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Medibloc

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Discover Medibloc's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Medibloc?

MediBloc (MED) is a decentralized healthcare information ecosystem built on blockchain technology. It aims to revolutionize the healthcare sector by creating a unified, real-time patient database, connecting patients, healthcare providers, and medical researchers. The native utility token, MED, is used for storage payments, insurance payments, and transactions within the ecosystem, as well as rewarding users who contribute to the platform's growth.

How is Medibloc used?

MediBloc (MED) is a cryptocurrency used within the MediBloc ecosystem, a decentralized healthcare information system built on blockchain technology. The MED token serves several purposes:

  1. Incentivizing Contributions: MED tokens are used to incentivize users to contribute to the MediBloc ecosystem, such as by sharing their health data or participating in research studies.
  2. Payment Method: MED tokens function as a payment method within the platform, facilitating transactions between patients, healthcare providers, and researchers.
  3. Data Management: The platform uses a points-based system called Medi Point (MP), which measures user participation. Users can purchase MP with MED tokens or contribute to the data network. After collecting MP points, users can convert them to MED tokens after a three-month waiting period.
  4. Medical Transactions: MED tokens can be used for medical transactions such as insurance payments, making it a valuable tool for healthcare providers and patients alike.

Overall, the MED token plays a central role in the MediBloc ecosystem, enabling secure, decentralized, and patient-centric management of healthcare data.

How do I store Medibloc?

To store MediBloc (MED) tokens, you can follow these steps:

  1. Set up a MediBloc Wallet account:

    • Go to https://wallet.gopanacea.org and click on "Create Wallet ID" to get started.
    • You will be given a unique 24-word mnemonic phrase, which allows access to your wallet. Keep this phrase safe, as there is no backup if you lose it.
    • Choose a wallet nickname and password to access and log in to the MediBloc Wallet.
  2. Use the Qtum Core Wallet:

    • The team at MediBloc offers a step-by-step guide on how to store your tokens on the Qtum Core Wallet, which is currently the only available method until new wallets are supported.
  3. Use Cosmostation Wallet:

  • Download Cosmostation from the Google Play Store or Apple App Store.
  • Launch the app, click "Create Wallet," and select "MediBloc Limited Mainnet" to set up your wallet.

These methods allow you to securely store your MED tokens and manage your healthcare data within the MediBloc ecosystem.

How to buy Medibloc?

To buy Medibloc (MED) tokens, follow these steps:

  1. Create an Account: Open a free account on a cryptocurrency exchange that supports Medibloc, such as Gate.io, KuCoin, or Coinbase. This account serves as a portal for purchasing cryptocurrency and requires proof of identification.

  2. Choose a Payment Method: Select your preferred method to buy Medibloc (MED). Common methods include:

    • Credit or Debit Card: This is the simplest method for new users. Almost all exchanges support both Visa and Mastercard.
    • Bank Deposit: Transfer fiat money from your bank account to your exchange via SWIFT, then use the funds to purchase Medibloc (MED).
    • P2P Trading: Some exchanges provide a peer-to-peer service, allowing you to purchase Medibloc (MED) directly from other users.
    • Third-Party Payment: Check your exchange's FAQ for available third-party payment channels.
  3. Confirm Your Order: Once your account is funded and authenticated, you can start purchasing Medibloc (MED). The process may differ depending on the exchange. You can use various order types:

  • Market Order: Purchase Medibloc (MED) at the current rate, typically completed in a few seconds.
  • Stop Order: Purchase or sell Medibloc at a specified price, useful for selling before the price drops.
  • Limit Order: Purchase or sell Medibloc at a particular price or better, taking longer to fill than stop orders.
  1. Store or Use Your MED: After purchasing, you can hold your Medibloc (MED) in your exchange wallet or transfer it to a personal cryptocurrency wallet. You can also trade it for other cryptocurrencies or stake it for passive revenue.

Remember to double-check your information and wallet address to ensure a smooth transaction.

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History of Medibloc

MediBloc (MED) is a South Korean-based decentralized blockchain protocol designed for the healthcare industry. Founded in 2017 by Dr. Allen Wookyun Kho and Dr. Eunsol Lee, both medical doctors with computer science backgrounds, the project aims to transform the healthcare information ecosystem through blockchain technology.

Token Sale and Early Trading

MediBloc conducted one of the largest healthcare token sales in Asia, aiming to raise $25 million. The token sale started on November 13, 2017, and distributed 5 billion MED tokens over a period of five weeks. The tokens were primarily sold in exchange for QTUM, with a conversion rate of 1 QTUM to 2,000 MED.

MED began trading on December 22, 2017, at around $0.02 per token. It reached an all-time high of nearly $0.35 in the following period.

Development and Evolution

MediBloc initially operated on the Qtum blockchain, using the Qtum Core Wallet for storing tokens. Later, the project transitioned to its own native blockchain, Panacea, which was built using the Cosmos software development kit (SDK). This transition led to the conversion of the MED token to the native MED coin.

Key Features and Applications

MediBloc is a decentralized healthcare information ecosystem that enables secure storage, transfer, and management of medical data. The platform consists of three layers: MediBloc Core (for data storage), MediBloc Application (for accessing and managing data), and MediBloc Service (which connects the other layers using smart contract technology).

The project offers various applications, including Medipass for healthcare insurance claims and Dr.Palette for healthcare staff. It also supports interoperability by using multiple token standards during its testnet phase.

Current Status

Today, MediBloc continues to develop its decentralized healthcare ecosystem, focusing on patient-centered applications and improving the security and efficiency of medical data management. The project has launched its own desktop wallet for storing MED coins and regularly updates its community through its website and Medium page.

