ICO: MedChain Plans MedCoin in Blockchain Push to Fix Medical Record Management

The US healthcare system is a mess on many levels. Yes, health insurance costs too much and prices are going up while quality of care declines. But there are other areas of healthcare that are in need of a serious update. Record management is one portion of the US medical system that could use an upgrade and blockchain may provide a efficient platform for electronic medical records (EMR). MedChain is a startup that wants to tackle this problem and they are currently raising money on StartEngine in a hybrid initial coin offering – common share offering.

MedChain explains that the current EMR system exists as centralized silos that limit communication and interoperability. Transferring records between doctors and hospitals can be a pain in the a**. A modern healthcare system demands interoperability: “the ability of computer systems and software to exchange and make use of key patient information, allowing primary healthcare providers to communicate with additional providers such as labs and pharmacies.” The MedChain blockchain approach strives to provide EMR access in a more secure environment with a transfer mechanism with frictionless connectivity.

So what are the investment details?

Using Reg CF, MedChain is offering investors the chance to purchase common equity at $2 per share.  Purchasers also receive a SAFT where an investment of $500 will entitle an investor to $1000 worth of “utility” tokens that are planned to be issued 120 days after the token generation event. The valuation of MedChain has been pegged at $21 million meaning any investor expects the company to be worth more than that at some point in the future.

This is an interesting offer where an investor expects to get tokens as well as common shares. The deal terms have set a minimum raise of $10,000 and a max at the Reg CF cap of $1.07 million. A Reg A+ offer is planned as a future funding round in 2018.

MedChain has yet to launch a minimal viable product and they are entering a space with plenty of competition. As always, be certain to do your own due diligence if you consider this investment.

 


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