MedicalChain

Blockchain technology for secure storage and transfer of electronic health records. Using blockchain technology, smart contracts, and our cryptocurrency, Medicalchain provides the infrastructure for d

About MedicalChain

MedicalChain aims to be a decentralized platform that enables secure and transparent exchange and usage of health records. Utlizing the Linux Foundations’s permission based Hyperledger blockchain, MedicalChain aims to creates a single true version of an individuals electronic health records, ensuring medical data is available to medical professionals only when given access by the patient. MedicalChains technology aims to enable users to give conditional access to different healthcare agents such as doctors, hospitals, laboratories, pharmacists and insurers to interact as they see fit. The platform aims to have each interaction with their health record as an auditable, transparent, secure, and recorded transaction on MedicalChains distributed ledger. Using the Hyperledger Fabric architecture, MedicalChain aims to allow varying access levels so that users may control who can view their records, how much they see, and for what length of time. MedicalChain plans on using a dual blockchain structure, with a Hyperledger Fabric blockchain to control access and an ERC20 Ethereum token powering applications and services, and also mentions partnering with Civic for identity management. Competitors: Proof Work, Mediledger, SimplyVital Health, Robomed Network
Uniqueness/Advantages to competition: Little to none

Token Sale Use of Blockchain

Product

3.2
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

4.0
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.

Product

The product is far from ready, but a proof of concept is in its final phase and the development is now focused on design and UX/UI experience. The core of the application, MedicalChain’s API and blockchain, is ready for the beta release. The nodes set up and operated during the beta are run by MedicalChain, but over time other nodes will be included onto the network. The project claims several discussions are already underway with hospitals, universities and non-profit organizations. However, there is NO public GitHub repo and the main focus of the team is developing the user interface. The heart of the project will not be developed until after the ICO and a public pilot program will not be released for several months.
The product has appeal and a decent target user base given the medical industry is an essential aspect of life and will continue to grow, and there is a need for data protection of medical records. There is also an appeal for the decentralization of the medical data industry, specifically to encrypt medical records for protection of those records.
Competitors: ProofWork, Mediledger, SimplyVital Health, Robomed Network

Product Whitepaper

Use of Blockchain

3.2
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

3.0
N/A
3 - Automation; making something easier to do.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.

Use of Blockchain

The product offers some contribution to blockchain development as it intends to develop its own separate blockchain with API integration. There is some disruptive advantage as it would in theory enable the encryption and decentralization of medical records, which are most commonly centralized. There is some need for a custom token as the platform is built on its own independent blockchain, which would require it’s own token. The system is mostly centralized, but will become a decentralized space for users and service providers within the health industry. There is a contribution to the blockchain ecosystem here, in the sense of some new novel blockchain technology. Potential issue: It seems the ICO tokens are ERC-20 Ethereum tokens, while the actual blockchain will operate on Hyperledger (and/or Civic), not with Ethereum tokens, so blockchain implementation is not entirely clear.

Use of Blockchain Roadmap

Whitepaper

4.0
Whitepaper
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

5.0
N/A
5 - Crystal clear. Enjoyable.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

4.0
N/A
4 - Informative disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.

Whitepaper

The whitepaper is visually pleasing and provides a business plan and potential technology presentation. The whitepaper mainly covers traditional healthcare and the project’s advantages. Provides no review of potential competition. The whitepaper provides a general and basic disclaimer that aims to absolve the project of any liabilities or commitments to future development. The paper does have some holes or omissions, specifically how the project intends to utilize the technology behind Ethereum and Civic blockchains and the technology behind the MedicalChain Emergency Bracelet.

Whitepaper Compliance

Roadmap

2.6
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

2.0
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

4.0
N/A
4 - Available and trusted.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

Three year long development roadmap that is outlined on a monthly basis and is very vague with general milestones, showing the intended development for pilot programs supporting all aspects of MedicalChain throughout 2018 and 2019, including launching, testing, and fine tuning of the private beta platform. The overall vision is set, however, it is a very long timeline, with no real use for the token besides being a tradeable cryptocurrency for at least 6 to 8 months. The company has developed a proof-of-concept and private beta platform, however no user interface or independent blockchain has been developed and the company is actively searching for blockchain developers and UI/UX developers, as well as project managers. The core project will not be fully developed until after the ICO. NO PUBLIC GITHUB REPO PRESENT. Main focus is to use ERC-20 tokens to conduct the ICO and to further develop the goals of the project. A lot of work and time still required for the project to be completed. Scored a (4) on ‘Dependencies’ since Medical-token will be built upon Hyperledger, Civic, and Ethereum networks.

