Altcoins on the Block #3 MediBloc Coin

In the series "Altcoins on the Block" I will have a look at different altcoins and explain what the coins are all about. In this edition I have a look at MediBloc Coin.

MediBloc Coin - Reinventing your Healthcare Experience

With the MediBloc Coin also known as MED for short, blockchain technology is to find its way into the healthcare system. Using the blockchain, patient data can be stored locally and can be accessed quickly.

The MED Coin should create incentives to use the network. But what about the prognosis when bureaucratic hurdles stand in the way?

What is MediBloc Coin?

MediBloc is an open-source platform that uses blockchain technology to build a distributed healthcare network. The MED development builds on the Ethereum blockchain, so the cryptocurrency is an ERC20 token. The MED cryptocurrency can be used within the network to pay for services or purchases. For example, when you buy pharmaceutical products or pay for insurances that participate in the network.

MED coins can also be earned by feeding data into the blockchain. This gives you "medi points". The Point System measures the activities of users and assigns points based on them. These points are tokens and are also used to verify processes within the network. However, these tokens do not leave the MED network, they can not be stored in the Medi Bloc Wallet. Instead, you can convert them to med coins if you save them for at least three months. The conversion rate changes with the amount of MED coins and other factors present. At the same time, you can buy MediBloc to turn it into Points.

Medi Point (MP) is the measurement of amount/extent of contribution by users. The easiest way to get MP is to use MED to buy MP.

Medi Toke (MED) is different from Medi Point (MP) in that it allows for exchange between MediBloc users and also with those outside of the platform.

The focus of the development is on the blockchain. This should make it possible to store patient data decentrally and make it available. The problem with the patient data is that they are usually stored centrally in the hospitals and practices. This can make it cumbersome for the doctors to get needed data from patients and in the worst case can lead to momentous errors, should the treating physician not have the complete medical history available.

With decentralized blockchain data is available all over the world. At the same time the patient should have full control over his own data; the patient decides who has access to his medical history. By MED the blockchain the security of the data is as good as guaranteed. Unauthorized changes to the patient's data can be viewed transparently on the blockchain because all changes are saved reliably. The loss of data is almost impossible thanks to the blockchain.

The MED network consists of three layers: Medi Bloc Core is the database that stores patients' data. With an encryption protocol, only the patient should be able to access the medical history because he has the private key. Medi Bloc Service uses Smart Contracts to connect the Medi Bloc Core with the other layer that provides decentralized applications. Medi Bloc Application is this layer. It makes it possible for the user to use programs that give him access to the MED network.

MediBloc Coin - Who is behind the Cryptocurrency?

The MediBloc development mainly takes place in Seoul, South Korea. The majority of the team comes from South Korea. Founder Allen Wookyun Kho is responsible for business development. He studied dentistry and computer science, worked at Samsung Electronics and as a dentist. Co-founder dr. Eunsol Lee is a software developer and physician certified in biomedical computing. In the MED development he acts as a system architect. In addition, a team of software developers and consultants has formed.

The MED cryptocurrency depends on partnerships. The first trials of the MediBloc platform are scheduled for Kyung Hee University Dental Hospital.

MediBloc Coin - Pros and Cons

There is definitely a lot of potential in the blockchain. World health is becoming an increasingly important issue and the MED network can help make healthcare more effective. The team is also extremely professional. At the same time, the implementation and dissemination of the MED blockchain could encounter difficulties. Hospitals must agree to use the network and be ready to hand over patient data. At the same time, there could be legal problems. In Germany, for example, people are very concerned about privacy. Already due to the data protection regulations in Germany the use of the network could be impossible.

In addition, there are no such great incentives to buy the MED Coin. The use of the cryptocurrency is limited to the MED network, if they could attract the speculators, one has yet to wait. It is conceivable that the MED Coin attracts buyers if they want to buy services within the network. However, companies still need to find ways to offer products or insurance on the MediBloc platform. It should also be noted that the MED cryptocurrency is still very young. It is therefore difficult to provide an accurate MediBloc prognosis and the course does not provide much information yet.

MediBloc Coin Course - Development - Forecast

The MED Coin can only recently be traded on the stock exchanges. At the start, a single coin was worth a little over 20 cents. Since then, the MediBloc rate has steadily declined, below 10 cents in the middle of the month. At the end of the month, the price was 6 cents per coin. In February, this decline continued, the price was in the first February days at 4 cents. Meanwhile, he seems to settle for around 3 cents per coin.

On the MediBloc forecast: So far, the price has not developed very well. Perhaps this could be the bad time, the crypto markets were just starting to get used to their first purchase of the MediBloc Coin. The MED Coin is still among the top hundred, it is not among the cryptocurrencies that are traded at less than 1 cent per MED Coin. Nevertheless, that the course sinks again, is possible. But there is also potential up there and maybe you just have to give the cryptocurrency more time. In any case, it is still a good time to buy the MediBloc at a low price.

Create MediBloc Wallet

An own MediBloc wallet does not exist yet. Instead, the developers suggest using the Qtum Core Wallet. This can be downloaded from the website of Qtum. There are variants for Windows, Mac and Linux, as well as a mobile wallet and one for the web browser. After installation, it may take up to 24 hours for the MED Wallet to sync to the Internet.

Here you can find a step by step guide how to install the wallet.

Where can I buy the MediBloc Coin?

So far, buying MediBloc is only possible on Gate.io. Here you can exchange them for Ethers or Qtum or buy them with
US dollars.

Conclusion MediBloc Coin

There is a lot of potential behind the concept that may not even be imagined. However, it will be quite some time before the development is complete and the MediBloc cryptocurrency will be used.

For more information go to https://medibloc.org/en/ and here you can read the white paper.

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I hope this post provides some value to yourself and please feel free to use this as a resource to help answer questions and bring awareness to the project of MediBloc Coin.

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Series:

• Altcoins on the Block #1 Funfair 🎲
• Altcoins on the Block #2 DeepOnion Coin

Image Sources:

• Post header created by myself
• https://medibloc.org/en/

Video Source:

• youtube.com/MediBloc_Official

Have a nice day!

ⓁⓄⓥⒺ & ⓁⒾⒼⒽⓉ

Best regards

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Posted on Utopian.io - Rewarding Open Source Contributors

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