Before we start discussing the specifics, it is imperative to realise that a shared economy happens to be a critical requirement in pretty much every niche. It implies that various stakeholders or rather users in an industry are able to share and utilize the information, services, and goods on a P2P basis. Previously, we have seen quite futuristic implementations in this domain, but unfortunately, the Canadian healthcare sector, which happens to be quite a dense one in the World, still does not have any concept of a shared economy where users can benefit one another.

Therefore, in order to address this crucial issue, Medical Veda has created a marketplace where patients, doctors, clinics, hospitals, research market, and pharmacies will be able to interact on a blockchain-based architecture.

It is worth noticing that patients will be the primary users driving this entire marketplace as their data will be used by pretty much every other user accessing the market. Just to set the perspective here, please note that if you happen to be a registered patient on Medical Veda, you will be able to sell your data to a decent buyer (e.g. research organization) and when they buy the data, you will not only receive financial benefit, but the organization will also be able to conduct research and introduce better medications for your disease type.

At this point, it must be remembered that when you upload the information on Medical Veda’s system, it will not become available to the counterparties immediately. Parties will seek your permission and if you allow, only then the relevant parties will be able to access the information shared by you as a patient.

From the perspective of patients, our marketplace allows two streams of earning. Firstly, they receive the funds from research organizations buying the respective data and secondly, the platform also rewards them in MVEDA tokens for fueling a shared economy.

Moreover, apart from facilitating the patients, the other side of the picture is quite distinct as well. With the help of this marketplace, research organizations and pharmaceutical companies do not have to pursue complicated methods of data collection as this system removes pretty much every obstacle and the potential patients themselves provide data for research purposes. In short, Medical Veda allows them to save millions of dollars by providing efficient means of data collection.

Conclusion

Therefore, it is quite evident that even though we have initiated this use case in the Canadian healthcare niche, this crucial implementation is required all over the Globe. Just like Medical Veda’s marketplace, it is essential to increase collaboration between all the stakeholders in the medicare industry so that the patients can benefit and we can have robust medicines for the future, without wasting time in data collection methods.