Is Medicalchain a Good Investment? – 7 Things to Consider!
Is Medicalchain a good investment? Are medtokens worth buying? What is Medicalchain at all?
If you are looking for answers to any questions about Medicalchain, you have come to the right place. In my Medicalchain review, I am going to answer your questions and give my honest opinion on this project. Personally, I have invested in their tokens because I believe in the project. Without further ado, let’s take a closer look!
My Medicalchain Video Review
Before you run into the details of the article, I want to give you an opportunity to have a look at my video review of Medicalchain. I explain the main points of the Medicalchain and the reasons why I have invested $5,000 in their ICO. I believe you will find the video helpful and informative but read also the article because there I give even more details.
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Launched: Pre-Sale in Late 2017. ICO in 2018.
Short Review: Medicalchain is an ambitious project and it’s planning to solve huge problems. Their goal is to build a blockchain for electronic health records which would obviously have several benefits for the health industry. Patients would have more power over their own health information and doctors could do their work better because they would be better informed as well. Medicalchain team is experienced and large so I believe they have great chances to succeed in their project.
By the way, if you are interested in making more money with cryptocurrencies, you probably would love my brand new cryptocurrency course.
What Is Medicalchain? – 1.Blockchain for Health Records
Medicalchain is a company and a project that tries to build a blockchain for electronic health records. At the moment, health records are in different databases and there are many challenges.
- A patient doesn’t often have an access to his own information.
- Doctors may not have an access to all relevant information.
- Mistakes are made because of the misinformation.
- In some cases, the databases have been destroyed and information has been lost.
If the health records have been recorded on the blockchain, it could solve pretty much all of these problems. It’s possible to lose the data from the blcokchain. It could also give an easier access to the patient for his own information. The doctors in different hospitals and countries could see the information more easily (of course, if the patient wants) and they could give more help to the patient.
In my opinion, the idea is great. It could also hugely minimize the mistakes that doctors are making because of the lack of information. Let me explain more about this severe challenge in the next chapter.
2.Medicalchain Solves a Huge Problem
Do you know what is the third most popular cause of death? Take a look at the picture below!
Millions of people worldwide are dying because of a medical error. That’s astounding! One of the most common reasons for a medical error is that a doctor doesn’t have all the information regarding the patient. It may be in other databases that aren’t within his reach or it may have destroyed. These are real challenges that are happening right now.
Another example are people who travel to different place. I travel from a country to another and doctors obviously don’t have an access to the information. I am now young and healthy but what if I would have health problems? Could a lack of information of doctors affect some troubles? Maybe, maybe not. But the fact is that for many people it has affected problems and that’s why Medicalchain aims to solve by creating blockchain-powered health records.
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3.Medicalchain Gives Power to the Patient
Do you have an access to your own health records and information? Billions of people don’t have such a privilege. In most countries the systems are so under-developed that the doctors’ databases have big shortage. Anyway, even though I am from Finland, I have never read my own health records. I have heard about the projects that are now enabling patients to read their health information. However, I don’t know how the system works because I haven’t used it yet.
Medicalchain is building a system where patients can have an easy access to their own information. This empowers patients and gives them more power. They can also show the information to the doctor or other relevant persons if that’s necessary.
The bottom line here is that the patient would have a power over his own information. This is also one of the main principles of many cryptocurrencies, in general. It gives power to an individual and takes it away from big institutions usually.
Is Medicalchain Worth Buying? – 4.The Price Is Still Low
There are at least two somehow similar projects that are trying to improve the health industry with the help of blockchain. They are called MediBloc and MediShares. I haven’t (yet) invested in those projects but I have analyzed a little bit how their token prices move.
There has been a tremendous hype around these blockchain-powered health record projects. So many people have seen the potential there and have wanted to put their money in their cryptocurrencies. The price has jumped within a few months 10 times after the ICO (Initial Coin Offering = The first time when you can buy that cryptocurrency).
Medicalchain has just finished their ICO when I am writing this and it’s on the exchanges at the beginning of the February.
If you have analyzed successful cryptocurrency projects, they have made even 100x gains over the time course. If Medicalchain becomes successful, it has lots of room for growth. Investing in Bitcoin or Ethereum won’t make massive gains anymore as investing in smaller cryptocurrencies like Medicalchain. Bitcoin has already done it’s 100x gains and the market cap is now huge.
That’s why I like to search for projects like Medicalchain that are still in their infancy. They have so much potential for making big gains. On the other hand, there are also risks because the projects can also fail over the time course so you need to keep that in mind as well. However, I believe that Medicalchain has a great potential for success because of their experienced team.
5.Medicalchain Team Has a Strong Experience
If we count the advisors, there are in total 22 members in the Medicalchain team. 6 of them have experience of working for NHS (National Health Service in England). They have a strong background and each team member brings their own expertise. They have doctors, lawyers, IT experts and other professionals.
