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WHITEPAPERVersion-2
Medipedia whitepaper
Medipedia. all rights reserved.
Table of Contents
1. Introduction1.1 Opportunities of Medical Service Market
1.1.1 Trends of Worldwide Medical Tourism
1.1.2 State of Medical Tourism in Korea
1.2 Problems of Medical Markets & Tourism
1.2.1 Difficulties faced by Medical Consumer
1.2.2 Difficulties faced by Medical Provider
1.2.3 Difficulties faced by Other Participants
1.2.4 Problems caused by the Agents in Medical Tourism
1.3 Mission Statement of Medipedia Team
3. Medipedia Technical Detail3.1 Medipedia Architecture Plan
3.1.1 First layer: Medipedia Core
3.1.2 Second layer: Medipedia Service
3.1.3 Third layer: Medipedia Platform
3.2 Medipedia Platform Component
3.2.1 Medipedia Account
3.2.2 Medipedia Data Storage
3.2.3 Medipedia Participants Credential System
3.2.5 Medipedia Symbiotic System
4.3.1 Use of Funds
3.2.4 Medipedia Medical Service Consultation
and Matching System
2. Medipedia, Innovation of the medical service provision ecosystem
2.1 Decentralization of the medical treatment information
2.1.1 Why Blockchain? How does it solve current problem?
2.1.2 Medical service provision method - How do you connect good doctors with blockchain?
2.2 Medipedia, New Ecosystem
2.2.1 Medipedia Platform Service
2.2.2 Comparative Advantage of Medipedia platform
4. Token Model
4.1 Medipedia Token
4.2 Medipedia Rewards System
4.3 Token Generation Event
5. Future RoadMap
5.1 Platform Roadmap
6. Teams & Advisors
7. Reference
8. Disclaimer
6.1 Management Team
6.2 Advisors & Partners
Executive Summary
Medipedia whitepaper
page 00Medipedia. all rights reserved.
Executive SummaryThis paper was commissioned to examine the problems of medical tourism and how a block-chain based
platform can solve the current problems of medical tourism.
According to the analysis by the Medipedia team, current medical tourism problems include:
In response, Medipedia believes using block-chain technology to provide a platform that allows patients and
hospitals to connect without an intermediary would solve the problem.
Medipedia will then proceed as follows:
In addition, to improve the satisfaction of the platform use by medical institutions, Medipedia will not disclose
the cost of care to the public, while preparing for additional revenue generation structures. The Medipedia
team will also introduce a reward-related token system to activate the platform and allow external users such
as social media and big data services to enter the platform.
1. Agent problems: Most patients go on a medical tour through an agent, paying the agent at
least 30% of the cost of medical care, or more than 100% of the cost.
1. Store the process on the block chain until patients go on medical tourism: The patient will
consult the hospital through the platform and all of this would be stored on the block chain. As
a result, hospitals cannot make false advertisements and patients can have confidence in
hospitals.
2. Credibility issues: patients lack the space to find which hospitals are best suited to them or
which hospitals provide the right service.
2. Enable thorough verification through the review system: Bilateral and interactive reviews of
patients and hospitals will be stored on the block chain, enabling reliability.
3. The patient provides the necessary services for medical tourism: Provision of proven interpre-
tation services, transportation, and medical advice from advisory groups will be able for
patients to better access the patient.
Medipedia whitepaper
page 01Medipedia. all rights reserved.
1. IntroductionCurrently, medical tourism consumers1 request information from various medical institutions and agents to
receive better medical services, but most of the medical service information is managed by individual medical
institutions. Information exchange outside of the medical institution is only to disclose basic information
through various media, and accurate information is not provided to medical consumers who are unlikely to be
patients.
In addition, the disclosure of medical service information centered on individual medical institutions is subjec-
tive, difficult to compare the quality of medical services, and a large amount of money is paid to agents and
coordinators in addition to medical services. Therefore, medical consumers are not able to receive the medical
services that they really need, or the quality and satisfaction of the medical services get are low. To solve this
problem, various projects such as the international medical coordinator license[1] and medical tourism[2] have
been carried out for a long time, but a clear solution has not yet been presented, which hinders the high
growth potential of the medical service market[3].
The Medipedia team is confident that by using the fast-growing blockchain technology in the financial sector, it
can create a system that meets the ideal requirements of medical consumers, medical providers2, and external
participants3 in the use of medical services. Moving further on, by exploring these medical service data Medi-
pedia can develop a wide range of medical service-related applications and other services, as well as a truly
personalized medical tourism service, and establishing a system that can provide the patient centered medical
tourism platform to innovate the entire medical tourism industry.
1.1 Opportunities of Medical Service MarketMedical expenditure will increase by 4.3% annually to over USD $ 300 billion, reaching USD $ 8.7 trillion by 2020.
This is due to aging and population growth, market expansion, advances in health care, and rising labor costs [4].
1 Medical consumers refer to people who are a patient or are potentially interested in medical tourism.2 Medical providers refer to doctors and medical institutions.3 External participants refer to medical research institutions, medical equipment companies,
pharmaceutical companies, interpretation companies, tourism agencies, and insurance companies.
[Source: 2017 ‘Global Health Care Outlook’, Deloitte, 4]
Global HealthCare Expenditures
CAGR (2015 - 2020)
Global NorthAmerica
WesternEurope
Asia &Australasia
LatinAmerica
MiddleEast & Africa
TransitionEconomies
USD $ billion
2020 (P)2015
2,000
4,000
6,000
8,000
10,000 8,73
4.6
7,07
7.1
4,08
3.6
3,30
6.2
2,00
6.6
1,64
5.7
1,96
4.9
1,53
7.5
400.
5
355.
7
138.
9
112.
7
246.
1
170.
9
4.3%
4.3%4% 5%
2.4% 4.2% 7.5%
Medipedia whitepaper
page 02Medipedia. all rights reserved.
1.1.1 Trends of Worldwide Medical Tourism
By 2016, the global medical tourism market is worth around USD $ 19.7 billion. It is expected to grow 18.8%
annually by 2021 and reach USD $ 46.6 billion. The global medical tourism market is also divided into treatment
types, mainly into orthopedic, cardiovascular, dental, cosmetic, infertility, neurological, cancer, and others.
In particular, by 2021, the APAC market is expected to lead the world, and according to Technavio's research,
more than 50% of medical tourism is expected to be dominated by the APAC market, because of the cost
deduction. For example, according to Patients Beyond Borders, it is believed that the patient can save the
following amount in US dollars: Brazil 20-30%, India 65-90%, Malaysia 65-80%, Mexico: 40-65%, Singapore:
25-40%, South Korea: 30 -45%, Taiwan: 40-55%, Thailand: 50-75%, Turkey: 50-65%.
1.1.2 State of Medical Tourism in Korea
The current state of medical tourism in Korea shows strength in certain treatment areas. Plastic surgeons, com-
prehensive screenings, dermatology and orthopedic departments play a major role in the Korean medical tour-
ism market. In the case of cosmetic surgery, based on the total number of treatments, Korea has the fourth
largest market, following the United States, Brazil and Japan. In addition, medical tourism in Korea is increasing
every year, with a market size estimated to be around $900 million with around 800,000 medical tourists in
2018.
Top 4 Medical Tourims Categories in South Korea
[Source: ‘Korea Medical Tourism Marketing’, Korea Tourism Organization, 5]
Category1st 2nd
Country
Plastic Surgery 41,263(11.1) China 26,537 Japan 2,809 Kazakhstan 1,029
Examination Center 34,284(9.3) China 8,734 Russia 4,357 USA 4,133
#Patients Country #Patients Country #Patients
3rdNumber ofPatients
(ratio)
Dermatology 31,900(8.6) China 13,692 Japan 5,749 USA 3,488
Orthopedics 22,468(6.1) China 6,767 USA 4,362 Russia 1,538
Medipedia whitepaper
page 03Medipedia. all rights reserved.
Top 11 Countries who visit South Korea for Medical Tourism
If we look at the number of Korean tourists by country in detail, we can see that Chinese account for more than
30% of the total number of patients, followed by the United States, Russia, and the Japan. This indicates that a
country with a high geographical proximity to Korea is a major contributor, and furthermore, it shows that there
is a fast increase in the number of Chinese people since 2011.
