Medichain This will basically enable the safe storage of patient data, giving them access to specialists in any geographical location. The idea of a newly proposed blockchain, can really save lives.
What is Blockchain Technology?
To fully understand how Medichain intends to change the state of the health industry we must first have a good understanding of what a blockchain is. Simply put, blockchain is a decentralized ledger. What the basic intent is that there is no central administrator or centralized data storage. This decentralized ledger is shared across a network of sites, organizations and great people.
Sharing a ledger in this way means that each participant has access to a copy of the ledger. Transactions are validated on blockchain through complex math problem solving. This method of recording transactions is very effective because the network can easily identify dangerous transactions because they will not exist on other ledger copies in the general ledger.
What is Cryptocurrency?
A crypto is basically a digital currency used on blockchain, to validate and record transactions. They function without the needs of third parties, such as banks. It helps reduce costs and speed up transaction time drastically. Blockchain technology does not require bank transactions that can take days to be deleted along with fair transaction costs, meaning that this technology is very attractive for the future. Actual transactions are processed in blockchain in minutes, twenty-four hours a day, seven days a week and transaction-related costs can be ignored.
When a transaction is made, the wallet involved in the transaction uses an encrypted electronic signature, which provides a mathematical proof that the transaction is actually from the owner's wallet.
Right, now we have a basic understanding of what blockchain and cryptocurrency is, let's analyze how Medichain intends to shake up the health care industry using this innovative new technology!
The philosophy underlying Medichain
Medichain believes that customers should have complete control over their own medical data and that all medical data has some sort of value. If customers are willing to do so, they can choose to sell their own data anonymously, to pharmaceutical companies for example.
Current Medical Information
In its current form, medical data tends to spread and is inaccessible to the people who need it most, ie researchers, doctors and patients themselves. The medical information storage system seems too complicated and overwhelming, take Boston for example, which relies on 26 shocking electronic medical records. This grim reality takes place on a global scale and costs both money and life. This is a proven fact, with medical errors that cost the United States nearly $ 1 trillion and they are also the third biggest cause of death in the US!
What issues does Medichain suggest to solve?
As well as the patient is able to store the data safely, with easy access there are many other advantages of Medichain's proposal to share medical data. As more and more patients begin to share their medical data in blocking, it will help doctors to find quicker and more effective solutions for people suffering from similar health problems. A new era of sharing will also help accelerate the process of finding the world's most common and dangerous diseases of medicine. Medichain intends to reduce the risk of patients sharing their data by allowing different levels of access to blockchain, which means that patients have far greater control over their own personal medical data.
What is the Market Size Selected by Medichain?
Medichain admits that the medical data market represents a significant percentage of the market for developing future drugs. Currently, the average cost of $ 2.6 billion to develop new drugs and the overall annual budget for the United States is $ 153 billion. In addition, the Electronic Health Records Market is reportedly worth more than $ 15 billion.
Medichain Token And Its Usefulness
Medichain token (cryptocurrency) will be known as MCU tokens and they have various uses, including:
Voting Research Program
MCU tokens will be used to determine which areas are the focus of future research.
Personal Medical Data Services
One of the perks of holding MCU tokens will be the option to purchase digitally transmitted medical services, which may include diagnostic services from organizations participating in the blockchain ecosystem.
MCU discount
MCU token holders will be able to use their tokens for discounts on various digital services and usable technologies such as Fitbit products and Apple watches. In addition, MCU tokens can also be used for discounted medical services, such as prescriptions or consultations.
Social Benefits Medichain
Population-based data on a global scale has resulted in a better understanding of ten diseases in the World, including diabetes, obesity and heart failure. As more and more patients opt to enter the Medichain blockade ecosystem, more breakthroughs are being made to help patients and others achieve optimal health.
The Future of Cryptocurrency
In this final section I will discuss crypto future which is very important for the development and growth of Medichain.
At the present time, cryptourrency is relatively new and has not been set on a global scale. The potential of blockchain technology to be integrated into existing institutions such as health, media, retail and banking is huge and should not be underestimated. Over the coming years many business developments can be established with a more thorough understanding of the potential of blockchain technology.
Where Can I Find More About Medichain?
If you would like to learn more about the Medichain project, visit their website here: https://medichain.online/
You can also join their Telegram group if you have questions about this project here: https://medichain.online/
Author: Alzisyah5
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