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How Medibloc works

MediBloc (MED) is a cryptocurrency designed to facilitate a decentralized healthcare information ecosystem. Here's how it works:

Structure

MediBloc is built on the Ethereum Virtual Machine (EVM) and consists of three layers: Core, Service, and Application. The Core layer provides additional storage to prevent healthcare data loss. The Service layer connects the Application layer with the Core layer, enabling data input/output through smart contracts. The Application layer allows users to access and manage their health data through various applications, such as mobile apps.

Medi Point System

MediBloc uses a points-based system called Medi Points (MP). Users can earn MP by contributing to the data network or purchasing them with MED tokens. After accumulating MP for three months, users can convert them to MED tokens. MP is used in the verification process and remains within the platform, whereas MED tokens can be used for medical transactions like insurance payments.

Blockchain Technology

MediBloc's blockchain platform ensures the secure and decentralized storage of health records. It allows patients to have full control over their medical data, enabling them to share it with healthcare providers and researchers as needed. This decentralized approach ensures that data is immutable and reliable, making it more efficient and cost-effective than traditional methods.

Native Currency

The MED token is the native currency of the MediBloc ecosystem. It incentivizes honest participation and is used for various medical transactions. Users can store their MED tokens in the desktop MediBloc wallet, which offers a quick and easy setup process.

Applications

MediBloc has developed several patient-centered applications, including Medipass for streamlined healthcare insurance claims and Dr.Palette for healthcare staff. These applications aim to create a truly interoperable decentralized healthcare ecosystem.

Panacea Mainnet

MediBloc's Panacea mainnet is built using the Cosmos software development kit (SDK) and supports multiple token standards. The native MediBloc coin (MED) is used to facilitate transactions and incentivize participation within the ecosystem.

Security and Compliance

MediBloc ensures the security and integrity of health data by using blockchain technology. It is fully compliant with the Health Insurance Portability and Accountability Act (HIPAA), ensuring that sensitive information is only shared with the patient's knowledge and consent.

Overall, MediBloc (MED) works by providing a decentralized healthcare ecosystem where patients have control over their medical data, and healthcare providers and researchers can access reliable and immutable records. The MED token incentivizes participation and facilitates various medical transactions, making the ecosystem more efficient and cost-effective.

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Medibloc's strengths

The token Medibloc (MED) has several strengths that contribute to its potential in the healthcare industry:

  1. Patient-Centered Ecosystem: MediBloc is designed to empower patients by giving them full control over their medical records, ensuring data privacy and security through blockchain technology. This patient-centric approach enhances the efficiency and effectiveness of healthcare delivery.

  2. Interoperability: The platform facilitates seamless communication and data exchange between diverse healthcare systems and providers, reducing administrative burdens and ensuring timely access to vital patient information.

  3. Transparency and Trust: The blockchain-based system ensures that every transaction and data exchange is recorded in an immutable ledger, fostering trust among all stakeholders in the healthcare ecosystem.

  1. Innovation in Healthcare Services: By enabling secure and efficient data sharing, MediBloc facilitates the development of innovative healthcare solutions, such as personalized medicine and advanced data analytics for disease prediction and prevention.

  2. Tokenomics and Staking: The Medibloc token incentivizes participation, secures the network, and facilitates transactions within the platform. The staking mechanism allows token holders to contribute to network security while earning rewards, fostering a sense of ownership and involvement among the community.

  3. Adaptive Tokenomics: The Medibloc Foundation continuously adapts its tokenomics model to meet the changing needs of the healthcare industry and blockchain technology, ensuring long-term viability and relevance.

These strengths position Medibloc as a key player in the intersection of blockchain and healthcare, revolutionizing the way medical data is stored, accessed, and shared.

Medibloc's risks

MediBloc (MED), a decentralized healthcare information ecosystem built on blockchain technology, carries several financial risks that investors should be aware of:

  1. Market Volatility: The cryptocurrency market is known for its high volatility, which can lead to significant price fluctuations. This volatility can result in substantial losses if the market moves against the investor's position.

  2. Regulatory Uncertainty: The regulatory environment for cryptocurrencies and blockchain projects is still evolving and often unclear. Changes in regulations or unfavorable policies can negatively impact the value of MED.

  3. Competition: The healthcare data management market is competitive, and MediBloc faces challenges from both traditional healthcare data management systems and other blockchain-based projects. If MediBloc fails to differentiate itself or keep up with technological advancements, its market share and value could decline.

  1. Adoption and Integration: The success of MediBloc depends on widespread adoption by healthcare providers and patients. Integration with existing systems and achieving regulatory compliance can be complex and time-consuming, which may hinder the project's growth and, consequently, the value of MED.

  2. Security Risks: As with any blockchain project, MediBloc is not immune to security risks such as hacks or data breaches. If the platform experiences a significant security incident, it could lead to a loss of trust and a decline in the value of MED.

  3. Token Supply and Distribution: The token supply and distribution of MED can impact its value. The burning of unsold tokens during the token generation event was done to protect the token value, but any future changes to the token supply or distribution could affect the market dynamics and investor confidence.

  1. Dependence on Blockchain Technology: MediBloc's success is closely tied to the development and adoption of blockchain technology. If blockchain technology fails to gain widespread acceptance or experiences significant setbacks, the value of MED could suffer.

Investors should carefully consider these financial risks and conduct thorough research before making a decision to invest in MediBloc (MED).

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Medibloc's ecosystem

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Medibloc’s team

  • Dr. Allen Wookyun Kho: Co-founder, a dental surgeon, and former lead software engineer at Samsung Electronics.
  • Dr. Eunsol Lee: Co-founder, a radiologist, and data scientist with experience in medical big data.

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