MedXchange Overview
MedXchange is an online platform that is used to facilitate and secure the global exchange of medical devices, supplies and payments. The system will democratize the global medical device industry by disintermediating the medical device and supplies ecosystem and making it more efficient, thereby lowering ultimate patient/user or insurance cost in the process. While the system will initially be focused on the medical device industry, it will be sufficiently flexible and scalable to add other categories of regulated health care ecosystems, such as pharmaceuticals, laboratory equipment, and also care providers.
We can also see the MedXchange platform as an online blockchain-oriented distributed system that handles transactions, data transfer, payments, and data storage which is initially designed for medical devices, but it is sufficiently flexible and scalable to later add other categories of regulated health care ecosystems, such as pharmaceuticals, laboratory equipment, and care providers. Because of the requirements of medical devices and the sensitive nature, existing blockchain distributed systems are not adequate. The goal of MedXchange is to create a leglized blockchain system that can pass the stringent requirements of regulated medical devices by ensuring better data integrity and encryption, and by providing a validation system to make sure that the miners running this network are compliant entities. This MedXchange uses a Distributed Hash Table combined with an Ethereum based blockchain to provide, among many other features, the ability for frictionless data sharing and more swift access to new revenue streams for sell-side users. This is accomplished through the use of an upgrade to data integrity and security systems and the addition of an executive governance system for node validation.
The medical device industry is under major financial constrain in the United States but also globally. Many countries around the world are facing the same intensifying costs of medical devices and supplies and health care in general, as the United States and other countries are trying to address costs by reducing reimbursement rates, establishing price caps, requiring mandatory price reductions, using diagnostic related groups (DRGs), limiting funds available for medical device purchases and/or requiring inappropriate information about the product or pricing data from the manufacturer. Germany, France, Japan, Taiwan, Korea, China and Brazil are all examples of major markets where industry has reported that prices for medical devices and reimbursement rates have been potentially set lower than the value of the technology, thus limiting the introduction of advanced technologies and making it difficult for medical products to be profitable in these markets. With steeply increasing medical device costs, a secure solution for transparency and cost savings can have a massive impact on society.
This MedXchange also represents a remarkable, global opportunity to transform the global medical device and supplies ecosystem. It makes use of blockchain technology which makes the MedXchange system to be the global first and it will provide a thriving medical device ecosystem that will drive down the cost of medical devices and supplies globally and thereby making medical care more affordable. This is a mission-critical goal for the society. At the same time, MedXchange promises to increase margins for beleaguered medical device companies. Transactions on the system will be done with MedCash, an Ethereum based (ERC-20) token used by users on the MedXchange platform as the exclusive cryptocurrency to conduct transactions, both inside the country and globally.
The MedXchange is a two-way system platform that utilizes a Blockchain protocol for transactions, identity of smart contracts, and a Distributed Hash Table (DHT) for data storage, managed by a governance system.
The Blockchain protocol will be based off of the Ethereum network, and will start with proof of stake (i.e., Casper) and also govern the data storage sites. However, MedXchange proposes to create a permissioned blockchain with high security and public access to transact keys, tokens, and smart contracts. There are other consensus mechanisms that are being investigated and that will be researched in conjunction with the development of the system and may be adopted after a vote via the governance protocol at a later time. The MedXchange permissioned system implements several major modifications to the Ethereum protocol, such as: the ability to store identity on the network, a government system that allows for upgrading and validation, and interactions that are built in to allow for communication with the DHT. The DHT will also use a new system to verify valid storage and miner nodes, keeping track of identity and data access, and negotiate the cost of storage through the Blockchain protocol.
The currency of the MedXchange system, MedCash (MEDCASH), will be what is used to transact on the system. Buy-side Users on the system will purchase all their medical devices and supplies using MedCash, and Sell-side users will require payment in MedCash. MedCash will also be the currency that funds the miners and data silos. The currency can also be used to activate smart contracts or trade for keys. The goal of this design is to create a blockchain system that can pass the stringent requirements of medical devices and healthcare in general by ensuring better data integrity and providing a validation system to ensure the miners running this network are compliant entities. In the following sections we will go through the details of the blockchain system, the decentralized database, the governance system, and finally, system specifics.
Immediate usability in the form of a smart contract market place will be provided. This marketplace will allow for the creation, management, buying, selling, and sharing of permissioned keys that will allow access to off-chain data. This design will allow users to use the MedCash (MEDCASH) tokens to manage their data via the blockchain immediately and provide an additional proof of concept tool for device manufacturers and care providers.
MedCash
This is an ERC-20 token used by users on the MedXchange platform as the exclusive cryptocurrency to conduct transactions, both inside the country and globally. Ultimately, MedCash will be able to be purchased with fiat money, and it can be sold for fiat money, and can be traded for Bitcoin or any other cryptocurrency.
The MedXchange blockchain protocol and the MedCash (MEDCASH) token is based on the Ethereum protocol, which is an open source blockchain with distributed computing for smart contracts. Smart contracts are state-based, immutable programs stored on the blockchain, which can guarantee the contract’s actions.
Medxchange Roadmap
FOR MORE INFORMATION ABOUT MEDXCHANGE AND MEDCASH PLESE VISIT THE FOLLOWING SITES:
Website : https://www.medxchange.io/
Whitepaper: https://www.medxchange.io/white-paper
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