MedChain aims to provide a shared data layer for healthcare service providers via a permissioned Hyperledger Fabric network that is compliant with medical data protection regulations.
MedChain is currently the only SEC filed token sale addressing HIPAA and GDPR compliance for Electronic Medical Records (EMRs) and Electronic Protected Health Information systems. MedChain believes that a ‘common data layer’ for the healthcare industry can present improved patient outcomes and positive impact, in addition to significant cost savings. MedChain produces savings by reducing data driven clinical errors and increasing security for medical data, which presently represent a honeypot for hacks and malicious breaches that are spread across myriad institutions with, though varying, generally suboptimal access and maintenance regimes. Such hacks are perceived as almost inevitable in the existing data landscape. MedChain hopes to facilitate a workspace for third party dApp developers to build institution (and service) specific dApps that leverage the shared resources of a general data layer, resolving innumerable interoperability hurdles presented by the current industry landscape of isolated data silos. The founding team have decades of experience in healthcare IT and have held senior positions in organization such as Unilever, the University of Colorado and NASA.
Two dApps will initially be launched by MedChain and third party developers are expected to later contribute more to the platform. A free dApp (the Medchain Patient dApp) will allow patients to access their medical data, review existing access permissions and grant further permissions to service providers on a file-by-file basis. Patients will have autonomy over their data by explicitly granting service providers—who are first pre-approved by Medchain— permission to access data. The ‘service provider app’ will combine patient lab results, prescriptions, medical history and other data into one record whilst providing an interface for service providers to add files and information to a patient’s EMR.
The service provider app is also designed to feature an API that enables data from existing healthcare software to be inputted into the Secure Medical Record Chain (SMRC), which will be a permissioned Hyperledger Fabric blockchain consisting of ‘Federated Servers’ that act as nodes in the network. Initially, the Federated Servers of the MedChain network will be those systems within established organizations that already meet rigorous regulatory requirements (cf. HIPAA & GDPR). The SMRC will utilize the InterPlanetary File System (IPFS) protocol for securely distributing and managing the maintenance of data. An Ethereum based record of transactions will be publicly auditable in the interest of transparency, whilst protecting sensitive Personally Identifiable Information (PII) from appearing in the public sphere by securely storing it off-chain.
Medchain hold their SEC filing as a key differentiator between their token generation event and others targeting the healthcare space. MedChain plans to launch with two tokens and expresses openness to using further tokens in the future to fund additional phases of development and to isolate economic metrics. Specifically, Medchain intends to separate out any price fluctuations in the investment instrument from functional network transactions. The two primary tokens will be MedCoin (ERC-20), a tradable Security token, and the Storage Token, which will be used internally in the MedChain system for all storing and retrieval of records and will be initially tied to a fiat value (0.001USD).
There will be a cost of one Storage token associated with a request to read data. To ensure that new data is committed to the appropriate EMR, data will only be submittable with assigned Storage Tokens. Storage tokens will be tied to unique identifiers so to be untradable. While MedChain expects tokens will be acquirable in an automated fashion via a service provider DApp, in the event that they are not, Storage Tokens will be purchasable from MedChain. MedChain hopes a market for the secure storage of EMRs will emerge via competition between various providers, as providers compete by offering varying rates for storage in efforts to optimize their returns. Institutions and service providers who host patient data will be rewarded for so doing. Once Proof of SpaceTime (PoST, ‘what data is where, when?’) tests have been verified for data on federated servers, servers will be rewarded. MedChain are considering issuing rewards in MedCoin depending on evolving sentiment around utilizing securities as a medium of exchange around services.