Cryptocurrencies are gaining popularity nowadays and mostly because of the increasing value of many of them and daily increasing customers and users, There are many Healthcare related Cryptocurrencies and that may lead to the a misconception and misunderstanding of the value of what those projects may offer to the healthcare sector. " It's Not just about the money ", I was explaining to some healthcare professional friends who had believed with the myth that says " Cryptocurrency is a virtual currency and it may fail anytime soon", as they failed to see what it represent and the technologies it uses. Again " Its not just about the MONEY ".
What are Cryptocurrencies?
Cryptocurrency is a digital currency which uses Cryptography for encryption and security. Most of the cryptocurrencies are built to be decentralized systems based on blockchain technology. One of the most popular examples of Cryptocurrency is bitcoin which is holding till this moment as the most popular and most valuable.
There are thousands of cryptocurrency nowadays, but adding more parameters, users and market to the usage of cryptocurrency and using the buzz swarming the internet promoting blockchain technology, as targeting gaming sector, mobile development, ART, e-commerce and advertising. Health-care sector is no different, there are new cryptocurrencies are targeting health-care sector as well, for different usage and concepts.
The main core idea was not Cryptocurrency but the technology it usages and the solid secure infrastructure it presents " Blockchain ". Blockchain has became the cornerstone feature for most of the Healthcare cryptocurrency we will list here, as they promote it's features to reshape the healthcare services as we know it.
So what is Blockchain technology?
First of all Blockchain is not a company or an organization, It's secure way to record information in a distributed peer-to-peer network. The corded information is stored in collection of blocks in chronological “chain” that cannot be altered without the knowledge and permission of those who made that record.
This is accomplished by using cryptography to link the contents of the newly added block with each block before it, such that any change to the contents of a previous block in the chain would invalidate the data in all blocks after it.
What makes Blockchain a reliable technology?
The information stored in blockchain blocks is not stored on one place as the traditional central storage method does, but it's store multiple copies of the same encrypted data over a distributed peer-to-peer network which means even if one point of storage is damaged ,lost or inaccessible ,there are multiple secure copies stored safe elsewhere.
What make Blockchain usable even required in healthcare sector?
-Secure storage model and Secure identity verification and authentication model
- Decentralized model.
The security models and the decentralized characteristics of blockchain makes it , scam free service, removing third-party risks and fraud protection ready to use trusted service.
Why that technology is important in healthcare.
- Sensitivity of the patient medical records*.
- Central model Vs Decentralized model.
Top Blockchain based healthcare projects:
Blockchain based healthcare related projects are not classified main as cryptocurrency in fact, some of them impose as transaction solution, marketplace, ecosystem and infrastructure for secure layer to solve many current problems of the current model. Some of the projects are targeting specific sectors as Pharma industry, Medical research, and Dental healthcare.
1- Dentacoin : Rank 72, Market Cap :$87,185,991 - site
Dentacoin is on top of the healthcare blockchain and cryptocurrency medical projects there, Its has Rank of 74 among global cryptocurrencies, with MARKET CAP of $87,185,991, Though it has been utilizing the blockchain technology designed specifically for Dental healthcare.
- Base team location : Netherland
2 - MediBloc : Rank 211, Market Cap : $21,470,875 - site
MediBloc aiming to utilize the blockchain technology to benefit the healthcare service providers, patients as well as the researchers, as an ecosystem platform to provide secure and decentralized way to process and manage the healthcare sensitive data and patient medical records.
- Team location : South Korea
3 - MediShares : Rank Rank 256 , Market Cap : $17,096,349 - site
Unlike the pervious blockchain healthcare projects, MediShares is a marketplace for mutual aid platform based on Ethereum Cryptocurrency infrastructure and it's an Opensource.
- Team location : Singapore
4- SRCoin : Market Cap : $2,215,562 - site
SRCoin : Is a decentralized health information platform to provide more secure data storage and transactions for healthcare solutions and healthcare service providers.
5- AI Doctor : Rank 527, Market Cap : $4,491,594 - site
AI Doctor is aiming to provide a decentralized medical applications
6- Timcoin : Market Cap : $342,549,039 - site
Timcoin it's a cryptoCurrency but it's also aiming to provide a usable secure blockchain solution for medical records transfer and storage.
7- MedicalChain Market cap : $4,202,362 USD - site
MedicalChain is utilizing Blockchain features to secure and transfer medical records to as it describe itself " maintain single version of the truth ".
8- Patientory Market cap : $2,523,760 - site
Patientory is another solution to utilize blockchain features for medical records, but its also imposing as a cryptocurrency, but it centralize its service on a mobile application.
9- Doc.com : Market cap : $11,227,624 - site
Doc.com is a blockchain based medical support service, through it's application which is available on Android PlayStore Apple AppStore , It markets itself as it benefits all parties involved as the patient and the healthcare professional. Their app on Google Android PlayStore has more than 100.000 downloads.
Other Healthcare related Blockchain projects.
Genome and Research related Blockchain projects.
Shivom - link: It has another perspective on utilizing the blockchain technology to store and share the genomic data for DNA donors to collaborate with research facilities .
EncrypGen - link : Aiming for secure storage and sharing of genomic data.
MedicCoin Market cap $827,015 - link: Is a cryptocurrency aiming to promote research
Farma Trust - link: Blockchain based Crypto aiming to be a Secure Global Tracking System for Pharmaceutical Industry
Well - link : Aiming to provide a marketplace for healthcare and solve the current healthcare issues.
So : Medical and Health-care related Blockchain and Cryptocurrency Projects are they really worth it?
Well, to answer the article's addressed question : Yes ,The healthcare related blockchain projects and cryptocurrency is definitely worth it as they address different issue and aiming to solve and minimize the risk of the current solutions, and models use in healthcare IT implementations. However some of those projects may look similar and they are addressing similar issues but will they survive the next round and get more users/ customers and healthcare service providers to use what they provide? Well only time can tell.