[Source: ‘Korea Medical Tourism Marketing’, Korea Tourism Organization, 5]
Rank Country
2011 2012 2013 2014 2015
#Patients Ratio #Patients Ratio #Patients Ratio #Patients Ratio #Patients Ratio
Total no. of Patients
1
2
3
4
5
6
7
8
9
10
11
China
USA
Russia
Japan
Kazakhstan
Mongolia
Vietnam
Canada
Arab Emirates
Uzbekistan
Philippines
122,297
19,222
27,529
9,650
22,491
732
3,266
1,336
2,051
158
491
1,178
100
15.7
22.5
7.9
18.4
0.6
2.7
1.1
1.7
0.1
0.4
1
159,464
32,503
30,582
16,438
19,744
1,633
8,407
2,231
2,756
342
824
1,787
100
20.4
19.2
10.3
12.4
1
5.3
1.4
1.7
0.2
0.5
1.1
211,218
56,075
32,750
24,026
16,849
2,890
12,034
2,988
2,770
1,151
1,358
1,848
100
26.5
15.5
11.4
8
1.4
5.7
1.4
1.3
0.5
0.6
0.9
266,501
79,481
35,491
31,829
14,336
8,029
12,803
3,728
2,943
2,633
1,904
2,024
100
29.8
13.3
11.9
5.4
3
4.8
1.4
1.1
1
0.7
0.8
296,889
99,059
40,986
20,856
18,884
12,567
12,522
5,316
3,206
2,946
2,634
2,410
100
33.4
13.8
7
6.4
4.2
4.2
1.8
1.1
1
0.9
0.8
Medipedia whitepaper
page 04Medipedia. all rights reserved.
Excellent medical skills of the doctor
Reliability of the medical institution
State-of-the-art medical equipment and facilities
Infrastruc-ture for Foreign Patients
An appropriate price level
Geographical accessibility
Ease of communication
Medical tourism related product diversity
Post-discharge service
Possibility of Interconnection with insurance companies
Reason for Choosing South Korea As Medical Tourism Destination
Top Priority
Total(Multiple responses)
10
20
30
40
50
60
70
[Source: ‘Korea Medical Tourism Marketing’, Korea Tourism Organization, 5]
The main reason why foreigners decide to visit Korea as their medical tourism destination is because they
believe that the medical staff there possess the most excellent medical skills. Based on the Korean medical
tourism marketing survey with 1,056 samples, about 70% of the respondents, if duplicate response is accepted,
or about 50% of the respondents if only the biggest reason was to be chosen, responded that they chose Korea
as their medical tourism destination because of the excellent skill of the Korean medical staff, followed by trust
in medical institutions, high-tech medical equipment, and human infrastructure for foreigners.
Moreover, if we look at the pathways that foreigners get information about medical institutions in Korea, over
70% of them get information from the people around them and also through the Internet or (medical) tourism
agencies and advertisements. This directly shows that foreign medical tourists do not select and compare accu-
rate information from medical service providers but instead rely on existing tourist information and on unveri-
fied internet information.
50.0
15.8
9.3 7.33.8 3.4 1.8 0.8 0.3 1.0
68.9
56.0
40.1
31.7
16.8 15.611.8
5.4 4.8 4.1
Information Channel for Medical Tourism in South Korea
[Source: ‘Korea Medical Tourism Marketing’, Korea Tourism Organization, 5]
Referral of friends and relatives
Internet Travel agent & Medical agent
Advertisement and news on broadcast media
Magazine ad or article
etc. no response
Top Priority
10
20
30
40
50
60
70
58.4
14.8 16.4
3.8 1.8 1.5 3.4
77.1
47.1
39.7
24.5
14.0
4.1 3.4
Total(Multiple responses)
Medipedia whitepaper
page 05Medipedia. all rights reserved.
1.2 Problems of Medical Markets & Tourism1.2.1 Difficulties faced by Medical Consumer
1.2.1.1 High Medical Charge Fee and Waiting Time in Korea
With the development of new medical technologies and the rising cost of labor and medical treatment materi-
als, there are many places where the medical service fee is rising to higher levels each year. The cost of some
of the latest medical technologies is way too expensive for consumers to pay. Additionally, the rate of increase
in the income of medical consumers has not been able to keep up with the increase in the medical service fee.
Also, the number of doctors compared to the population is insufficient. According to the data from the World
Health Organization (WHO), more than 45% of WHO members have less than one medical worker per 1000
people[6]. Also, many patients are missing treatment in due time because of high waiting time.
1.2.1.2 The Absence of Credible Medical Personnel and Medical Institutions
When using the medical service, most medical consumers look for medical personnel and medical institutions
that have been consistently providing the medical services they need and have high success rates in treatment.
However, when it comes to moving to a new country or traveling to another country for medical tourism, it is
difficult to find a medium that provides accurate and objective information about the medical service that you
need, so most of them either search the Internet or visit the hospital recommended by their acquaintance or
agent. In this case, the medical consumer visits the hospital without consultation with the hospital and without
knowing whether they can receive the medical service they need. This reduces the medical treatment success
rate, and causes monetary damage to the patient.
1.2.1.3 Inconvenience in Reservation
In the overall medical service sector, most medical consumers look for a provider directly and make a reserva-
tion after deciding on the price of the service and the date of the treatment. Although the reservation system
has begun to digitize, due to the nature of the medical service sector, most of the medical service reservations
are made by telephone or by appointment. Furthermore, in the case of medical tourism, medical consumers
are having difficulties in making reservations because of difficulties in contacting them directly, due to language
barriers and time lags. Currently, agents engage in these activities, which prevents direct communication
between patients and medical institutions. This makes communication between medical consumers and medi-
cal providers more difficult, which makes it difficult for medical consumers to make an accurate decision
regarding the medical services and reservation. This inconvenience results in the increase of unnecessary
waiting times for medical tourism participants [7].
Medipedia whitepaper
page 06Medipedia. all rights reserved.
1.2.2 Difficulties faced by Medical Provider
1.2.2.1 Difficulty in Consultation and Promotion
Currently, most medical providers do not promote themselves effectively. Although they advertise by creating
homepages for their medical staff and institutions, it is difficult to find a medical consumer if medical providers
do not register their website and do not buy an advertisement from a marketing company such as Goodoc. In
addition, there is limited space for advertising and private medical providers who are economically and scarcely
abbreviated and cannot overcome the economic power of large hospitals, making it difficult to promote their
own hospitals. Also, many medical institutions' promotion websites do not provide detailed sub-category
search services, so it is difficult to promote the specialized expertise of the medical provider to patients[8].
1.2.2.2 Reliability of Medical Staff and Medical Institutions
The credibility of the provider does not build up overnight. A lot of time, effort and money are invested to accu-
mulate the trust. This accumulated credibility is impossible to transfer and can collapse in a moment. Many
medical consumers search the profiles of medical staff and medical institutions and choose their preferred
medical provider through the Internet, but if the account on the promotional site is hacked or deleted, the cred-
ibility that has been built up is lost. For example, illegal activities such as the endoscope disinfection case [9]
cause damage to the credibility of the other medical institutions where the same medical service is performed
and this leads to economic loss due to reservation cancellations.
1.2.2.3 Late Response of Advanced Technology
Currently, state-of-the-art technologies such as AI and Chatbot are being developed that connect medical
consumers and medical providers, but medical providers are pursuing classical methods without using these
technologies. Ultimately, if new technology is applied, medical institutions can save the consultation and reser-
vation time with the patient, but they are reluctant because they think that this short investment will lead to loss
of time, and in turn, loss of profit.
Medipedia whitepaper
page 07Medipedia. all rights reserved.
1.2.4 Problems caused by the Agents in Medical Tourism
1.2.3 Difficulties faced by Other Participants
1.2.3.1 Difficulties in the Globalization of Medical Industry due to Political and Legal Barriers and Differences Between Countries
Medical device companies and pharmaceutical companies are spending a lot of time and money due to political
and legal barriers in each country when developing advanced medical technologies and drugs and conducting
advertising and related businesses. For example, if you are trying to advertise and export after developing a
new drug, in case of medicines that require a prescription, they cannot be exposed to the normal media, and
export-related regulations take a long time to resolve. As a result, many patients who are able to treat with new
technologies and drugs may miss the treatment time because it takes too much time for them to receive this
news. There are also a number of cases in which pharmaceutical companies abandon marketing because of
different legal bases for country-specific copy products.
