Global medical blockchain becomes an investment hot spot. Global digital health care investment hit a record high in 2017. The announcing financing amount reaches as high as 11.5 billion U.S. Dollars.
Among the most suitable scenarios for blockchain technology to exert its transformative power, health care is one of the most viewed areas. According to the latest Global Digital Medical Investment and Financing Report 2017 released by StartUp Health, a well-known American digital medical startup accelerator, global digital health care investment reached a new high in 2017. The announcing financing amount reaches as high as 11.5 billion U.S. Dollars.
The report quotes from David Sarabia, founder of inRecovery, commenting that these two technologies, artificial intelligence and blockchain, have transformed the health care industry and laid the groundwork for its future. The report predicts that by the end of 2018, the large-scale introduction and application of medical blockchain technology will have been seen.
There is no doubt that the combination of blockchain and AI will result in structural changes in the health care industry. As an industry that places a premium on the protection of data’s value and privacy, it enables distributed information can be shared and analyzed more efficiently. The use of data, while protecting the privacy of all parties involved, is of great value. The blockchain will have a disruptive impact on everything from research pharmacies to clinical diagnostics and even the whole insurance industry chain.
One of the representatives of blockchain application is the “Xmed chain”. Compared to similar medical blockchain projects, XMC shows its unique advantages and innovation.
The Application Scenarios of XMC
According to the latest white paper, Xmed chain (XMC), which will go live in the third quarter of 2018, is the world’s first global medial blockchain + AI big data platform that addresses overseas health care needs. XMC utilizes blockchain’s advantages of decentralization consensus, credibility, immutability, transparency, mutual supervision and secrecy. Storing personal medical data in to blockchain after eliminated privacy information. XMC also utilizes AI and big data to analyze and provide tailored advices of global medical services.
With regard to audience orientation, XMC focus on end users rather than the hospital, so that the structure can be better decentralized in legitimately collecting and sharing international medical information. It was impossible for all private organizations that work with hospitals to obtain authorization to use patient records. However, in order to legally collect, use and share medical information, “Xmed chain” has come up with the concept of “user generated data” to promote the establishment of “Xmed chain” medical information community, encrypting, transferring and sharing medical information in a legal way, so as to form an organic ecological chain. As Penny Caesar said in the interview: “Our partner is everyone who is committed to sharing without national and geographical restrictions.”
Specifically, after users join the XMC system, they can upload their medical records by inputting or scanning paper-based medical records. Subsequently, artificial intelligence technology will identify and verify if the medical record information is true. The valid case information will be further translated by artificial intelligence and then stored in the blockchain.
Artificial intelligence that has combined with XMC’s Big Data system will then automatically match the most appropriate global health care resources for users.
In this process, the forthcoming XMC Token will better facilitate the effective operation of the system. Users will be rewarded with tokens through typing in and sharing information or by helping to verify the information. At the same time the tokens can be used in subsequent medical or insurance links, in exchange for the corresponding service.
Latest Progress of the Project
Version 1.0 of XMC will be launched in the third quarter of 2018, covering the major cities in Asia. Version 2.0, which is equipped with artificial intelligence analysis, will be released in a year.
As a blockchain project focused on health care, in addition to the technical aspects, it is necessary to pay special attention to the professional protection of the project in the medical field. In addition to Penny Caesar as the founder of the XMED project and HK Health without borders limited, Dr. Shun Tung Lau, Benjamin, co-founder of the project, is fellow of the Hong Kong Academy of Medicine, convener of Hong Kong Primary Care Foundation (HKPCF), convener of Hong Kong Specialist Care Foundation (HKSCF). He has a strong appeal in the medical community in Hong Kong. Rita Hou, the Chief Medical Officer of the project, is a consultant to the former Center for Health Policy and Technology Evaluation and is responsible for evaluating high-tech pharmaceuticals and medical innovations. Ms. Hou has a Bachelor’s degree from the University of Toronto Biochemistry and a Dual Master Degree of Epidemiology from the University of Hong Kong. She has many years of experience in Epidemiology and Health-Care Ministry think tanks.
At the same time, Penny Caesar told us that the XMC project has attracted a large number of large medical institutions in Hong Kong, China, Chinese mainland, Japan and Korea to discuss the details of cooperation. The medical institutions’ feedback on this blockchain project are very positive.
In XMC’s consultant team, we also see YALE REISOLDEIL, a well-known fund manager, who is also the founder of IOB Fund LLC, Baidu’s Mr. Liu Jiping, XMED’s angel investor, Mr. Richard Wang, a partner of DFJ Dragon Fund-Draper Dragon, Mr. Ricky Wu, founder of listed company I-click and I-house.com, well-known expert in the field of medical information, Mr. Chen Yufu and other heavy weight figures. It is reported that XMC will also start the financing plan of expanding into overseas market.
Company Name: Health Without Borders Limited
Contact Person: Becky Lo
Email: [email protected]
Address: Rm B3, 10/F, 36 Mok Cheong Street, To Kwa Wan, Kln
Country: Hong Kong