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MedicalVeda: Transforming the Healthcare Industry through Blockchain and DeFi

“Blockchain technology is the future of …” You’ve probably heard this a million times before, so much that it now seems like a buzz phrase. Still, it’s no secret that numerous blockchain-based projects have transformed virtually every industry known to man. From the early days when Bitcoin remained in total obscurity (back then, 10,000 BTC could

“Blockchain technology is the future of …”

You’ve probably heard this a million times before, so much that it now seems like a buzz phrase. Still, it’s no secret that numerous blockchain-based projects have transformed virtually every industry known to man.

From the early days when Bitcoin remained in total obscurity (back then, 10,000 BTC could only get you two large pizzas), the blockchain space has exploded massively over the past decade. Fast forward to 2020, and it is now a fast-growing industry worth several billion dollars.

Although the finance industry seems to have benefited the most from the impact of blockchain technology, other industries like real estate, healthcare, supply chain, even media and entertainment are equally not far behind. This is even more true with the recent rise of decentralized finance (or ‘DeFi’, as it’s popularly known). Per ConsenSys, DeFi is a collective movement — a paradigm shift intended to create an open, decentralized economy where traditional financial products and services are accessible to anyone, anywhere with an internet connection.

The healthcare industry in particular has been plagued with poor handling of patient data, lack of privacy and transparency, and a huge communication gap between patients and health providers. And that’s not to mention the data brokers collecting patients’ personal information and selling it to third parties for profit. The industry has since been impacted by the blockchain revolution, and there is no doubt blockchain has helped create a distributed healthcare system aimed at improving the way patient data is handled and shared among industry players.

But it doesn’t end there…

There’s still a need to empower patients and put them back in the driving seat as regards the ownership and monetization of their medical data. More than that, the healthcare industry needs an improved lending framework to allow easy access to loans for medical procedures and other emergencies.

Thankfully, MedicalVeda provides a viable solution to these issues by intersecting blockchain, DeFi and smart contract functionality. By creating the world’s first DeFi lending protocol in the healthcare industry, we aim to help patients and healthcare professionals access a seamless lending solution for covering medical obligations.

The product of innovation and industry, MedicalVeda consists of a suite of products collectively aimed at addressing challenges in modern-day healthcare through a secure, transparent and decentralized healthcare ecosystem.

In today’s world, the spotlight on user privacy is brighter than ever, and rightly so, when you consider recent data breaches and privacy scandals which have raised serious privacy concerns. Facebook’s Cambridge Analytica scandal is still a not-so-distant memory, Apple listens in on Siri conversations and Zoom recently came under fire for ‘Zoombombing’ and data sharing with the notorious Facebook.

In light of these events, the everyday user is increasingly wary of who they share their personal data with and how it is handled — healthcare information (i.e., patient data) is no exception. Through the blockchain-based Veda Health Portal, MedicalVeda aims to solve the privacy problem by building its decentralized database for distributed medical data which can only be accessed by authorized individuals, healthcare providers and institutions.

Users are the true and sole custodians of their medical data and, as such, decide who they share it with. Thanks to blockchain’s transparency and immutability, the Veda Health Portal also helps to prevent drug counterfeiting, prescription fraud and fragmentation of patient data.

Built on the back of the Veda Health Portal is the Veda Data Marketplace; through the Marketplace, patients can monetize their data by sharing with pharmaceuticals, clinical research institutes or healthcare marketing companies.

The data sharing process is more streamlined and transparent, as it allows users to eliminate middlemen and be in direct contact with healthcare companies interested in using their data. This enables major industry players (including patients) to benefit from an exchange of data.

According to a 2018 study published in The Lancet, more than 8.6 million people die yearly from conditions that could have been treated with good-quality health systems. Of the 8.6 million, about 5 million die from poor quality care.

Although the surveyed countries were low- and middle-income countries, the fact remains since LMICs actually represent the majority of the world’s population — 134 countries. In the US alone, one in five uninsured adults went without needed medical care due to cost in 2018.

As a cutting-edge industry, implementing decentralized finance in healthcare could help patients access quality care through medical loans. Through MedFi Veda, our open DeFi lending protocol, users can access low-interest peer-to-peer loans for healthcare purposes.

Say, a patient has to undergo a medical procedure and needs to cover their medical bills, they can access P2P loans almost immediately. In the same vein, healthcare professionals can easily access funding to expand their healthcare businesses.

Unlike traditional lending solutions, anyone can apply for a loan by providing their crypto assets as collateral. It’s noteworthy that the collateral, with the loan repayment terms, is locked in a smart contract once the loan request is approved by the lender. Consequently, the loan contract is binding and the terms cannot be retroactively modified once they’re set. In addition, borrowers are notified before the loan term expires and the repayment is automatically processed from their wallet.

With MedFi Veda, we aim to provide patients and medical practitioners with healthcare-based P2P funding at flexible interest rates and no third-party charges. Due to the P2P lending model which eliminates third parties, loans are considerably lower on MedicalVeda compared to traditional lending platforms.

It’s no longer news that there’s a need for increased transparency and security of medical data in the healthcare industry. At MedicalVeda, our goal is to give the power back to the rightful owners: patients.

We will achieve this by leveraging blockchain technology and DeFi to connect every major player in the healthcare industry with the user, effectively enabling the seamless exchange of medical data within our secure, decentralized ecosystem.

By: Amir H Neghabian

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