MediBloc is a blockchain-based ecosystem built for the exchange of medical data between patients, doctors, and medical institutions, as well as insurance and pharmaceutical companies. The MediBloc blockchain, called Panacea, is used to provide and share decentralized identifiers that can later be used by the participants of the system to get access to the entire medical history of a selected patient. This allows all parties to obtain the most comprehensive information on the client’s health without relying on any central database that could be hacked or invaded in other ways.
MediBloc has gained significant support among the Korean public and has partnered with many companies, such as Samsung Medical Center, Samsung Fire & Marine Insurance, Seoul Medical Center, and Hyundai Insurance.
Blockchain is a public ledger, therefore, it makes all records of medical data publicly available, which results in massive privacy concerns. To resolve this issue, the MediBloc team has decided to separate the decentralized identifier and the actual medical data behind it. Thus, the first one is stored on the blockchain, and the other is stored on the user’s endpoint. The private medical data is then transmitted via a separate encrypted channel. Thus, the blockchain is only used to identify the users and provide a framework for crypto medical payments.
The MED token and the Panacea blockchain
One of the integral parts of the MediBloc ecosystem is the MED token, which is used as a native currency on the Panacea blockchain. This is a utility token as it serves governance purposes. At the time of writing, it is also planned to be used for medical payments in the future, providing a real-world utility. Previously, MED was featured on the Ethereum and Qtum blockchains, but since January 9th, 2020, all MED tokens were moved to MediBloc’s Panacea blockchain.
From a technical perspective, the Panacea blockchain is based on Tendermint, which in turn makes it interlinked with the rich Cosmos ecosystem. Thus, MediBloc can access Osmosis crypto swap, Cosmostation Wallet, Mintscan blockchain explorer, and many more features provided by Cosmos. Panacea is utilizing the Delegated Proof-of-Stake consensus mechanism, combined with Practical Byzantine Fault Tolerance, accounting for the faults in the delegated nodes. This is a popular approach used by many other high-profile blockchains such as Tron, EOS, Tezos, etc. Thus, it enables both high security and low gas fees, while also providing the mechanics necessary to introduce effective decentralized governance.
MED stakers can vote for various improvements to the system, with their voting power directly proportional to the amount of MED at stake. For every proposal, there are four potential votes: “Yes”, “No”, “No with Veto” and “Abstain”. What makes “No” and “No with Veto” different is the fact that if only one-third of the votes will Veto the proposal, it will be automatically deleted, and the author of the proposal will be penalized. Otherwise “No with Veto” will count as a regular “No” with more than 50% being present to deny the proposal. As for “Abstain”, it means that the voter will accept either of the results. Both validators and delegators can vote. Validators can use a CLI command on the node, while delegators can use a respective tab in the Cosmostation wallet, where all the proposals are listed.
MediBloc ICO and other financial details
The MediBloc project held its presale on November 13-26, 2017. The ICO started right after that and took place between November 27th and December 15th. At that point, around 475 million MED were distributed at the ICO price of 0.0150 USD, raising 7.13 million USD for the project development.
MED is available on five exchanges, namely Upbit, Gate.io, Bittrex Global, Korbit, and Bithumb, as well as the aforementioned Osmosis crypto swap. It’s important to note that Upbit and Korbit are only available in South Korea, the home country of the MediBloc project. Therefore, non-Korean investors can only be looking for other options. The Cosmostation wallet which can be set up to work with the Panacea blockchain is fit for storing MED. There’s also an option to use a Ledger hardware wallet for this purpose, but that requires using a command-line tool, which is inconvenient for most users. Previously, there was also an official MediBloc Wallet, but at the time of writing, it is no longer available.
The MediBloc team is regularly posting on various platforms such as Medium, Telegram, Twitter, and Facebook, and enjoys moderate community activity across the platforms, especially on Twitter. It’s important to note, however, that most of the community is of Korean origin, which indicates domestic rather than international interest in the project.
The MediBloc team
MediBloc was founded by two Korean health professionals, dental surgeon Wookyun Kho and radiologist Eunsol Lee. Apart from the high-grade medical education, both of the founders have some experience in software engineering, as Kho was working at Samsung Electronics and Lee used to be a developer at the game company Nexon. The combination of software engineering experience and a deep understanding of the internal operation of the medical system has allowed them to start a project that would combine the world of future tech with the world of medicine.
Since the launch of the project in 2017, the team has grown exponentially, having onboarded many experts with IT, management, and medical backgrounds. Some important figures are the Business Development managers Taejin Yoon and Dawn Lee, lead developers Saehan Park and Minkyoo Cha, researchers Sungjae Jung and Minjung Kim, and medical professors Sang Min Park and Hyun Wook Han.
The company is officially registered in Gibraltar, which allows it to enjoy more relaxed tax policies and have easier access to the European markets when expanding its operation. However, South Korea remains its primary market despite the company’s efforts to reach international adoption.