filing medical insurance claims.
Additionally, Dr.Palette, an application targeted towards medical professionals, has been released by MediBloc. With the launch of the Panacea mainnet using the Cosmos software development kit and the use of different token standards on the testnet, MediBloc promises to be genuinely interoperable (SDK). Following the creation of MediBloc’s Panacea blockchain, the MediBloc token was later changed into the native MediBloc coin. A decentralised healthcare ecosystem needs the MED coin, or MED token as it is still frequently known, to reward ethical conduct and participation. These can be kept in the MediBloc desktop wallet.
We will delve further into MediBloc and the MediBloc healthcare ecosystem in this essay. We’ll examine the development of the MediBloc coin and token. Additionally, we’ll discuss the variations and the reasons the project started a MediBloc token swap. We’ll also talk about the MediBloc Wallet, which is a place to store money. We’ll also look at the native Panacea blockchain, MediBloc’s Panacea mainnet, and the patient-centered applications developed for decentralised healthcare.
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In order to develop a patient-centered, decentralised healthcare environment, MediBloc was created. Additionally, MediBloc grants patients sovereignty and authority over their medical data, enabling easy and secure sharing. Patients, healthcare workers, and suppliers of healthcare data all benefit from this.
Patients can be sure that sensitive information is only shared with their knowledge and consent by offering an immutable record of their data. In addition, healthcare practitioners and data analysts have access to trustworthy, unchangeable medical records by putting medical data on the blockchain. As a result, MediBloc is more efficient and affordable than conventional techniques for both the provision and consumption of medical data.
MediBloc uses its native MediBloc coin (MED), formerly known as the MediBloc token (MEDX/MED), to create a secure decentralised healthcare ecosystem. The main purpose of the project’s currency is to encourage ethical engagement in the MediBloc ecosystem. In a later section of the text, we will discuss the distinctions and how they might be safely preserved.
The Quantum blockchain was used to plan and build the MediBloc testnet. Although the UTXO format and Proof-of-Stake (PoS) consensus method used by Quantum provide for unprecedented flexibility, the MediBloc team wished to define its own blockchain settings. MediBloc sought a blockchain that was specifically designed for managing medical data and developing a decentralised healthcare ecosystem.
Due to the interoperable Cosmos software development kit, MediBloc departed the Quantum ecosystem in 2018 and moved to the Cosmos ecosystem (SDK). Panacea, MediBloc’s mainnet, launched on Cosmos in July 2019. The MediBloc team has since been working on a mainnet upgrade that would enable MediBloc to host its own blockchain, also known as Panacea.
Panacea creates a setting that is ideal for a decentralised healthcare ecosystem using a delegated Proof-of-Stake (dPoS) consensus and account mechanism. The Panacea blockchain nodes, however, had previously been managed and administered by MediBloc. The MED tokens that were awarded during the eagerly anticipated mainnet upgrade will all be burned, according to the MediBloc team. Additionally, MediBloc has been working hard to find validators for the network since the launch of the recent testnet with incentives.
With the incentive testnet, MediBloc saw remarkable success. As a result, with the Panacea mainnet upgrade, the MediBloc team is going in a “more advanced route.” Using the most recent versions of the Cosmos SDK and Stargate, MediBloc has started to upgrade the mainnet. Interoperability with MediBloc is made possible by Cosmos’ most recent revision to its inter-blockchain communications protocol.
As a result, the formal launch date for the validator as well as the mainnet upgrade have been postponed. The Panacea mainnet update and the introduction of the validator are expected to take place in August 2021, according to the most recent dates published by the MediBloc team. After the mainnet update is finished successfully, the mainnet validator participation will start. This will guarantee a seamless upgrading for every member of the MediBloc ecosystem.
MED Coin & MED Token
It’s common practise to use the terms “token” and “coin” without defining them properly. Indeed, they are remarkably similar, and a beginner might not notice much of a difference. But there are important differences between coins and tokens. Coins are technically digital assets that are local to a blockchain, such as Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BNB), Polkadot (DOT), Cosmos (ATOM), Cardano (ADA), etc.
Tokens, on the other hand, are digital currencies that have been created and implemented on a blockchain platform. For instance, PancakeSwap (CAKE) is a native BEP-20 token of Binance whereas Basic Attention Token (BAT) is an Ethereum-based ERC-20 token. This distinction is important for the transfer from the older native mainnet MED coins to MediBloc’s MED and MEDX tokens.