1.2.3.2 Difficulties in Developing New Drugs and Medical Devices due to Economy of Scale
Medical device companies and pharmaceutical companies conduct market research in various countries and
people to develop new products or drugs for the treatment of rare diseases. However, there is a shortage of
samples needed for development and the need to collaborate with multiple companies spread across multiple
locations. Ultimately, small or medium-sized pharmaceutical companies are relinquishing new drug develop-
ment due to cost concerns, and only large pharmaceutical companies that are economies of scale are develop-
ing new drugs for the treatment of rare diseases. This effectively prevents the development of medical devices
and new drugs that can contribute to global health[10].
Most patients go on medical tourism through agents. However, with the development of the Internet and medi-
cal information becoming more transparent, the problems regarding agents that have been inherited has
come to the surface which lowers the overall reliability of medical tourism. For example, according to CCTV,
China's official media, Chinese people receive treatment after paying about 30% more than Koreans and pay a
commission of about 50% to brokers and agents. The specific details are as follows[7].
Medipedia whitepaper
page 08Medipedia. all rights reserved.
1.2.4.1 Bankruptcy
Many agent companies are falling into financial difficulty due to their small size. To attract a single patient,
agent companies advertise on many media channels and spend a lot of business development costs to partner
with renowned hospitals and insurance companies. Agents gain commission by attracting patients, but agent
firms are bankrupt if the number of patients does not exceed the cost of debt. As a result, the patient who pays
the medical service fee to the agent does not receive the medical service, and the medical provider may not
receive the medical service fee from the agent after the medical service treatment. There are also cases where
large-scale agent companies have applied for bankruptcy for this reason. For example, there was an incident in
the United States where about $60 million in medical care costs could not be paid to 1,600 doctors and hospi-
tals associated with the company, Satori World Medical.
1.2.4.2 Fraud
Fraud of agents is also one of the problems preventing the growth of medical tourism in the world. For exam-
ple, patients who are in urgent need of treatment are suffering a lot of damage as targets of fraud. The agent
contracts with the medical provider in advance to contract the medical customer to provide the medical service
even if the medical customer pays 40% to 50% of the medical service fee, but in case of the urgent patient, the
agent receives the total medical service fee and the agent fee in advance, and after only paying the contracted
amount of 40% to the hospital, the agent orders the hospital to receive the remaining amount from the patient
and then disappears. There is the fraud case of EcuMedical (Canadian agent company) as an example of the
case mentioned above.
In addition, large-scale agents may set up a medical service fee in advance by subcontracting with a medical
provider and to the medical consumer who does not know it, the agent will provide medical tourism service
after receiving a medical fee exceeding the statutory fee (20%) set by the government.
1.2.4.3 Scam
A small number of agent companies think that medical tourism is a business where one can profit quickly with
minimal capital, so they lower the reputation of agent companies and medical tourism that operate honestly in
the medical tourism industry.
Most scams are as follows:
These scams affect many medical consumers and make them reluctant to participate in the medical tourism
market.
- A ghost company that does not have a real office or employee and only a homepage.- Excess earning by recommending the most affordable hospitals among the cooperative hospitals.- When an agent company advises a medical service to attract medical consumers by impersonating a medical provider.- Medical service deductions at expensive prices.- Provide information that does not differ from ordinary members after inducing paid membership from the recommended
website of medical tourism.
Medipedia whitepaper
page 09Medipedia. all rights reserved.
1.3 Mission Statement of Medipedia Team“To improve the accessibility and quality of medical services and to achieve decentralization of medical
tourism services, which are appropriate to the needs and health conditions of medical consumers”
As mentioned above, despite the many possibilities and rapid growth of the market, the digitalization and appli-
cation development, which can be of strong foundation of the medical field, is behind compared to the other
industries and with many problems, the medical tourism market is not being realized to its full potential.
Our Medipedia team is based on expertise and understanding of the medical ecosystem. Based on this, the
goal is to decentralize the medical tourism services by joining the medical tourism market and combining the
blockchain technology, which is a technology to be applied to all the markets of the world in the future. Medipe-
dia is moving away from unilateral medical service information and delivery system centered on medical institu-
tions. Instead, all objects will be able to exchange information at equal positions and build a transparent and
secure medical tourism service market with high accessibility that could not be achieved with existing systems.
Medipedia will connect with the platform, based on medical tourism information accumulated on the platform,
to solve the problems of existing medical consumers, medical providers, and external participants. It will
further enable the development of a variety of medical delivery services and will provide an opportunity for all
participating participants to gain rewards and ultimately create a self-sufficient medical platform.
1.2.4.4 Agent Regulations
Currently, except for some countries, medical tourism regulations are not clearly defined. It is easy to establish
a corporation for medical tourism for business purposes and there are only a few legal regulations. Therefore,
individuals without medical service expertise can also set up an agent company for the purpose of medical
tourism, thereby lowering the quality of medical tourism services and lowering the reputation of the medical
tourism industry itself. In addition, agent companies charge different fees for attracting medical consumers,
resulting in price differentiation between medical consumers. Also, when a bankruptcy is filed and due to finan-
cial difficulties, there is no compensation for the amount already paid by the medical consumer, so a lot of
damage is being forced upon the consumers.
1.2.4.5 False and Exaggerated Advertising
Many agents make fake reviews and exaggerated advertisements on the homepage of the medical provider or
the agent's homepage, which have previously entered into a partnership to attract medical consumers. Accord-
ing to the Korea Internet Advertising Foundation (KIAF) survey, nearly 1,000 false reviews were found on 26
different agent websites, and a suspension of business was notified to medical providers and agent companies
who conducted false advertisements.
Medipedia whitepaper
page 10Medipedia. all rights reserved.
2. Medipedia, Innovation of the medical service provision ecosystem
The Medipedia team believes that decentralization of information is essential in order to solve the problems of
the existing medical tourism sector. Most existing medical information is concentrated in hospitals and medical
institutions so, the medical consumers are not able to obtain transparent information and can only access the
information processed by the hospital.
2.1 Decentralization of the medical treatment information
2.1.1 Why Blockchain? How does it solve current problem?
Using blockchain technology, all economic activities that occur within Medipedia's platform are stored as hash
values and are accessible to all who have performed any economic activity. In other words, information that has
been moving from the existing medical institution can be moved transparently between all participants, such
as medical institutions and patients.
Medipedia whitepaper
page 11Medipedia. all rights reserved.
2.1.1.1 Decentralized Medical Tourism Service Information System
Medipedia uses blockchain, the symbol of decentralization, to establish a medical tourism service provision
system with established patient rights. By connecting medical consumers to reliable medical providers through
its medical tourism services to meet medical consumers' purpose and needs, it is possible to reduce the unnec-
essary economic loss of medical consumers and improve the quality and satisfaction of medical tourism services.
2.1.1.2 Accessibility & Reliability
Medipedia stores all types of medical service information that is provided by each medical provider in a distrib-
uted database, allowing participants to gain convenient access anywhere, anytime via an Internet connection.
Currently, medical consumers must make contact independently, in order to obtain medical service information
from a number of medical providers, but Medipedia provides better accessibility to the medical tourism service
users by connecting them with all of the medical providers that can provided the desired medical service to the
patient in the Medipedia Network pool.
Medipedia also stores personal information, medical institution information, and medical information in a
decentralized data repository. In order to prevent data loss, backup data is continuously generated and main-
tained, and the hash value for the recorded data is recorded in the blockchain. Thereby, the integrity of the data
is verified and recovering the original data using the backup data in the case of modulation is possible. Medical
consumers can be assured of the integrity and reliability of the patient information stored in Medipedia, as it's
impossible to modify or delete their personal information after creating it at the time of the initial platform
account creation. Additionally, the Medipedia only allows medical services to be offered by medical personnel
whose credentials have been certified through the Medipedia platform system.