Roadmap Company and Team

Compliance

2.2
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

3.0
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

1.0
N/A
1 - Solely; a passive investment vehicle.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

3.0
N/A
3 - Limited to blanket standard.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.

Compliance

The Medical-token does have instrinsic value through its planned usage on the MedicalChain platform. However, it is unclear how the ERC-20 tokens distributed during the ICO will be able to be used on the MedicalChain platform run on Hyperledger, or how they will interact with the Civic blockchain. The infrastructure will be fully ready only well after the ICO, and it seems that as of now the main focus is to develop the user interface and to complete ICO fundraising.
The MedicalChain team has only briefly addressed compliance issues and seeks to be absolved of any liability that may arise from the sale of the tokens.
It is hard to say how they will enforce KYC/AML laws, but you do have to register to participate, and when I attempted to register from an American location I did not receive any follow-up correspondence, so it is possible this is automatically accounted for based on geo-location of the IP address.
As of now it would be safe to say the Ethereum Medical-tokens will only be used as tradable financial instruments on secondary trading exchanges.

Compliance Token Sale

Company and Team

2.2
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

2.0
N/A
2 - Initial stages of formation.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

2.0
N/A
2 - Lacking in key areas.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

2.0
N/A
2 - Somewhat skewed.

Company and Team

An established team with a broad background set in medicine, medical sciences, business, fianance, software developement, computer science/engineering, and startup companies.
All members have verifiable LinkedIn profiles with credentials, most claim to be “blockchain enthusiasts” of a couple of years, however only a couple of advisors to the project have any experience with blockchain, smart-contracts, or cryptocurrency projects.
Claims to be founded as a spin-off company of “Discharge Summary” in 2016, but a MedicalChain prototype wasn’t released until June 2017 so it would be more appropriate to say founded in June 2017. A proof of concept has been compeleted but no UI/UX, a closed beta platform is set for release in February. The roadmap is hazy, showing plans to release the MedicalChain emergency bracelet in July 2018, as well as blanket pilot roll out plans for China, Japan, and South Korea, while a fully functioning MedicalChain platform won’t be released until March 2019.
14 Employees. 8 Advisors. Most employees and advisors are committed to at least one or more full-time positions outside the Medical chain project, and the company is actively seeking blockchain developers, marketers, mobile app developers, finance managers and project managers.
Positives: The core team and lead team members have many years of experience in software, business and medicine.
Negatives: No member of the core team has previous experience with cryptocurrency, blockchain or smart-contract projects, and only two advisors have previous blockchain experience; nearly all members of the team are actively engaged in other non-blockchain products. Most team members have obscure titles and no person is dubbed CEO.

Company and Team Product

Token Sale

2.8
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

3.0
N/A
3 - Justifiable.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

1.0
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3.0
N/A
3 - Rough estimates, but sensible.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

3.0
N/A
3 - Some presence, lukewarm reception.

Token Sale

Token price during Token Generation Even:

1 MedToken = $0.25

Issuing volume
– No Soft Cap
– 500,000,000 MedToken Hard cap

Token distribution
– 35% will be offered in the pre-sale and crowdsale
– 34% will be retained by the company, team, advisors, founders and future employees (Founders: 15%, Company development: 8%, Team, advisors, early backers: 11%), where 10% will have already vested, 12% vests over 2 years, and 12% over 4 years.
– 31% will be retained for community development. MedicalChain will use these tokens to help grow an ecosystem on it’s blockchain by educating others, supporting node holders, bringing partners onto its platform, conducting pilots, and sponsoring industry leading events. This will vest over 4 years.

Social Media Presence
Some presence mostly on bitcointalk and medium blog post. Light community engagement.

Product

The product is far from ready, but a proof of concept is in its final phase and the development is now focused on design and UX/UI experience. The core of the application, MedicalChain’s API and blockchain, is ready for the beta release. The nodes set up and operated during the beta are run by MedicalChain, but over time other nodes will be included onto the network. The project claims several discussions are already underway with hospitals, universities and non-profit organizations. However, there is NO public GitHub repo and the main focus of the team is developing the user interface. The heart of the project will not be developed until after the ICO and a public pilot program will not be released for several months.
The product has appeal and a decent target user base given the medical industry is an essential aspect of life and will continue to grow, and there is a need for data protection of medical records. There is also an appeal for the decentralization of the medical data industry, specifically to encrypt medical records for protection of those records.
Competitors: ProofWork, Mediledger, SimplyVital Health, Robomed Network

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

4.0
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.
Product Score:
3.2

Use of Blockchain

The product offers some contribution to blockchain development as it intends to develop its own separate blockchain with API integration. There is some disruptive advantage as it would in theory enable the encryption and decentralization of medical records, which are most commonly centralized. There is some need for a custom token as the platform is built on its own independent blockchain, which would require it’s own token. The system is mostly centralized, but will become a decentralized space for users and service providers within the health industry. There is a contribution to the blockchain ecosystem here, in the sense of some new novel blockchain technology. Potential issue: It seems the ICO tokens are ERC-20 Ethereum tokens, while the actual blockchain will operate on Hyperledger (and/or Civic), not with Ethereum tokens, so blockchain implementation is not entirely clear.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

3.0
N/A
3 - Automation; making something easier to do.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
3.2

Whitepaper

The whitepaper is visually pleasing and provides a business plan and potential technology presentation. The whitepaper mainly covers traditional healthcare and the project’s advantages. Provides no review of potential competition. The whitepaper provides a general and basic disclaimer that aims to absolve the project of any liabilities or commitments to future development. The paper does have some holes or omissions, specifically how the project intends to utilize the technology behind Ethereum and Civic blockchains and the technology behind the MedicalChain Emergency Bracelet.

