What Is MediBloc (MED)?

MediBloc (MED) aims to be a tamper-proof, blockchain-based ecosystem where users have sovereignty over their data and use health information accordingly. MediBloc is based on Panacea, a blockchain technology vision to make patient-centric health information collection, utilization, and management. The decentralized data ecosystem aims to maximize the reliability of health data and protect individual privacy. The platform believes that many problems people face these days can be cured and improved through Panacea. The core purpose of Panacea is to prove the ownership of the recorded data via hash value and record hash value of health information. The platform utilizes the Delegated proof-of-stake mechanism and the Practical Byzantine Fault Tolerance algorithm. As the whitepaper suggests, the DPoS consensus mechanism, along with the PBFT algorithm, selects validators through the votes of network participants. Then the blocks are produced efficiently by the validators at high speed while synchronizing them. All the records on the platform are validated via nodes, and once it is there on the blockchain, data cannot be falsified. MED is the official cryptocurrency that can be used as the payment method for health-care expenses that use blockchain. Also, the token aims to induce participation in the platform and create an economic ecosystem. Users who contribute toward the platform’s ecosystem seek to receive incentives in MED. Also, the user who is not selected as a validator but holds MED mainnet coins can contribute toward the block validating process and receive incentives for every block creation. All the participants and patients, like the medical institutions, medical professionals, insurance companies, and research centers, can receive incentives based on their contributions. Also, through Panacea, the owners aim to manage the data and seek to safely update, utilize, send, or record the information. Panacea is a health information platform with a public blockchain and an independent ecosystem.