MediBloc Basic Review
|Start ICO||27 Nov 2017|
|End ICO||15 Dec 2017|
Ticker symbol: MED
Project type: MedTech
Extended company description: MediBloc is a decentralized public health information ecosystem for patients, health care providers and data researchers built on blockchain technology.
Company: MediBloc Inc.
Public ICO launch: 27.11.2017
Public ICO end date: 15.12.2017
Crowdsale duration (weeks): 7,0
Token type: QRC
Token supply: 10 000 000 000
Tokens available for purchase (Pre-Sale + Public ICO): 5 000 000 000
The purpose of attracting investments: $25 million
1 MED price: 1Qtum = 2,000 MED
Accepted payments: Qtum, ETH, BTC
Bounty: Program Start: October 18, 2017.
Token role: Functional
Team (number of people) : 9
Advisors and partners (number of people) : 9
Twitter: Posting: 167, Subscribers: 1012
Telegram: Subscribers: 1181
Medium: Subscribers: 56
YouTube: Posting: 5, Subscribers: 15
Linkedin: Subscribers: 22
Facebook: Subscribers: 3205
KaKaoTalk (Korean Channel): Subscribes: 1530
Publications: 167 article publications in Cointelegraph, ZyCrypto, 4 Chinese media, 1 Brazilian media (Portaldobitcoin), and 23 Korean media
MediBloc is a decentralized public health information ecosystem for patients, health providers and data researchers built on the blockchain technology.
MediBloc will provide the following services:
- A digital health wallet (record of each interaction with a specialist)
- A database on health care in each region
- A facility for checking insurance cases
- Recommendations and appointment of health services
- the possibility to communicate with and contact other patients with the same illness
- Selling medical data to research centers.
Huray Positive (www.huray.net/) - Android developer active since 2014. Their current app portfolio contains 8 apps.
WELT (https://www.weltcorp.com/) - A healthcare tech company.
Syntekabio (https://www.syntekabio.com/) - Korean biotech firm, developing a personal genome map to facilitiate a personalized medical service.
Nucypher (https://www.nucypher.com/) - A proxy re-encryption and security platform for distributed systems like big data, blockchain, cloud, and the internet of things (IoT).
Coinplug (https://www.coinplug.com/) - platform for bitcoin exchange, wallet, okBitcard and payment processor services targeting Korea and the Asian market.
CoinRail (https://coinrail.co.kr/) - Korean Cryptocurrency exchange platform.
BITTHAI (http://bitthai.net/) - Thai cryptocurrency exchange platform.
Sang Min Park (http://en.medicine.snu.ac.kr/sub4/Faculty/bms/read.htm?list_num=41476#none) — advisor. Chief professor in the Family medicine department at Seoul National University Hospital, Seoul National University College of Medicine. Main specialization — Oncology.
Hyun Wook Han (https://www.facebook.com/profile.php?id=100008135504858) — Advisor.
Simon Seojoon Kim (https://www.linkedin.com/in/simon-seojoon-kim-11b8901b/) — Advisor. Chief product officer, co-founder at Knowre (approx. 6 years), product manager in Mozzet (1 year), programming engineer, product manager at Webcash (about 2 years).
Yiseul Cho (https://www.linkedin.com/in/yiseulcho/) — Advisor. Blockchain Specialist in HSBC (1 year), founder, organizer of Hyperledger London Meetup (1.5 years), developer of Blockchain (2 years).
Mai Fujimoto (https://www.facebook.com/mai.fujimoto0907) — Advisor. CEO at Gracone.
KJ Eee (n/a) — Advisor.
Jeong Ho Seo (https://www.linkedin.com/in/%ED%98%B8%EC%84%9D-%EC%A0%95-9026a780/) — advisor. Lawyer's representative in SEUM law firm (about 5.5 years), partner (Legal Officer) in Future Play- Alex Shin (https://www.linkedin.com/in/alexshin87/) — USA Head of Operations for TeamBlind (2.5 years), investor/adviser at 82 Labs (6 months) Officer in charge of development at Groove.co (6 months).
Minkyoo Cha (https://www.linkedin.com/in/minkyoo-cha-26726bab/) — Programming engineer at NAVER Corp. (approx. 7 years.)
The co-founders of MediBloc are advisors to the Korea Blockchain Forum, hosted by the Korean Government.
There are experienced healthcare professionals behind this project. The advertising campaign is very active, and the team is attracting the attention of the blockchain industry.