2.1.1.3 Maximum Security
According to HIPAA's privacy rule [11], all personal information of medical consumers is kept encrypted. The
medical consumer records the personal information, encrypts it, stores it on the platform, and grants access
only to the medical service provider of the desired medical service. The individual medical provider, after verify-
ing the request of the medical consumer, provides his medical service information and prices in the issued
cryptocurrency. Finally, the patient reviews the information provided by the provider and decides from which
provider they will receive the service. To prevent price wars between medical providers, Medipedia prevents
medical providers from accessing the price of medical services from other providers. Also, when a medical
consumer directly contacts a medical provider to discuss prices, they will be penalized upon detection.
Medipedia whitepaper
page 12Medipedia. all rights reserved.
2.1.1.4 Transparency
Medipedia records all medical service information, including the cost of treatment in the blockchain. Medical
consumers are considered to be a minority. They often do not receive accurate information about the medical
service that they are receiving, or the service fees associated with treatment in the current medical tourism
market, as all of the information is centered around agents and medical institutions. However, Medipedia
provides a more transparent medical service market by establishing a medical consumer-oriented medical
service environment, that unifies medical information for medical consumers and prevents medical providers
from information asymmetry.
2.1.1.5 Interoperability & Comparability
Medipedia is an open platform. Based on the medical services stored in the platform, various applications can
be freely connected. This allows external participants and medical providers to use the SDK and API provided
by Medipedia to develop their own applications. With this high degree of freedom and scalability, Medipedia
can have higher interoperability than the current medical service market system.
Medipedia also creates and categorizes a pool of medical providers by the medical service department. When
a medical consumer requests a desired medical service, the request is sent to the pool of medical providers
simultaneously. The medical providers who receive the request reply back to the medical services that they can
provide to the medical consumer in the format created in the Medipedia platform. This information is highly
objective and provides a higher level of comparability to medical consumers and allow them to choose the right
medical services.
Medipedia whitepaper
page 13Medipedia. all rights reserved.
2.1.2.1 How do We Classify a Good Doctor?
There are many ways to distinguish good doctors. Each individual can define a good doctor through various
objective and subjective factors, such as how friendly the doctor is with patients, the size of the hospital, the
success rate of treatment, or the degree of career of the doctor.
In other words, medical consumers on the platform can select information that meets their criteria, which will
find good doctors that meet individual standards.
2.1.2.2 How do We Build Trust?
Medipedia will also introduce the Medipedia Rewards System to increase and maintain the trust between
medical providers and medical consumers and to connect highly reliable participants. This will be described in
detail later in the 4.2 Medipedia Rewards System.
2.1.2 Medical service provision method - How do you connect good doctors with blockchain?
The ultimate goal of the Medipedia team is to provide the right platform for patients to meet good physicians.
Medical consumers will be able to find the doctors they want by using information that will be stored on the
platform in the future. For example, when searching for a doctor who has a high procedure success rate, a
medical consumer can find desired information through various channels such as review or social media within
the Medipedia platfrom.
Medipedia whitepaper
page 14Medipedia. all rights reserved.
The Medipedia platform has built-in automatic translation. We will continuously manage and update this to
enable smooth communication between participants when using all services and will design the platform so
that there isn't any language barrier inconvenience when using all services.
2.2 Medipedia, New Ecosystem
2.2.1.1 Medical Service Matching Service
Medical consumers can use the Medipedia platform to find and request the customized medical services that
they want. When a medical consumer requests a customized medical services on the Medipedia platform, the
Medipedia network presents this service request to all certified medical providers that can provide the desired
medical services. Since Medipedia has many subdivisions of medical staff, medical consumers are able to
perform detailed searches on the Medipedia platform.
When a medical consumer requests customized medical services, their budget is also entered and transmitted
to the medical providers. The medical provider confirms the request and finally fills out possible medical servic-
es and the additional services that they can provide. After confirming the information of the medical service
that has been returned, the medical consumer can consult with various hospitals and finally receive the medical
service by selecting the desired medical provider.
2.2.1 Medipedia Platform Service
Medipedia whitepaper
page 15Medipedia. all rights reserved.
2.2.1.2 Medical Service Consultation Service
Medical consumers can use the Medipedia platform to get remote consultations about desired hospitals and
treatments before visiting each country. Medical consumers want to be treated within an acceptable budget,
but due to the nature of medical service, it is difficult for each medical provider to provide accurate price and
treatment details before consultation and treatment. Therefore, when consumers embark on medical tourism
through agents without consultation, they could spend a lot more money on top of the acceptable budget due
to incidental treatment.
In order to alleviate these inconveniences, Medipedia is planning to build a system within the platform for
consulting with the hospitals before visiting. Medical consumers can consult with the hospital by choosing
according to the desired medical subjects and the desired budget, and the consultation expenses can be paid
using MPR points, or by professional consultation tickets purchased with MEP tokens. Medical institutions can
conduct consultation directly within the Medipedia platform, and receive MPR points from the patient. The MPR
can be converted to MEP points at any time within the platform.
Medipedia whitepaper
page 16Medipedia. all rights reserved.
2.2.1.3 Social Media & Blog (Latest News Trend)
Recently, many medical consumers have been getting medical information through social media or beauty
bloggers. The Medipedia team will provide social media and blogging services within the platform to make it
easier to get the latest information on medical technology and medical institutions.
In the case of social media, medical consumers can open desired channels to obtain relevant information and
use the verification system to prevent false advertising. For example, a patient who is looking to undergo a
double eyelid procedure may use MPR points to open a channel, and can invite other patients who have under-
gone the same procedure. By participating and sharing information within the channel, they can earn MPR
points as well. It can be used for a group purchase function to receive discounts on medical services.
In addition, the Medipedia platform offers a blog function that allows medical consumers to collect all of the
information from one place by gathering content from power bloggers and medical companies to the Medipe-
dia platform from various platforms, which will increase the autogenous ability of the platform itself. For exam-
ple, in the case of a pharmaceutical company, when a new drug comes out, they can advertise on the platform
to inform the medical consumer of the new drug information and make it possible for doctors to make
purchases. In the case of a medical device company, when a new device is introduced, it will provide blog servic-
es regarding its test drive so that the company can advertise to doctors. Moreover, by adding a streaming func-
tion, various bloggers will be able to enhance their broadcasts related to medical treatment, and a professional
medical streaming service will be opened.
We will also provide news services via portal sites, such as Yahoo and Naver in Korea, so that medical consum-
ers can be easily updated with the latest technology for medical treatment and obtain information about hospi-
tals in the platform pool.
Medipedia whitepaper
page 17Medipedia. all rights reserved.
2.2.1.4 Bilateral Review System
The Medipedia team improves the accuracy and efficiency of future object activities on the platform by intro-
ducing medical staff reviews, medical consumer reviews and external participant review systems, based on the
big data accumulated within the platform. Medical staff reviews consist of the satisfaction of consultation, the
satisfaction and effectiveness of medical service procedures and overall medical institution evaluation (facilities
and friendliness). Medical consumer reviews are made up of time commitments and reviews of black consum-
ers. Lastly, external participant reviews consist of time commitment, expertise, simplicity and reuse intention.
These reviews are stored within the platform and can be purchased as reward points when each object in the
future wants to get information.
Also, a quick and easy examination process will be made possible with the introduction of an automatic summa-
ry tag system for all reviews. Using natural language processing techniques, we can outline the points of each
review so that it can be translated easily to any target language, summarize some of the key points within the
reviews and support high compression of the data, greatly reducing the storage requirements for review data.
2.2.1.5 Big Data Storage Service
The Medipedia platform keeps all of its history on the blockchain network when all economic activity occurs.
This stored information is used to make big data for user convenience and medical industry development.
The reliability of the platform itself can be increased by providing segmentation of medical service lists using
the demand of medical service, the pathway between the medical consumers and medical providers when
using medical services. In the case of medical providers, it is possible to develop medical services that can
increase the satisfaction of medical consumers by understanding their needs through reviews
In the case of external participants, they can do their best in optimizing the provision of service for the satisfac-
tion of users, when providing external service by grasping the demand and the economic cycle of the medical
service users.
Medipedia whitepaper
page 18Medipedia. all rights reserved.
2.2.1.6 Tourism & Travel
Medical consumers have various needs besides medical services. However, there are a number of people who
are disappointed by the lack of services currently offered to meet the needs of medical consumers. In addition,
reservation of accommodation is necessary when using a medical service. Medipedia also provides a tourism
& travel service app on the Medipedia platform that can be used for medical consumers. It also provides servic-
es that connect with certified external participants (travel agencies) [12] if the medical service does not end on
that day or if the medical consumer also has a purpose of tourism.
