Utility Token Sparks Interest in Light of Continued Cryptocurrency Instability
Originally published on: Utility Token Sparks Interest in Light of Continued Cryptocurrency Instability
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April 13, 2018
The past several months bore witness to highly unstable and speculative cryptocurrency markets. In light of this instability, utility tokens such as the MediChain Medical Big Data Platform Token (MCU) have captured the interest of blockchain enthusiasts. Unlike purchasing cryptocurrencies outright with the speculative hope for a demand-based value increase, tokens have a direct link with a blockchain-based service provider. Although tokens are similar to cryptocurrencies in their scarcity, they also grant the holder access to a wealth of innovative possibilities. MediChain recently launched their Initial Coin Offering (ICO), and they are an ideal example of how a tokenized ecosystem will function.
The core idea behind MediChain is to create an electronic medical and health record (EMR/EHR) database on the blockchain, where patient records may both be securely stored and globally accessible by patients, doctors, and researchers as well. While the latter might be seen as a red flag to some in the era of big data, MediChain’s philosophy is that individual medical records are both valuable and personal – and therefore the explicit property of the user. All records are anonymized on the platform, and all key data is kept off-chain. This means that, if they elect to, users will be able to send their medical information instantly to any healthcare provider or to anonymously share their information with the medical industry for a reward. As a result, the MediChain platform will streamline information connectivity between medical service providers, provide secure anonymized EMR/EHR information for industry leaders and innovators, and help researchers working to discover the next cure.
Dr. Mark Baker, MediChain CEO and blockchain innovator, added “Whether it is pharmaceutical companies doing research or testing new drugs, insurance companies looking for medical trends, or medical researchers searching for a cure, there are many uses for big data. There is also a growing market for mobile healthcare apps. MediChain will provide a central hub between all these interests and the individual healthcare recipient.”
It is in this new healthcare ecosystem on blockchain where the MCU Token can play a unique and productive role in both medical research, and individual health. The token will function as the platform currency and have a multitude of uses. For example, individual healthcare consumers will be able to earn tokens by sharing their information as part of big data blocks to researchers, and they will then be able to spend their tokens for medical consultations and services. Healthcare providers will be able to use the tokens for payment for new information systems and products from pharmaceutical companies and researchers. Finally, the tokens will allow industry innovators to acquire new data and consumer feedback to improve their products. As the medical services industry begins to go global, MediChain will be at the forefront of the future for smart, secure, and personalized healthcare.
The MediChain ICO began on March 1, 2018, and is scheduled to conclude on April 30, 2018. For more information on how MediChain works and the MCU Token, visit their website at https://medichain.online.
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