Strengths of the project:
- The team has chosen a fairly fast-growing EHR market (electronic medical records);
- There are specialists and advisors from the healthcare field.
- The first and only healthcare DApp on Qtum in Korea.
- The project has an already-secured patient-data source through a partnership with Huray Positive (a mobile app for chronic disease cure) and WELT (a smart fashion belt that records lifestyle health data)
- The project has also secured a research institution (Syntekabio) that will utilize its patient data.
- The project is cooperating with technically advanced companies such as Nucypher and Coinplug.
- The project has already confirmed its token listing on two exchanges (CoinRail, BITTHAI.)
Weaknesses of the project:
- The project limits its market to one region.
- It is obvious from the white paper that: The project has more than one business model, which makes the project’s description confusing.
- The project proposes to organize the protection of patient data.
- A possibility for patients to sell their data to research companies.
- A representative of the project also noted that the team planned to advertise in the EHR.
Market and industry
The project considers the data protection market to be their target, but the team states (via Telegram) that the project will also develop advertising on its mobile applications (1) for storage of medical data and (2) for statistics. They also will organize functionality according to the possibility for patients to sell their medical data to research companies.
According to Statista, in 2015 global revenue from advertising on mobile applications amounted to US$40.5 billion, and is expected to exceed US$117 billion by 2020. The increase will be 57% per annum.
Also, Markets and Markets notes that the public health IT services market will reach US$280.25 billion with US$134.25 billion in 2016, with a CAGR of 15.9% for the period of 2016-2021.
According to the white paper:
- In 2015, 112 million persons had their data stolen. The losses amounted to US$6.2 billion.
- In 2011, losses through deception and errors amounted to 1/5 (20%) of all medical expenses in the United States.
Comment: Market analysis in the white paper does not fully address the stated business model. Postings on Medium and project press releases offer more details on target market analysis and business model.
In the course of the study, we identified the following competitors:
- Medicalchain (https://medicalchain.com/ru/) - a blockchain-based platform for the safe storage of medical records and information storage.
- MedRec (https://www.pubpub.org/pub/medrec) — a platform under development, also based on blockchain, which provides access to a medical card.
- HealtHeart — a decentralized EHR for the safe storage of medical records.
The white paper highlights: blue button connector, apple's mobile health application and Samsung's mobile health application as competition.
Resume: Compared to competitors, MediBloc has a broad functionality. In addition, the possibilities for obtaining statistics on certain diseases and placing advertisements on the platform are distinctive features.
Engineering features of the platform
An open-source platform built on blockchain using the EVM (Ethereum Virtual Machine) based on smart contracts. It will be possible to create new services using the API. A software development kit (SDK) will enable exchange of data. The core has a backup system. For building a decentralized data system, the IPFS (Inter Planetary File System) will be used.
MediBloc is a system that can contain all patient data. Users can manage their own documents via smartphone, and set conditions that control the use of their data; doctors have access to patient data, and scientists have access to statistics.
Comments: Two mobile applications will be developed (for users and scientists) and EHR.
With the development of technology and data capacity, it is planned to implement the following:
In the period up to January 2019, the project’s team is planning to develop 3 modules for the platform:
- A personal healthcare information management application for patients.
- An Electronic Health Record (EHR) for medical practitioners and institutions.
- A data retrieval program for researchers.
Additional functions are presented in the official documentation.
A fairly detailed strategy for developing mobile applications and platforms is also provided in the white paper.
The following active blocks are presented in the open repository:
There are five open repositories:
- Cameleon — an express API server which interacts with the blockchain, IPFS and other server components.
- Honeybee — a server for indexing and requesting medical histories.
- Dolphin — a dApp for doctors to write and download medical histories of patients.
- Mobile-id — a mobile application for managing MediBlock accounts.
- whale — a server for messaging to log in the system based on the dApps browser via mobile-id application.
A screenshot of the repository
Comments: Unfortunately, on GitHub there is not much of a development activity.
We have analyzed the website and documentation of the MediBloc project for sufficiency and consistency for making an investment decision.
The documentation includes the white paper, which is available in English, Japanese, Korean and Chinese. In the presented document, MediBloc as a platform is described in sufficient detail.
The website provides information about the project, the public ICO, the team and the answers to the most frequently asked questions. MediBloc’s Medium blog contains information on use cases, partnerships, and a go-to-market strategy. The website is available in English, Japanese, Korean and Chinese.
The documentation, website, and blog provide a thorough insight into the project. However, instead of updating its official resources (white paper and website), the project’s team does this via its Medium blog.
