The use cases of the blockchain technology are not limited. As the technology rose to new heights of popularity during the bull run of 2021, it was made clear that the complete potential of blockchain has yet to be explored. While it originated as general blockchains, the technology has advanced to the level that now specialized blockchains are on the rise. From supply chain management to healthcare, the sky is the limit for the blockchain technology. Today, we explore MediBloc – a project that explores the potential of the blockchain technology in the healthcare industry.
What is MediBloc?
MediBloc the brainchild of Allen Wookyun Kho and Eunsol Lee – two doctors exploring the blockchain technology in the medical field. The whitepaper of the project was released in October 2017 and in the same year, the project was initiated. It is essentially a decentralized application built on top of Ethereum’s blockchain.
MediBloc is a data management system for the healthcare data system powered by the blockchain technology. The medical data of patients is usually scattered over different hospitals and different doctors. Through MediBloc’s data management system, patients can compile all of their medical records into one place which is updated in real-time.
Moreover, the platform is patient-centered and aims to empower patients by giving them control of their medical data. MediBloc is compliant with HIPPA rules and regulations when it comes to data privacy. Only the patients have access to their personal data and only they can choose to share it with whomever they want. The data management system is powered by the blockchain technology which means that it enjoys the security and decentralization of blockchains. Each transaction recorded is completely secure, traceable and unchangeable.
Future outlook
The unique use-case of the blockchain technology by MediBloc places it at a special rank. The blockchain technology is expected to infiltrate every aspect of our lives and MediBloc is just the beginning. The future outlook of the cryptocurrency is bullish. At the time of writing, MED token stands at a price level of $0.057. The cryptocurrency had been tumbling downwards; however, the daily price movements show an increase of 6%.
According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $0.13 in a year’s time. The upward trend is expected to continue over the coming years with the price of MediBloc reaching $0.41 in five years’ time. Digital Coin Price projects the year-ending price at $0.08 and the price by 2026 at $0.20.