I think that it’s important that several team members have already worked on NHS because it has given them knowledge from the medical sector. They have also earned medical University degrees which have given them a background to work in the health industry. When you follow their work, you can see that it’s precise and concise (Even though they had some challenges with the ICO. More on this later).
Seeing the communication in the media also shows that they have a strong knowledge and experience of successful marketing. Medicalchain has been able to build a strong hype and a community. They have been closely communicating with their community. The team is answering constantly people’s questions on their Telegram chat and on other channels like Twitter and YouTube.
Now that we have gone through 5 reasons why this Medicalchain has great chances for success and this could be a good investment, I want also to show 2 challenges with the project.
6.Do We Need a Blockchain for Health Records?
Some people within the blockchain space including Andreas Antonopoulus (one of the most famous “cryptocurrency evangelists” in the world) have criticized the idea of putting health records to the blockchain. He says that the other word for blockchain is just a database in this case. What is the benefit of using the blockchain after all?
Andreas imagines the situation that you have your own health records on a blockchain and you could access them with a private key (=a series of numbers and letters). If somebody else sees or finds out your key, he has immediately the access to all of your data. That’s why there’s a risk of losing privacy when keeping all the information on the blockchain.
Another question is what happens if the patient can’t think very clearly anymore. He can’t say to the doctors whether they could access the data or not. What if he would have forgotten his private key or just can’t think consciously because of the bad health.
In my opinion, these are just challenges that are possible to solve. What do you think? A great thing about the blockchain is that it can’t be hacked when it’s built in the right way. It opens great opportunities and can be enabled in many practical ways including health records or even building an educational online platform.
7.Medicalchain ICO Wasn’t Very Smooth
+130,000 people were registered for the Medicalchain ICO. A huge number of people showed interested towards this project. The ICO started 1.2.2018 at 10 UTC. The idea was that first people needed to submit their KYC-documents (A proof of identity and a proof of residence). Then the people who had were able to submit their documents fastest could buy their tokens in the ICO.
In 2 minutes more than 40,000 people had submitted their documents and were waiting for the approval. We needed to wait for hours for the information and only 1,700 people were able to buy tokens during the ICO because the hard cap was reached so quickly. I was one of the lucky ones and I was able to buy Medicalchain tokens for $5,000. However, many people were obviously frustrated that they couldn’t buy them but needed to wait for the information for several hours during the ICO day.
Medicalchain received lots of criticism about this and many people said it was an unprofessional ICO. The Medicalchain team admitted their mistake and said that their communication wasn’t perfect. They promised to learn from it and move forward stronger.
I must admit that ICO wasn’t smooth at all but everyone does mistakes and I believe that the team has learned their lesson. They will inform the community better in the future. 9 team members were answering people’s questions after the ICO and they really wanted to provide the best help. If they would be ignorant, they could have just taken money from the people and not respond anything. In my opinion, it shows great signs from the team that they were able to receive the feedback well.
Conclusion – Is Medicalchain a Good Investment?
As I mentioned above, I invested in Medicalchain tokens around $5,000 during their ICO stage. It was the maximum amount that people were able to buy during the ICO. Therefore, you can probably guess my answer to the question above. 😉
First of all, I think that blockchain-powered health records can solve huge problems within the health industry. They can give more freedom and empower the patient. In addition, it gives an easier access to doctors and all health professionals to the data. Therefore, it would reduce wrong medical actions and improve the care.
Second, all of us can see an enormous hype that is around these blockchain-powered health record systems at the moment. Prices of other health-related tokens have been skyrocketing. Also, Medicalchain ICO was one of the fastest ICOs in the cryptocurrency history. There is a strong interest in this project and I think it will drive the price up naturally. 10x gains within a short period of time wouldn’t be surprising at all.
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Of course, all of this is just my analysis and not an official financial advice. You must take the responsibility for your own investment and I just share my own thoughts. If you want to learn some of my strategies for finding the best and most profitable cryptocurrencies, I recommend taking a look at my highly popular cryptocurrency course here. I offer it for a discounted price for my website visitors and followers on the social media. For other people, it’s more expensive so you are in a good position.
On the other hand, if you prefer less risky ways for earning money online, I recommend taking a look at this step-by-step training.
What do you think about Medicalchain?
Is it worth buying or not?
How much will the value be in the future?
Let’s discuss in the comments below! 🙂
- Medicalchain Aims to Solve a Huge Problem.
- 6 Former NHS-Members in the Project.
- Strong and Experienced Team.
- Their Quality of Work Has Mostly Been Very Concise And Professional.
- Other Health-Related Cryptocurrencies Have Been Very Successful.
- The Project Is Still in Its Infancy.
- The ICO Wasn't the Most Professional One.