The native coin that drives the MediBloc ecosystem was developed on various blockchains throughout the testnet and early development phases of MediBloc. A MED QRC-20 standard (deployed on Quantum blockchain) and MEDX ERC-20-based token version of MediBloc were initially made available. After the mainnet launch, the successful token swap was finished in the early months of 2021. The mainnet MediBloc coin (MED) was traded for the MED token (QRC-20) and MEDX token (ERC-20) at a ratio of 1:0.5.
With the mainnet activation, MediBloc may introduce its own native MED token on its Panacea blockchain. The new MED coin, however, is no longer interoperable with Ethereum- or Quantum-based wallets. Alternately, Medibloc Wallet allows you to store the mainnet MediBloc coin.
You will first need to create a MediBloc Wallet account in order to save your MED coins. The setup for the online wallet is really quick and simple and is currently only available for desktop. Your MediBloc Wallet address must first be created at https://wallet.gopanacea.org. To begin, click “Create Wallet ID”!
You will then be given a special 24-word mnemonic phrase. Your wallet can be accessed with these phrases, so don’t tell anyone. There is no backup if you misplace them. After that, in order to access and log into the MediBloc Wallet, you must select a wallet nickname and password. On the upper right corner of the screen, you can find the mainnet wallet address for the MED currency (or MED token).
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The MediBloc team developed Medipass to simplify the time-consuming procedure of transmitting medical data and insurance claims. The procedure for filing a health or medical insurance claim is incredibly archaic in Korea. As a result, the series of events also includes printing hard copies (paper) of medical reports in order to analogize the digital health data reported in hospitals. The insurance firms get these by fax or physical delivery and proceed to digitalize the medical records once more for their own internal IT systems.
Blockchain technology makes it possible to streamline this procedure. Because of the technology’s immutability, health information cannot be altered or compromised. Furthermore, patients may fully manage who has access to their medical data due to the anonymity and security provided by blockchain. Additionally, the processing of insurance claims will go much more quickly if insurance companies have access to a medical report that is cryptographically secure. By offering a safe platform for diverse stakeholders to communicate and work together on insurance claims, Medipass is promoting the development of a decentralised healthcare system. This benefits all parties concerned in turn.
Three primary advantages were considered when designing Medipass. The first is to shorten the process of filing an insurance claim for actual loss on behalf of patients. The second is to cut down on the amount of time needed for administrative tasks, such waiting for a claim from a patient or releasing medical data to a hospital. Thirdly, Medipass is made to simplify the process of converting insurance claims from digital to analogue to digital. Within the healthcare ecosystem, Medipass improves the automation and efficiency of a procedure that used to take time.
The MediBloc team also provides Dr.Palette, a ground-breaking next-generation electronic health record (EHR) solution. The Dr.Palette application is similar to that of an artist utilising a palette with a variety of colours to create a masterpiece, as explained on the website. However, clinicians that use Dr. Palette are free to pick and choose which features to include in the programme based on the requirements of their hospital. Dr. Palette is intended to be a one-stop shop for the healthcare industry. From patient information management and reception to insurance claims and prescriptions, Dr. Palette provides hosting and managing services for electronic health records.
Woo-Kyun Ko and Eun-Sol Lee, two co-representatives of the MediBloc team, developed Dr. Palette while taking into account use cases for both medical personnel and patients. A hospital’s operation and management involve interaction and communication with a wide range of third-party services, complementary and alternative medicine practitioners, services, and employees. An innovative blockchain-based electronic health record (EHR) solution is called Dr. Palette.
Blockchain technology is perfect for creating a customisable decentralised environment for medical data because of the transparency, immutability, and security it is known for. It is possible to communicate with patients, doctors, and other medical services more effectively and transparently. Additionally, computer science and cryptography serve as the foundation for patient privacy and confidentiality. There’s never been a safer way to transmit and preserve patient data. Additionally, patients now have total control over their private health information for the first time.
The goal of MediBloc is to create a patient-centered healthcare ecosystem in which data may be safely transmitted while being secured, disintermediated, and incorruptible. A decentralised information system will greatly reduce the prevalence of data leaks while giving patients access to their private medical information.