Category Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

5.0
N/A
5 - Crystal clear. Enjoyable.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

4.0
N/A
4 - Informative disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.
Whitepaper Score:
4.0

Roadmap

Three year long development roadmap that is outlined on a monthly basis and is very vague with general milestones, showing the intended development for pilot programs supporting all aspects of MedicalChain throughout 2018 and 2019, including launching, testing, and fine tuning of the private beta platform. The overall vision is set, however, it is a very long timeline, with no real use for the token besides being a tradeable cryptocurrency for at least 6 to 8 months. The company has developed a proof-of-concept and private beta platform, however no user interface or independent blockchain has been developed and the company is actively searching for blockchain developers and UI/UX developers, as well as project managers. The core project will not be fully developed until after the ICO. NO PUBLIC GITHUB REPO PRESENT. Main focus is to use ERC-20 tokens to conduct the ICO and to further develop the goals of the project. A lot of work and time still required for the project to be completed. Scored a (4) on ‘Dependencies’ since Medical-token will be built upon Hyperledger, Civic, and Ethereum networks.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

2.0
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

4.0
N/A
4 - Available and trusted.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
2.6

Compliance

The Medical-token does have instrinsic value through its planned usage on the MedicalChain platform. However, it is unclear how the ERC-20 tokens distributed during the ICO will be able to be used on the MedicalChain platform run on Hyperledger, or how they will interact with the Civic blockchain. The infrastructure will be fully ready only well after the ICO, and it seems that as of now the main focus is to develop the user interface and to complete ICO fundraising.
The MedicalChain team has only briefly addressed compliance issues and seeks to be absolved of any liability that may arise from the sale of the tokens.
It is hard to say how they will enforce KYC/AML laws, but you do have to register to participate, and when I attempted to register from an American location I did not receive any follow-up correspondence, so it is possible this is automatically accounted for based on geo-location of the IP address.
As of now it would be safe to say the Ethereum Medical-tokens will only be used as tradable financial instruments on secondary trading exchanges.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

3.0
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

1.0
N/A
1 - Solely; a passive investment vehicle.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

3.0
N/A
3 - Limited to blanket standard.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.
Compliance Score:
2.2

Company and Team

An established team with a broad background set in medicine, medical sciences, business, fianance, software developement, computer science/engineering, and startup companies.
All members have verifiable LinkedIn profiles with credentials, most claim to be “blockchain enthusiasts” of a couple of years, however only a couple of advisors to the project have any experience with blockchain, smart-contracts, or cryptocurrency projects.
Claims to be founded as a spin-off company of “Discharge Summary” in 2016, but a MedicalChain prototype wasn’t released until June 2017 so it would be more appropriate to say founded in June 2017. A proof of concept has been compeleted but no UI/UX, a closed beta platform is set for release in February. The roadmap is hazy, showing plans to release the MedicalChain emergency bracelet in July 2018, as well as blanket pilot roll out plans for China, Japan, and South Korea, while a fully functioning MedicalChain platform won’t be released until March 2019.
14 Employees. 8 Advisors. Most employees and advisors are committed to at least one or more full-time positions outside the Medical chain project, and the company is actively seeking blockchain developers, marketers, mobile app developers, finance managers and project managers.
Positives: The core team and lead team members have many years of experience in software, business and medicine.
Negatives: No member of the core team has previous experience with cryptocurrency, blockchain or smart-contract projects, and only two advisors have previous blockchain experience; nearly all members of the team are actively engaged in other non-blockchain products. Most team members have obscure titles and no person is dubbed CEO.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

2.0
N/A
2 - Initial stages of formation.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

2.0
N/A
2 - Lacking in key areas.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

2.0
N/A
2 - Somewhat skewed.
Company and Team Score:
2.2

Token Sale

Token price during Token Generation Even:

1 MedToken = $0.25

Issuing volume
– No Soft Cap
– 500,000,000 MedToken Hard cap

Token distribution
– 35% will be offered in the pre-sale and crowdsale
– 34% will be retained by the company, team, advisors, founders and future employees (Founders: 15%, Company development: 8%, Team, advisors, early backers: 11%), where 10% will have already vested, 12% vests over 2 years, and 12% over 4 years.
– 31% will be retained for community development. MedicalChain will use these tokens to help grow an ecosystem on it’s blockchain by educating others, supporting node holders, bringing partners onto its platform, conducting pilots, and sponsoring industry leading events. This will vest over 4 years.

Social Media Presence
Some presence mostly on bitcointalk and medium blog post. Light community engagement.

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

3.0
N/A
3 - Justifiable.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

1.0
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3.0
N/A
3 - Rough estimates, but sensible.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

3.0
N/A
3 - Some presence, lukewarm reception.
Token Sale Score:
2.8

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