Health is vital for anyone irrespective of their origin, race, ethnicity, nationality or financial status. While for some it is affordable, not everyone has the budget to easily afford medical care, especially in emergencies or length medical procedures. When a person lacks the money, and the medical procedure is vital for existence, almost everyone thinks about spending the capital they possess in the form of assets such as gold, bonds or property. Similarly, It is well known that the cash flow of healthcare practices, whether it be medical, dental or veterinarian, is unpredictable and can be inconsistent. Submission of payment, in majority cases by insurance companies, may take weeks or even months, which is beyond the control of the medical practitioner or respective organization, which ultimately may result in adversely affecting their efficiency.

In such circumstances, while a person may have been able to liquidate their savings for the required medical procedure or a practitioner needs it for their required obligations, the process of liquidation is often slow for emergency. Besides, a person also misses out on the opportunity of getting growth while also losing the periodic returns from the underlying asset.

Medfi Veda, Veda P2P Platform resolves such pain points in health-care by introducing a crypto-based P2P lending platform. It ensures that for emergency situations, individual patients can simply apply for loans in a peer to peer way, simply by keeping their cryptocurrency holdings as collateral and use the liquid capital in turn for the required medical procedure. Similarly, for instances for medical practitioners, where receivables are far off into the future, a practice can acquire credit from lenders at simple interest rates and can pay back at agreed terms and conditions.

BACKGROUND

Traditionally, financial institutions like banks serve as an intermediary to disburse and avail loans. While this process is secured, there is the issue of third-party limitation and have increased costs due to third party commission and fee. Peer-to-peer lending, on the other, is the practice of directly borrowing and lending loans. The issue with such transactions is that there is no enforcer or mediating party, in case of borrowers getting defaulted.

MedFi Veda P2P Lending: How it works?

The MedFi Veda P2P lending platform presents decentralized peer to peer lending platform powered by blockchain and smart contracts. It offers an easy to use interface whereby anyone (a borrower) can apply for a loan. A lender approves a certain limit (against the crypto as collateral) and allows the borrower to withdraw as and when the requirement comes up. It is here to be noted that the collateral is secured within a smart contract, with the terms and conditions of payback and interest rates, and is released upon maturity of the contract (given that conditions of the contract are fulfilled). An important aspect of a smart contract is its decentralized nature, and self-execution, as no one can manipulate the terms and conditions once it has been set. This way, the patients can carry out their medical procedures while medical practitioners can not only stay afloat but also ensure that the amount lost on interest is minimal.

How does MedFi Veda P2P Lending Standout from the rest?

MedFi Veda P2P secures collateral by keeping it in a smart contract, which are immutable and self-enforceable contracts deployed on the blockchain. MedFi Veda uses smart contracts that are deployed on blockchain and are responsible for handling defaulters or applying penalties (such as late fees, and higher interest rate) and notifying verification providers about it. The Smart Contracts would also have the feature to automatically send a notice to the borrower when the payment time is near and process funds from their wallet through the platform. If payment is late, interest charges increase and get automatically applied to subsequent payments.

Medfi Veda based decentralized P2P lending ensures that interest rates and repayment terms are flexible while ensuring there is minimal transactional costs and no intermediary costs. This way, through disintermediation, lending via Veda platform has lower interest rates than what banks and financial institutions charge. Moreover, it also works on a global level, not like traditional lending platforms which are restricted to a specific geographical area. In addition, it executes fast credit checks and KYC/AML ( Know Your Customer and Anti Money Laundering) protocols, with a more holistic view by looking into required collateral in cryptocurrency. Another standout feature of MedicalVeda platform is that it provides easy accessibility i.e. lending capital at anywhere, any time.

Features

· Peer to peer

· Universal Operations

· Lower Interest rates for borrowers

· Supported on multi-devices

· Secured by smart contracts

· Supports crypto as collateral

· Multiple offerings: Both for individuals and organizations

· Instant withdrawals enabled to tackle liquidity

Written by Stuart Foxman

Patient health records can be fragmented across multiple providers, entities and systems. Medical Veda is trying to pull it together, with a decentralized platform that uses blockchain technology. It promises to give patients more access and control around their medical information.

In the health care sector, records can be scattered among a range of providers, hospitals and clinics. They reside in different systems and can be restrictive. It can be tough for patients to get hold of the full scope of their information. Medical Veda (medicalveda.com) is making it easier.

“We’re redefining the patient journey,” says Amir Neghabian, founder of the Toronto company.

Medical Veda is a platform that allows patients to access and share their health records. The files will be encrypted, and digital keys will authenticate users (either the patients or those to which the patients give permission).

“What we’re trying to create is a digital health ecosystem,” says Neghabian.

The platform uses blockchain technology, which Neghabian says expedites the process for health care professionals and empowers patients with easier access to their information. Blockchain is essentially a decentralized digital ledger, which stores information and records transactions using cryptography. With blockchain, retrieval and distribution is smooth, secure and fast.

A decentralized platform adds protection too, says Neghabian, as centralized databases are more vulnerable to hacks.

“Veda” means knowledge in Sanskrit, and Neghabian says that knowledge is power. He envisions Medical Veda as offering multiple benefits for patients. The platform gives patients true ownership and custody of their information, with access anytime and anywhere. Patients can decide to share their information, if they want a second opinion, for example, without having to go through bureaucratic hassles.

That’s one impact. Neghabian also touts the importance of patient control. The information in medical records has a value that goes beyond the individual. Research and pharmaceutical companies, for instance, routinely seek patient data as part of their work.

Here, Medica Veda can play the role of data marketplace. All financial activities on the network will depend on a form of cryptocurrency called MVEDA. Patients aren’t just free to share information with doctors and pharmacists. They can also exchange it with clinical research institutes, pharma companies, public health authorities and the like for defined purposes. That can only happen with the patient’s approval.

These entities get direct access to patients, which saves them time and helps them get their desired data in a cost-effective manner. In return, the plan is for patients to be compensated with MVEDA tokens, which can be redeemed for various health services.

Neghabian says that Medical Veda’s system ensures that those who willingly provide their information in studies will be rewarded. Patients will have a better understanding of what’s happening with their data, and how it’s being used. At their discretion, they can choose to profit off research opportunities.

Medical Veda’s vision is to create an open-source platform that contributes to the world’s health and the medical industry.

Neghabian began research on the Medical Veda concept in 2018, seeing an opportunity to integrate blockchain in the health care space. He has a background in information technology, as a marketing product manager and management executive. Prior to launching Medical Veda, he ran a series of telecommunication companies in Australia.

Why did Neghabian set up home base across the world in Toronto? In 2019 he attended Collision in Toronto, a major tech conference, and was struck by what the city has to offer.

“I see Toronto as a hub for startups, with access to the very top talent. I really liked the support of the ecosystem here. That was one of my main motives.”