2.2.1.7 Interpretation Service
Foreign medical consumers may need interpretation services when using medical services. Medipedia will also
add interpretation service app to the platform, which is available to external participants, to address this situa-
tion. Interpreting service can be more cost-effective for medical consumers when it is provided by the medical
provider, and if not, medical consumers can purchase and use interpretation services on the platform. Interpre-
tation service providers are able to provide services when they meet the basic qualifications [13] [14] through
an authentication system within the platform. The proficiency level of the interpretation service and the service
satisfaction can be confirmed through the MPR reward program.
2.2.1.8 Medical Service Alliance
Medipedia is a decentralized open platform that promotes communication among participants. To help with
this, the Medical Tourism Services Alliance System App will be utilized. The Medical Tourism Services Alliance
System creates an ecosystem that can provide dynamic and differentiated medical tourism services through
collaboration between medical providers providing different medical services or between medical providers
and external service providers. For example, if a medical consumer wants to use two services simultaneously,
he or she will be asked by another medical provider. The alliance system can provide the benefits of using both
services at a more economical price. In addition, medical services, as well as tourism services, can form alliance
partnerships and medical providers through the Alliance system. In that case, it can meet the needs of medical
consumers and attract more medical consumers through their competitive advantages.
Blockchain technology solves the problem of existing centralized information. However, this does not com-
pletely solve the problem of the existing agent system. Even if there is decentralized information, there is a
need for a space where medical consumers and providers can eventually be connected. The Medipedia team
thought that it would be a great synergy if the blockchain technology and platform for innovative upgrade of
Medipedia’s medical tourism system were combined. Medipedia’s new medical tourism platform system is as
follows.
Medipedia whitepaper
page 19Medipedia. all rights reserved.
2.2.2.1 Advantages for Patients
2.2.2.1.1 Cost Reduction
As mentioned earlier, the current flow of information in the medical service system, flows from the medical
consumer, to the medical provider. Medical consumers have to search directly for the information they need,
and they do not have many options. Medipedia enables medical information to be shared, between patients
and medical institutions. When a medical consumer asks about the service they want to obtain, this inquiry is
queried to every target medical institution, and each interested medical institution responds to the medical
consumer again. The medical consumer ultimately selects one of several options. This creates natural competi-
tion among medical institutions, eliminating the current costly problems, and providing patient-centric care.
For example, a medical consumer in a Medipedia ecosystem, will have the opportunity to pay more than a
fraction of the amount of payment, and at the same time, attract more medical consumers to medical institu-
tions in Korea.
2.2.2.1.2 Less Waiting Time
Within the Medipedia platform, medical consumers can choose which medical institutions they want, to receive
care directly. They can choose a hospital that can be reserved, through the Medipedia platform, if they have a
reservation for a hospital in their home country, and are going to need medical tourism abroad. Also, if they
cannot make a reservation for a desired medical institution during a visit, they can make a reservation at a
hospital, with similar medical care experience.
2.2.2.1.3 High Quality Medical Services
Because medical information in the Medipedia platform is stored, medical institutions provide a much better
service to their patients, to build their credibility, which in turn, leads directly to patients receiving a high level
of medical care. It is also possible to provide medical services, that have not been provided until now, by elimi-
nating geographical barriers in providing medical services.
2.2.2 Comparative Advantage of Medipedia platform
Medipedia whitepaper
page 20Medipedia. all rights reserved.
2.2.2.2 Benefits for Medical Service Providers
2.2.2.2.1 Reduction in Marketing Costs
Previously, there was inadequate room for medical institutions to provide medical services. Because the hospi-
tals were conducting overseas conferences, and promoting them via agents, it was impossible to self-promote,
due to cost problems, unless they were large hospitals. Even large hospitals were disappointed with the cost of
publicity. But within the Medipedia platform, it is possible to promote in a variety of ways, and at low prices. For
example, a promotional feature can inform hospitals, by providing discounted services to patients in their area
of interest.
2.2.2.3 Benefits for Pharmaceuticals and Medical Institutions
2.2.2.3.1 Increased Profitability
Based on decentralized data of Medipedia, it is possible to know which medical devices, have high success and
treatment rates. In addition, side effects and treatment rate of each patient, can be quantified and compared
objectively, so that medical staff can provide better medical services and drugs, from pharmaceutical compa-
nies. In addition, since medical consumers search for hospitals with high-success rates, medical equipment and
hospitals that use drugs of pharmaceutical companies to increase treatment rates, pharmaceutical medical
institutions can identify and correct problems, in their current market to increase profit.
2.2.2.2.2 Increased Awareness of Specialization
Within Medipedia, the reliability of the platform, is directly linked to capabilities of the medical institution. If
doctors treat patients correctly, reliability will rise in many ways, which will soon lead to increased awareness of
doctors, and medical institutions.
2.2.2.2.3 Profitability Creation
Through Medipedia’s counseling system, doctors can provide basic consultation on dashboards, and remotely
to patients, as well as patients visiting on site. This can generate additional profits, by converting reward points
in the form of MEP tokens.
2.2.2.3.2 New Medicine / Medical Device Development
By using the decentralized and accumulated information of Medipedia, it may become possible to develop new
drugs and medical devices, that have not been possible so far. Information on rare diseases can be collected,
and new developments are possible, without using costly research funds. In addition, medicines frequently
used and evaluated by medical institutions, are automatically promoted by medical consumers, so that they can
be promoted, not only in the countries where they have been used, but also overseas.
Medipedia whitepaper
page 21Medipedia. all rights reserved.
2.2.2.4 Benefits of External Service Institutions
2.2.2.4.1 Expansion of Medical Tourism Service Economic Activities
Medipedia can use blockchain technology, to further expand geographical boundaries of medical tourists, and
attract global medical consumers to Medipedia platforms. Currently, most of the medical tourism users are in
surrounding countries of medical tourism. Users also use medical tourism services, to exchange money with
medical tourism sites, so exchange fees for unused currencies are high. There are also many cases in which
one cannot make financial transactions, or credit transactions. For this reason, there is much interest in medical
tourism. But financial transactions are limited, so many people around the world, especially those from the
Third World, are less engaged.
Unlike traditional money transactions and credit transactions, Medipedia’s blockchain based passwords are
available, without the need for many forms of identification, encouraging participation of people around the
world, that want to use medical services. Supplies increase opportunities to provide healthcare services, to
more medical consumers. As a result, we can expect economic activity to increase globally.
Medipedia whitepaper
page 22Medipedia. all rights reserved.
*Please note that we have migrated our blockchain platform from Ethereum to EOS. The migration is done for
following technical issues and providing better benefits to the Medipedia platform users.
1. There will be no transaction fee a user needs to pay while using Medipedia platform.
7. Better control over fork.
2. Block creation time is much less than Ethereum. Hence, there will be faster transactions, result-
ing in giving faster response to users. Transactions are confirmed in half a second, but Ethere-
um may take minutes to hours, in case network congestion happens.
4. Low Latency is one of the best features where there will not be any delay for getting response
from decentralized applications running on EOS blockchain.
6. Easy smart contract upgrade whenever required, unlike Ethereum, where a new smart contract
will be created. It’s very difficult to upgrade a smart contract in Ethereum blockchain, but it’s
very easy in EOS platform.
5. Human Readable Account names are unlike Ethereum or Bitcoin addresses that are public
keys. One can choose any account name that will be of 12 characters. And the same account
name could be used to send and receive tokens. The same account could be used to deploy
smart contracts.
3. Delegate Proof of Stake Consensus Algorithm that is divided into two parts and is electing a
group of block producers and scheduling block productions. The election process makes sure
that stakeholders are ultimately in control, because stakeholders lose the most when the
network does not operate smoothly. How people are elected has little impact on how consen-
sus is achieved on a minute by minute basis. Here always, the longest and honest chain will win.
3. Medipedia Technical Detail3.1 Medipedia Architecture PlanThere are three layers of Medipedia’s platform structure.
Medipedia PlatformMedical Service PlatformOutside Service App(Translation, Travel Agency, Insurance)
Medipedia ServicesIdentificationData IndexingMedipedia Token (ERC-20)
Medipedia Core+
Blockchain
Data Network
EOS Platform
Medipedia whitepaper
page 23Medipedia. all rights reserved.
