Mission
MedChain’s mission is to use blockchain technology to establish a better, more secure and
transparent framework for Electronic Medical Records (EMR) that vastly improves the quality of
care for patients while reducing healthcare providers’ costs. This allows companies and
individuals to build software and applications within a globally compliant framework facilitating
secure storage and transparency.
Summary
MedChain is offering a blockchain and distributed storage solution for Electronic Medical
Records (EMR) and electronic Protected Health Information (ePHI). The MedChain Network
(MCN) is an extensible, layered architecture and protocol system governed and secured by
multiple blockchains that utilizes a multi-crypto-token framework. The architecture has been
thoroughly vetted because of the highly regulated healthcare arena and the personal interests of
all the developers involved.
According to a 2014 CNN report, “no industry has been hit harder by hacking and data
breaches than healthcare”, and the problem continues to grow. Additionally, not only is
healthcare data being stolen, it is also being lost with “as many as half of patient records
mismatched when data is transferred between healthcare systems.” .
MedChain’s goal is to secure patient data, improve patient outcomes, reduce costs and put
control back into the hands of the patient — both literally and figuratively.
The MedChain solution benefits providers from the smallest private practice, to all the
laboratories supplying the test results or durable equipment, to the largest hospital systems in
the nation by improving the interoperability between each EMR system involved. Cost savings
will be realized throughout the industry by streamlining data flow and user experience, reducing
IT overhead, and ensuring true and accurate data for each patient.
The goal of MedChain is not to become yet another silo of data, but to open up all the silos to
form a “common data layer” where all patients’ records are accessible by all the service
providers on the network. This interoperable common data layer is a disruptive concept to the
status quo, but will prove mutually beneficial to both the patient who wants control of their
medical records and those who are storing medical records.
Some Facts
● “90% of hospitals and clinics lose their patients’ data.”
● “As many as half of patient records are mismatched when data is transferred between
healthcare systems.” .
● “Data breaches could be costing the healthcare industry $6.2 billion per year.” .
● Medical error is now the third leading cause of death in the USA , surpassed only by
heart disease and cancer.
Healthcare continues to lag far behind other sectors when it comes to implementing security
and interoperability. It is literally costing lives and it is time for things to change.
The MedChain Solution
The two primary challenges faced by Electronic Medical Records (EMR) and electronic
Protected Health Information(ePHI) systems are data security and interoperability.
MedChain solves both by decentralizing Electronic Medical Records and putting control in the
hands of the patient.
MedChain’s combination of cutting-edge blockchain protocol technology, military-level
encryption, distributed secured storage and open-source framework will set a new standard in
HIPAA/GDPR/globally-compliant medical record-keeping.
Patients interacting with the MedChain Patient dApp will feel more empowered and in a better
position to improve their health because all the data is literally “in their hands” and available
when they need it. The patient will have the technology to instantly share the proper information
with whomever they choose. MedChain effectively enables the burgeoning fields of medical
record interoperability and telemedicine by providing the common data layer that is missing
because current EMRs are siloed in proprietary systems.
The Service Provider App vastly improves the doctors’ and clinicians’ experiences by
connecting patient lab results, prescriptions, medical history and other data into one coherent
record. Faxes and mailed copies will be a thing-of-the-past. The IT Departments for each
provider will start seeing reduced overhead (instead of years of increasing requirements)
because the data is automatically handled in a HIPAA & GDPR-compliant way by the Network
itself. Backups, fail-safes, and verifications are built into the system. The MedChain solution
actually turns data storage into an asset instead of a liability: current hard-drive and databases
(yes, and even tape storage) become a source of income to offset the investments made under
the “old approach”.
The MedChain approach ensures that our solution is properly certified within the HIPAA and
GDPR rules and regulations. These regulations are designed to protect the patient, and thus,
has strict mandates the industry must follow that other approaches that are entering the market
appear to ignore. Additionally, in order to maintain the strictest integrity of an investable
blockchain market, our SEC-filed offerings present our backers an unprecedented level
reassurance that no other blockchain related healthcare approach has taken to date!