Analysis of ICO MEDIS
Medis team offers a different approach to the storage, access and monetization of medical data, where EMR entries are kept in a distributed storage layer in an encrypted form. The system does not replace existing ERM solutions, but provides value to the patient: centralized storage of medical records and control over who and how gets access permission to the data. The system will use Hyperledger and Couchbase Server cluster as two main components of its architecture. There will be several products which will address limitations of current ERM system: Datastore, Blockchain, Backend Application, End User Applications and Web Interface.
- Patients can opt in to monetize their data and set a price in tokens for their record entries,
- Targeted advertising to patients with specific illness or targeting by geo/age/gender. Payments will be in tokens,
- Targeted clinical study participation rewarded in tokens,
- Rewarding content creation,
- Paying for treatment (long-term perspective);
- Introduction on cryptocurrency exchanges.
Revenue streams: advertising services (healthcare, cosmetic, pharmaceutical etc industries), commission from sales of anonymized data sets, monetizing referrals, sale tokens on exchange, capital investment.
There is no mentioning of marketing strategy in the WP. The activity on social media and number of followers are very low.
Core team has two members - co-founders with strong experience in development and entrepreneurship. Advisory board includes experts in medicine, big data and data mining, business strategy, security and marketing.
The Vision of the Market
Market research provides rather detailed explanation of current medical storage system functioning and shortcomings. Medis offers solutions to these limitations. The data is supported by information from reliable sources. Competitor analysis is conducted between current system and Medis one; there is no analysis of direct competitors.
Understanding of the Target Audience
There are two big markets: patients and operators (services providers). Further segmentation is shortly mentioned, but there are no details given.
Medis’ competitive advantage before current system is obvious: the use of advanced technology to support new approach to medical data storage and monetization.
The idea of this project has good potential and it does address real-life problems, but presentation of this project leaves too many questions opened.
Strengths: detailed overview of monetization options; medical background of a co-founder.
Weaknesses: the project is very ambitious, but too complicated from tech pov - additional funds may be needed; the WP is too technical; only two core team members; roadmap has no dates; there is no financial plan/projections, no marketing plan.