Due to the following advantages of EOS blockchain, Medipedia team has decided to use EOS Blockchain, but
MEP token will be issued ERC-20 token. Medipedia team can include more features on Ethereum blockchain if
Ethereum launches POS consensus algorithm. Medipedia team may migrate the platform to Ethereum from
EOS in the future if Ethereum platform will be better than EOS. We will always go for having best decentralized
platform that is proven for their claims at the moment.
3.1.1 First layer: Medipedia Core
Medipedia’s Core is a distributed database that can safely protect participants’ data, by using the latest encryp-
tion technology (a medical service data network), as a decentralization layer of Medipedia. Since the volume of
data that can be stored on the blockchain is limited, separate storage is required, to efficiently store all partici-
pant data, and the core layer provides the data. All data generated and transmitted by the Medipedia platform,
is automatically encrypted through the Medipedia SDK, and delivered to the core layer. This encrypted data can
only be read by the creation owner. The core layer is accessible via the service layer, and the Medipedia Core
includes a backup and recovery system, for stored data, so that data can be safely stored without loss.
3.1.2 Second layer: Medipedia Service
The role of providing the core functions for connecting the Medipedia platform, and core and managing partici-
pant information, is performed at the service layer. It uses the blockchain as an engine, to connect to the core
layer, based on information stored on the blockchain and provides input/output of stored data. The service
layer is a smart contract, based on the EOS, that can be divided into other layers. Smart contracts include partic-
ipant account information, including Medipedia token (MEP) information, and personal information paths for
participants stored in core. Medipedia lowers platform operating costs, by minimizing the volume of data
stored in the blockchain, including smart contracts. Frequently used information also uses a caching system, a
memory temporary storage system, to reduce data I/O processing time, and network traffic.
3.1.3 Third layer: Medipedia Platform
The platform layer, along with Medipedia participants, manages the healthcare ecosystem and includes all
forms of applications running in Web, mobile, and application environments. All applications have access to the
data stored in Medipedia, via the service layer. Medipedia plans to release the SDK to assist with quick and easy
development of applications. In addition, the Medipedia team is an open platform, and is able to develop appli-
cations, that can be connected to the Medipedia platform, if the developers do not use the SDK provided by
Medipedia, but instead follow the APIs and protocols that will be released later.
Medipedia whitepaper
page 24Medipedia. all rights reserved.
3.2 Medipedia Platform ComponentMedipedia’s platform is a decentralized platform based on EOS [17] blockchain. It is effective to develop a Smart
Contract based on EOS, because it has few advantages in terms of time, cost, versatility and reliability, in build-
ing a blockchain by itself and building a platform, based on it. EOS based development means that it can be
implemented back into Ethereum [15]. It has the advantage of being able to flexibly select a platform, to run
Medipedia according to technical conditions.
There are three main types of information used on the Medipedia platform: Medipedia token (MEP) informa-
tion, participant personal information, and finally medical service information. Because the above information
cannot be stored on the blockchain, due to problems of cost, capacity and etc., large medical service informa-
tion can be stored in the external device using technology of InterPlanetary File System (IPFS) [18]. It is stored
in encrypted form in centralized storage, and only the hash value for it is recorded in the blockchain.
3.2.1 Medipedia Account
Accounts created on the Medipedia platform are divided into medical consumer accounts, medical provider
accounts and external partner accounts, depending on the purpose of participants. These accounts are creat-
ed and operated in the same way technically, but different functions and rights are granted, according to differ-
ences in roles in the Medipedia ecosystem.
Read and writeyour personalinformation
All possible All possible All possible
Read and writemedical serviceinformation ofothers
Not possible When accepted bythe account owner
possible(For medical service purposes)
Medical provider records are also stored when recording medical
information
Read only when account owner
approves(Only certain external
participants are available)
Medical Consumer Medical Provider External Participant
Read and writegeneral service,general medicalinformation
Possible Possible PossibleNon-medical generated records
(general medical information)Non-medical generated records
(general medical information)
Medipedia whitepaper
page 25Medipedia. all rights reserved.
3.2.2 Medipedia Data Storage
The size of the medical service information recorded in the form of an electronic document so small that there
is no concern about the capacity, but the size of the medical service information recorded in the form of a
media can take up to several hundred megabytes. Therefore, it is not desirable to store all data in a blockchain.
Medipedia will encrypt the date that can only be decrypted by a personal key of the participant and store the
data in the IPFS-based off-blockchain storage. After successfully data storage, Medipedia allocates the hash
value to the saved data and stores it on the blockchain.
Participants can use their personal devices (computers, tablets, and smart phones) as a primary data storage
and store additional data in the blockchain that corresponds to Medipedia Core. Based on these stored data,
participants can access various customized medical services and all other services provided by Medipedia.
Even if the data stored in the device is lost due to a mistake of participant or by an accident, Medipedia has its
own backup system, reducing the worries and loss off its own data. Medipedia provides 1GB of data storage for
all participants free of charge, and provides additional capacity at low cost when it exceeds 1GB. Data stored in
the Medipedia store conforms to the International Medical Information Management Standard (HIPAA).
3.2.3 Medipedia Participants Credential System
Medipedia has an authentication system for medical providers and external participants as a way to distinguish
them from medical consumers. In order for medical service information and external service information on
the Medipedia platform to have the right value, the qualification of the information author must be verified.
Also, in the case of medical institutions, it is necessary to confirm whether they have the license to perform
medical activities and business certifications. If participants have qualifications to provide a medical service
information and an external service information, the information will have high value and reliability.
Medipedia will operate a hybrid credential system by introducing both a centralized authentication system and
a decentralized authentication system. As a basic authentication system, there are a centralized authentication
system that proves documents [19] [20] issued by existing certification bodies, and a decentralized authentica-
tion system that provides peer-to-peer (P2P) authentication system. In order to increase the credibility of the
P2P system, Medipedia team will ask for deposit from the authenticator and send notification to participate in
the survey to the group of people who have used authenticator’s service. According to the result of the survey,
Separate authentication is required for medical providers and external partner accounts. This is an examination
of the minimum qualification for medical and external service delivery. Medipedia’s participants are not able to
access the accounts of others in any case even if they are family members. This is to prevent theft and theft of
personal information.
The medical provider can request to access the personal information from the medical consumer when the
medical service is requested.
Medipedia whitepaper
page 26Medipedia. all rights reserved.
3.2.4 Medipedia Medical Service Consultation and Matching System
Medipedia provides medical service consultation and matching functionality through the Service layer. This is
one of the key functions provided by Medipedia. When a medical consumer makes a request for the desired
medical service on the Medipedia platform, it is transmitted through the Medipedia network and reaches out
to all specialized medical institutions that can provide the desired medical service. After confirming the request,
the medical provider will reply to the medical consumer and start professional medical service consultation
upon the request from the patient. During consultation, the medical consumer obtains accurate information
about the desired medical service and surgical fee, and the medical institution which carries out the consulta-
tion is also thoroughly rewarded. This function solves the fundamental difficulties faced by the above-men-
tioned medical consumers and medical providers.
Medipedia uses the Intel Software Guard Extensions (SGX) [22] system to ensure that even Medipedia search
system administrators do not know about participant information registered in the system and to minimize
personal information exposure to other participants. By using SGX, it is possible to store personal formation
more safely by minimizing the exposure path of participant information by storing and managing all sensitive
information of participants in the enclave.
When a patient raises the medical request through the matching and consultation system on the Medipedia
network, the request is transmitted to all medical providers and Medipedia team will set up notification function
to increase the speed of the communication between patient and medical institution.
authenticator and participants of survey will receive a reward for being honest. Medipedia plans to use
Indorse[21]’s Anonymous Indorsement Protocol to protect the identity of the individual evaluator.
Medipedia whitepaper
page 27Medipedia. all rights reserved.
3.2.5 Medipedia Symbiotic System
Medipedia will build a symbiotic system that the platform participants can stimulate their own medical tourism
markets. This is possible by using the data accumulated by decentralization.
All participants can promote and share the information about medical service, new medical technology, and the
past experience of the medical tourism. By sharing this information, all participants can get a better under-
standing of medical tourism and find better solutions to develop medical tourism industry. For example, medi-
cal institutions and other service providers can analyze the medical tourism market to set special strategies that
suit themselves. For medical consumers, they can acquire more information from other medical consumers
before they receive medical treatment.