Public ICO launch: October 27, 2017
Tokens to be released, % : 50%
Token type: QRC
Accepted as payment: Qtum in Presale, ETH, BTC in Main Sale
1MED cost : 1Qtum = 2,000 MED
Crowdsale period: 7 weeks, until 15 Dec 2018
MED token will be the cryptocurrency used in the MediBloc ecosystem.
Research and medical companies can directly purchase medical research data from individual patients.
The token can be used to pay commissions for trading, data storage and advertising.
Token issue limit: 10 000 000 000
Advantages of the tokenholders: limited-quantity tokens, tokens are functional, allowing you to use the platform services or sell them.
Maximum planning amount of profit: ~$25 000 000
Minimum planning amount of profit: ~$ 5 550 000
Tokens are sold in several stages:
Comment: It is intended that MED will be quoted on cryptocurrency exchanges so that it can be exchanged for other crypto- or fiat currencies.
Scheme of interest distribution by program : The project has reserved 2,000,000 MED for each bounty campaign, except Bitcointalk signature (7,000,000 MED). The program is open in the following areas:
Bitcointalk Signature Campaign
Resume: The project has an extensive bounty program. The terms and conditions of the program are specified on the project site, and you can register for the program on the site as well.
Tokens and capital distribution
Tokens and capital are distributed according to the following scheme:
Tokens and capital distribution scheme
Resume: Tokens do not affect the distribution of shares in the company. The reward system is set up so that it is more profitable to buy tokens earlier on.
From the roadmap we would expect an alpha version in July and full version in December 2018. However, there are no project development plans (marketing activities, access to certain markets, etc).
Resume: There is a description of the marketing strategy and market entry strategy on a Medium posting, but not in the white paper or project website. When we enquired about these issues the project team said that they are targeting South Korea, and later they plan to enter markets for other Asian countries.
The team consists of 9 people, as well as 9 advisors. Information on the principal participants of the team (LinkedIn):
Dr. Allen Wookyun Kho Co (https://www.linkedin.com/in/wookyun-kho-a570171b/) -Founder, CEO. Doctor of Dentistry. An experienced application developer (more than three years in Samsung) worked for Medicen as a dentist and technical director.
Dr. Eunsol Lee (https://www.linkedin.com/in/eunsol-lee-0706b9a1/) - Co-Founder, System Architect. A therapist with three years of experience, previously worked in the field of radiology.
Chaeho Shin (https://www.linkedin.com/in/chae-ho-shin-42735150/) - Director of Business Development. FX and Derivatives Sales at Citi Bank, economist at the Bank of Korea.
Saehan Park (https://www.linkedin.com/in/saehanpark/) — Full Stack Developer, Cryptography specialist. An experienced programming engineer, specialized in blockchain encryption and cryptography (Penta Security Systems, Inc.) and web/app-developer.
There are 5 other people in the team.
Comments: The entire core team indicates its affiliation with the project.
Resume: Only 8 people identify their affiliation with the project on LinkedIn. The team is mainly from Korea. The team also has the following experts: Director of business development, full-stack developer, project manager, marketing director, China market manager, community manager.
Information about the project is available on Facebook, Twitter, Bitcointalk, Medium, Telegram, Brunch. The team is communicating with users on social media and in forums. There is a Bounty program.
The project is active on social media. News is regularly updated on Twitter, Facebook, Medium. The format of articles on the project suggests that they are primarily written to order.
Interest in the project is strong mainly in Korea.
The team is continuing to raise interest of the blockchain community; however, interest is supported mostly by advertising. According to the project, it has made a number of commercial publications: 167 article publications in Cointelegraph, ZyCrypto, 4 Chinese media, 1 Brazilian media (Portaldobitcoin), and 23 Korean media.
The main marketing campaign is conducted via Google, Telegram, Medium, Kakaotalk, and Facebook.
Analysis of website traffic based on Similarweb.com data shows the following:
Traffic Sources (Similarweb.com)
Comment: 39.13% — direct link traffic, 36.36% — clickthrough traffic, 10.68% — search traffic, 12.37% via social media.
Traffic through search: 22.44%.
100% – "organic" traffic
Referral links: 3.06%
Resume: Based on available data about the project, it can be concluded that user interest in MediBloc is strong in Korea and fairly high in some other countries (based on the project’s information). The team is active on social media, maintains blogs, and communicates with users via Telegram.
The developers may be contacted using the links below.
According to the project