Blockchain

MediBloc aims to promote safe exchange of medical data using blockchain

Verification and security issues resolved on digital ledger

By Dec 01, 2021 (Gmt+09:00)

2 Min read

kjwan@hankyung.com

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As the adoption of artificial intelligence becomes more prevalent, the value of data also increases rapidly.

The quality and quantity of data decides the end result, due to the nature of Machine Learning that constantly enhances the performance with more data and time. This of course is the case in the medical field as well.

The problem arises in that getting personal identification data in this field is difficult due to the high importance of privacy.

USING AI & BLOCKCHAIN TO UTILIZE MEDICAL DATA

MediBloc is trying to solve this issue by utilizing the blockchain technology. The company's CEO Kho Woo-kyun on Tuesday said the digital ledger can drastically cut down the verification process of personal identification.

Kho added, "Now there is a way to take full advantage of available medical data."

For instance, if a research institute or pharmaceutical company wants to use a patient's medical data at a specific hospital, the patient must contact the hospital individually and transfer the data. If such data lives on a blockchain, the hospital can transfer the patient's information to a third party agency immediately.
The proof of authenticity, as well as an individual's approval, can be viewed online.

AVAILABLE PRODUCTS

MediBloc was founded by two healthcare professionals-turned-entrepreneurs, Kho and Lee Eunsol, with the goal of maximizing the quality of medical data while leveraging their field experience. The company is building a medital data platform with a few products already availalble; namely Medipass, Dr. palette and blockchain-based DID.

In 2019, MediBloc released its first product dubbed Panacea Mainnet, a public blockchain. In the same month, the country's first blockchain-based insurance application service Medipass was released. Using the app, the user can bypass the hassle of having to issue different paperworks from hospitals to submit to insurance companies. All the relevant information will be available on an online ledger -- ranging from personal identification to medical history updated realtime.

The company is contributing to a joint research by Korea's KT and the Bill and Melinda Gates Foundation to develop a blockchain platform in preventing infectious diseases in the future. It also received 4 billion won ($3.4 mn) in Series A funding from Korea's biggest portal, Naver.

Write to Kim Joo-wan at kjwan@hankyung.com
Jee Abbey Lee edited this article