To activate this symbiotic relationship, Medipedia establishes its own social network to encourage active infor-
mation exchanges among all participants, as well as encourage the honest activities of participants by provid-
ing reward schemes.
Medipedia whitepaper
page 28Medipedia. all rights reserved.
4. Token Model
Medipedia publishes a Medipedia Token (MEP) following Ethereum's ERC20 token standard [23]. Medipedia
tokens are used as the main currency of all economic activity within Medipedia platforms. Medipedia also has
a Medipedia Reward (MPR) as well as an MEP. MPR serves as a measure of participation in the Medipedia
platform (a reputation within the ecosystem). MPR is not transferable to other participants and cannot be taken
out of the platform.
The purpose of a rewards systems is to serve as an indicator system that can be used to determine the credibili-
ty of medical consumers and providers and the services of external participants. Hence, MPR is designed to be
used as a measure of contribution of the Medipedia platform ecosystem. However, MPR does not represent the
medical provider's medical achievement or degree of skill. The MPR can be used as a reference in selecting the
services of the healthcare provider and external participants in the medical consumer setting, but should not
be used as an absolute indicator.
MedipediaToken
(MEP) (MPR)
ETH Token(Token Sale)
Only available insideMedipedia
TransferrableTradable
Non TradableCannot leave platform
MedipediaReward
Medipedia whitepaper
page 29Medipedia. all rights reserved.
4.1 Medipedia TokenThe Medipedia Token (MEP) is used as follows:
Medipedia can create platform-specific wallets for participants to store participants' tokens and pay for all
economic activities, such as medical service fees, advertising, and external service fees that are performed
within Medipedia platforms. Participants receive the reward program MPR as a reward for their economic activi-
ties on the platform.
MEPs can also be moved out of the platform. The MEP is a token created with a smart contract based on the
ERC20 token standard [23] and can be stored in any personal wallet that supports the ERC20 token standard
[23]. The initial ICO participant's MEP is sent to the personal wallet, so that the Medipedia platform is brought
back to the MEP. Participants may keep the MEP or unused MEP provided by ICO in their personal wallets
according to their personal preferences. The Medipedia team try their best to list on cryptocurrency exchange
after ICO. It is intended to encourage the participation of many medical consumers, healthcare providers and
external participants who are able to trade MEPs between participants outside the platform through the
exchange and who have not yet participated in Medipedia.
PersonalWallet
Exchange MedipediaPlatform
Medipedia whitepaper
page 30Medipedia. all rights reserved.
The Medipedia platform has a Medipedia token pool to continuously develop internal ecosystems. Participants
can advertise to other participants via the Medipedia platform, all of which are paid by the MEP and stored in
the Medipedia token pool. The platform fee is basically free, but if the MEP goes through any economic transac-
tion, it will pay a commission fee of 10% which also goes to the Medipedia token pool. Medipedia supports 1GB
of storage (1GB of storage capacity, 1GB / month of bandwidth) for each participant free of charge. Most partic-
ipants will not use more than 1GB of data for photo-sized data, but are expected to stay at about 0.01% of all
participants in healthcare information and media for some healthcare providers. The cost of using the software
is expected to be small based on Storj [25].
Half (50%) of the MEPs gathered in the Medipedia token pools as described above are based on the blockchain
network usage fee (the cost of creating a smart contract for the account), default storage and usage capacity,
and support. It can also be used to support related services and application development for expanding
platform ecosystems. 20% is spent for a case where a participant changes from MPR to MEP, and since this
amount is not constant, the conversion rate from MPR to MEP will continue to change. 20% is used for platform
operation, maintenance and further development. The last 10% allows unfamiliar participants in cryptography
to purchase MEPs directly within the platform instead of trading MEPs on the exchange, thereby providing
access to all economic activities within the platform.
Platform participants, including token holders, will utilize and share medical services and related services
through Medipedia, which will bring together the Medipedia platform to become more powerful and more
valuable. In the end, the Medipedia platform can be seen as a result of the activities of the token holders.
* The numerical information related to the token mechanism can be changed according to the simulation
process and the market situation in the future.
Inflation
Transaction
Advertising
Platform Fee
Operation Fee
Promotion
ReserveMPR → MEP
PurchaseFiat → MEP
MEPPOOL
+ -
Medipedia whitepaper
page 31Medipedia. all rights reserved.
4.2 Medipedia Rewards SystemMedipedia Rewards Points (MPR) is a reward point system used to encourage participation on the platform, and
is used as a measure of the contribution of participants. The acquisition and usage of MPR are as follows:
All participants receive a basic MPR when they authenticate the platform participant account. This means the
compensation of the minimum credibility proof required of the participant. In order to acquire the MPR, it is
provided to the participants who have contributed to the development of the value of the platform and the
activation ecosystem of economic activities. In other words, MPR is an indicator of the contribution of partici-
pants, and it may be advantageous to participate in the platform as early as possible and obtain MPR.
The MPR provided by the participant's contribution is as follows:
Many participants can receive MPR if they contribute to the economic activities of other participants by
exchanging beneficial medical information to platform participants through social media and blog service activ-
ities. MPR can also be obtained when the expertise of the participants is recognized. If all participants are confi-
dent that they have a competitive advantage, such as their own strengths, specific abilities, skills, etc., they will
ask their platform to certify their MPR as collateral. In this case, after the Medipedia blockchain network is
searched, an authentication request is sent to other participants using the service of the participant who
desires to recognize the expertise. The participant who receives the certification request decides whether to
participate or not. Certification is conducted by a majority vote. As a result of the voting, the successful partici-
pant receives additional MPR in addition to the MPR paid as collateral, but the MPR paid by the collateral of the
failed participant is extinguished. The MPR is also compensated by honest participants who vote on the same ballot.
The authentication process and method are performed in a similar manner to the Anonymous Indorsement
Protocol using the zero knowledge proof method defined by Indorse [12]. This authentication scheme
promotes the honest platform activity of the participants and the authenticated information can be highly reliable.
Account Creation
Platform Economic Activity
SocialMedia Activity
Stacking onEndorsement
Review Activities
Coupon, Advertisement, Consultation
+
Time Limit (24 month)Self - Burning
Stacking onEndorsement
Claim Talent
Platform Activity
-
MEP
-(MPR)
MedipediaReward
Equation
20% of MEP
Total Number ofMPR
to be converted
Medipedia whitepaper
page 32
For medical consumers, the easiest MPR acquisition method after obtaining basic MPR is the economic activity
within the platform. Additional acquisitions may then be made through the interactive review system after the
use of the services of the healthcare provider or external participants. In addition, MPR can be obtained from
new reference accounts or social media activities. Medical consumers also provide MPRs to compensate for the
contribution of more economic activities in more medical markets by exchanging beneficial medical information.
For medical providers, there is a subdivision MPR. The platform participants can confirm the reliability and kind-
ness of the service of the corresponding medical provider by referring to the subdivision MPR. In addition, med-
ical providers also analyze subdivision MPR to identify needs of the medical market, helping to generate reve-
nue for the healthcare workforce and the medical institutions.
The first subdivision MPR is a professional counseling MPR. This MPR is received when a medical consumer is
provided with a medical service professional consultation service. Thereafter, the medical consumer receives
the service MPR when using the medical service. This is the MPR that shows the satisfaction of the medical
service to the medical consumer.
For external participants, an MPR is acquired by providing an external service to the medical consumer. Further
MPR acquisitions are also possible from the interactive review system. External participants also help improve
the quality of external services through MPRs obtained with the interactive review system.
The MPR, which has been acquired by many participants in the Medipedia platform, can purchase coupons or
convert to MEP for medical services and external services. For MPR transformation applications, translation
approval is granted 90 days after application, not immediately converted to MEP. The MPR to MEP conversion
rate formula is 20% of the MPR point amount to be converted and the Medipedia token pool (MEP Token Pool)
stored in the platform. Because this conversion rate depends on the token pool, it can change dynamically
depending on the time, and the predicted conversion rate numerical information is known to the platform in
real time. All converted MPRs are destroyed.
Token Exchange rate = 20% Reserved MEP token pool / total application of conversion MPR.
