Medibloc

MED Price

About Medibloc (MED)

Medibloc is a decentralized healthcare information ecosystem that empowers patients to own and manage their medical records using blockchain technology.

• The platform provides a secure environment for patients, healthcare providers, and researchers to exchange medical data while maintaining data integrity.
• It utilizes a custom-built blockchain called Panacea to ensure that medical records are immutable and verifiable through cryptographic hashing.
• In March 2024, the company behind the project rebranded to Weavr Care to reflect its expanding focus on connecting patients and hospitals through integrated digital solutions.

What Is Medibloc

Medibloc is a patient-centered healthcare data platform designed to address the fragmentation of medical records across different institutions. By redistributing the ownership of personal healthcare data back to the individual, the project aims to streamline medical services and reduce redundancies in care.

The ecosystem facilitates the secure movement of value and information through its native token, MED. Patients are encouraged to consolidate their health information from various hospitals into a single, accessible digital format. This data can then be shared with providers for better diagnosis or with researchers to advance medical science, with the patient maintaining full control over access permissions. As the ecosystem grows, it seeks to integrate more medical institutions and insurance providers, creating a comprehensive network where data flows efficiently and securely.

What Makes Medibloc Unique

• Dual-End Ecosystem: Unlike many blockchain projects that focus only on the consumer or the enterprise, Medibloc provides specialized tools for both, including the Medipass app for patients and the Dr. Palette cloud-based EMR for medical professionals.
• Healthcare-Optimized Blockchain: Its dedicated blockchain, Panacea, is specifically architected to handle the high security and privacy requirements of sensitive medical information.
• Decentralized Identity (DID): The platform incorporates DID methods that conform to W3C specifications, allowing users to verify their identity and data integrity without relying on centralized authorities.
• Institutional Backing: The project has established partnerships with major medical institutions, including Samsung Medical Center and Seoul National University Hospital, providing real-world validation for its technology.

What Can You Use Medibloc for?

Medibloc is categorized within the Healthcare sector and offers several practical applications for its token and platform:

• Medical Data Management: Patients use the Medipass mobile application to collect, store, and manage their health records, such as vaccination certificates and treatment histories.
• Network Participation: The MED token is used to pay for transaction fees (gas) on the Panacea blockchain, ensuring the network remains operational and secure.
• Staking and Governance: Token holders can delegate their MED to validators on the Panacea network to participate in consensus and earn a portion of network rewards.
• Data Sharing Incentives: The ecosystem is designed to reward users with MED for contributing their de-identified health data to research initiatives, creating a circular economy for medical information.

How Does Medibloc Work?

Medibloc operates on Panacea, a public Layer 1 blockchain built using the Cosmos SDK. The network employs a Delegated Proof of Stake consensus mechanism, where a group of validators is responsible for producing new blocks and validating transactions. This architecture ensures fast finality, meaning transactions are confirmed quickly and cannot be reversed, which is critical for medical record-keeping.

The system works by recording the hash values of health information on the blockchain rather than the sensitive data itself. This hash acts as a digital fingerprint that proves the integrity and ownership of the data. When a patient shares their record, the recipient can verify against the blockchain hash that the information has not been tampered with. Because Panacea is compatible with Inter-Blockchain Communication (IBC), it can interact with other networks in the Cosmos ecosystem, enhancing its scalability and utility.

Team Info and Investors

Medibloc was founded in 2017 by Wookyun Kho and Eunsol Lee, both of whom possess rare dual backgrounds as medical doctors and software developers. Wookyun Kho is a former Samsung Electronics software engineer and a dental specialist, while Eunsol Lee is a medical specialist in radiology and a former developer for Nexon. Their combined expertise in medicine and technology was intended to bridge the gap between traditional healthcare systems and decentralized solutions.

The project has secured significant early backing, including a Series A funding round completed in December 2020. Notable investors and partners include Naver D2 Startup Factory, IMM Investment, Company K Partners, and HGI. These partnerships have facilitated integrations with major South Korean hospitals and insurance companies, such as Samsung Fire & Marine Insurance and Shinhan Life.

Where can you buy Medibloc?

MED tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Medibloc is Upbit, where the most active trading pair MED/KRW has a trading volume of $648,899.01 in the last 24 hours. Other popular options include Gate and Bithumb.

What is the daily trading volume of Medibloc (MED)?

The trading volume of Medibloc (MED) is $741,242.12 in the last 24 hours, representing a 241.90% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Medibloc (MED)?

Medibloc (MED) reached an all-time high of $0.3519 and an all-time low of $0.001174. It’s now trading -99.50% below that peak and 56.50% above its lowest price.

What is the market cap of Medibloc (MED)?

Market capitalization of Medibloc (MED) is $21,202,585 and is ranked #871 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of MED tokens (12 Billion tokens are tradable on the market today).

What is the fully diluted valuation of Medibloc (MED)?

The fully diluted valuation (FDV) of Medibloc (MED) is $22,654,641. This is a statistical representation of the maximum market cap, assuming total number of 12 Billion ETH tokens are in circulation today.

How does the price performance of Medibloc compare against its peers?

With a price increase of 11.10% in the last 7 days, Medibloc (MED) is outperforming the global cryptocurrency market which is up 9.60%, while outperforming when compared to similar Healthcare cryptocurrencies which are up 1.40%.