The validity period of the MPR is 24 months of acquisition and settlement is one month. The meaning of the
validity period is to foster a healthy medical service ecosystem, encourage continued use of the platform, and
prevent unnecessary password inflation due to MPR sleep accounts.
Medipedia whitepaper
page 33Medipedia. all rights reserved.
Accurate information related to the sale of tokens will be announced through the following media:
- Website http://medipedia.io
- Facebook https://www.facebook.com/medipediakr
- Twitter https://twitter.com/Medipedia_io_en
- Telegram t.me/medipediaofficial
4.3 Token Generation EventMedipedia's token (MEP) issue is designed to support the development of the Medipedia platform and the crea-
tion of a medical service ecosystem using Ethereum (ETH). Participants will be able to take part using Ethereum
(ETH), Bitcoin (BTC), or Litecoin (LTC). The exact exchange rate of each cryptocurrency is determined by the
market value at the time of purchase. The token paid to participants in a token generation event is approxi-
mately 50% of the total initial publication. About 20 percent of the total token launch is used for future Medipe-
dia development and about 20 percent for Medipedia team and 10 percent for advisors and early investors.
Medipedia TokenDistribution
20%Founding Team
10%Advisors andEarly Investors
50%Supporters(TGE participants)
12%BusinessDevelopment & Bounty
8%Platform R&D
Medipedia whitepaper
page 34Medipedia. all rights reserved.
4.3.1 Use of Funds
Funds raised through the ICO will be allocated for following purposes:
Use ofFunds
20%Platform Development
10%Operating &Wage Expenses
30%MarketingPromotion
5%AdministrationExpenses
5%Legal Expenses
10%Securities Deposit
20%Business Development and Partnership
Medipedia whitepaper
page 35Medipedia. all rights reserved.
5. Future RoadMap
5.1 Platform RoadmapThe major development plans for the Medipedia Platform are as follows.:
The Medipedia project starts form the publish of a first whitepaper in June 2018. The team enter second phase
with the release of Proof of Concept(PoC) and prototype platform on the website disclosing future blueprints
of Medipedia project. Website upgrade is done for the preparation of pre-sale which launches from 20th of
August 2018 00:00 GMT. The team also release updated version of whitepaper with technical modification to
develop complete medical tourism ecosystem platform. The ICO will be split into two rounds, 1st ICO will launch
8th of Octber 2018 00:00GMT and 2nd ICO will launch 12th of November 2018 00:00 GMT. During the pre-sale,
participants will receive 20% bonus and during the ICO, participants will receive 10% and 5% bonus, respectively.
The project enters third phase with Launch of Medipedia alpha version platform in March 2019. Alpha version
platform will cover matching and consultation system with 5 different medical department. Three month later
Beta version will be released with additional feature and medical department such as social media and inter-
pretation service. The Official version will launch in September 2019 and address all the features that have
address on the whitepaper to build complete medical tourism ecosystem.
Global expansion and release E-commerce market will occur during the fourth phase. Medipedia team has plan
to partner with global medical institutions to export Medipedia platform in Thailand and USA. E-commerce
market will help for medical institutions and pharmaceutical companies to sell their product for the patient
such as cosmetic product for dermatology.
PHASE 1 PHASE 2 PHASE 3 PHASE 4 PHASE 506. 2018- Publication of
Whitepaper Ver.01
07. 2018- PoC Release
- Prototype Platform Release- Website upgrade to Beta
03. 2019- Medipedia Alpha Ver. Platform release
(Matching & Consultation System)
1st quarter/2020- Preparation of
Medipedia global Expansion- Introducing E-commerce market (Dermatology, Cosmetic product)
1st quarter/2021- Establish Medical Blockchain Alliance
(Allow transaction of othertokens within alliance platform)
2nd quarter/2020- Launch Medipedia Global platform
(Thailand & USA)
08. 2018- Pre-Sale (20/08/2018 00:00 GMT)- Publication of Whitepaper Ver.02
06. 2019- Medipedia Beta Ver. Platform release
- (Supporting moremedical department)
- (Other service application(Social Media, Interpreter))
09. 2019- Medipedia Official Ver. Platform release
- (Supporting all department)- (Supporting more of
other service application (Insurance,medical alliance, travel service))
10. 2018- 1st ICO sale
(08/10/2018 00:00 GMT)
11. 2018- 2nd ICO sale
(12/11/2018 00:00 GMT)
Medipedia whitepaper
page 36Medipedia. all rights reserved.
Medipedia team has great vision to establish medical blockchain alliance. This is done through partnership with
various medical blockchain project. By doing this, Medipedia team will develop a system where MEP token can
be used other project platform. This creates greater liquidity and market capitalization of Medipedia project as
well as other medical blockchain project as well.
Publication of Whitepaper Ver.0106/2018PHASE 1
PHASE 2 PoC ReleasePrototype Platform ReleaseWebsite upgrade to Beta
07/2018
PHASE 3 Medipedia Alpha Ver. Platform releaseMatching & Consultation SystemSupporting 5 medical department(plastic surgeons, comprehensive screenings, dental groups, OBGYN, Ophthalmology)
03/2019
PHASE 4 Preparation of Medipedia global expansionIntroducing E-commerce market (Dermatology, Cosmetic product)
1st quarter/2020
PHASE 5 Establish Medical Blockchain Alliance(Allow transaction of other tokens within alliance platform)
1st quarter/2021
Launch Medipedia Global platform(Thailand & USA)
2nd quarter/2020
Medipedia Beta Ver. Platform releaseSupporting more medical departmentOther service application (Social Media, Interpreter)
06/2019
Medipedia Official Ver Platform releaseSupporting all departmentSupporting more of other service application(Insurance, medical alliance, travel service)
09/2019
Pre-Sale - 20/08/2018 00:00 GMTPublication of Whitepaper Ver.02
08/2018
1st ICO sale - 08/10/2018 00:00 GMT10/2018
2nd ICO sale - 12/11/2018 00:00 GMT11/2018
Medipedia whitepaper
page 37Medipedia. all rights reserved.
6. Teams & Advisors
6.1 Management Team
- More than 9 years of experience in software development and blockchain development
- Developed Distributed systems, RESTful architectures and scalable, low-latency systems that provide high availability of applications for investment banks such as Barclays, HSBC and BNY Mellon
- M.Sc in Information Technology and Management at Symbiosis International University
- B.Sc in Information Technology atRavenshaw University
- Chief Operating Officer- Chief Technology Officer - Chief Community Manager
- Vice President at TS BIO
- Worked for Medison, Hanbyul Medi Tech, BHL, KMH, Celltrap
- In charge of 2 more projects as community manager
- B.A in Business and English
- Worked for DSME inBusiness dpt and Samsung
- B.A in Architectures atHanyang University
Taeyong Kim- Co-Founder & Chief Executive Officer
- Worked for Citibank, Amazon, WeissBeerger
- M.B.A at University of Michigan
- M.S in Business Analytics atPurdue University
- B.A in Applied Statistics atYonsei University
Lingraj Mahanand Kyoung Sik Ban Yerim Cha
- Co-Founder & Chief Financial Officer
- Worked for KPMG
- CPA Australia (Ass)
- M. Fin at University of Melbourne
- B. Com in Accounting and Finance at University of Melbourne
Yun Seob Lucas Kim
Medipedia whitepaper
page 38Medipedia. all rights reserved.
6. Teams & Advisors
6.2 Advisors & Partners
- Hospital director at Miso Medical Clinic
- Adjunct Professor at Eulji University Hospital
- Member of the Korean Association of Internal Medicine / the study of the Liver
- Member of the Korean Society of Gastrointestinal Endoscopy
- Member of the Korean Endocrine Society
- Member of the Korean Diabetes Association
- Member of the Korean Society ofClinical Chemistry
- M.D Internal Medicine Specialist
Dong Ho Kim- Hospital director at
Mirpia Women’s Hospital
- Adjunct Professor at Chosun University Hospital
- Adjunct Professor at Muan Hospital
- Former Hospital director atGwangju Pyeonghwa Women’s Clinic
- Member of the Korean Society of Obstetrics and Gynecology
- M.D Obstetrics Specialist
- M.D Obstetrics Specialist
- M.D Mental Health Specialist
- Hospital director atCheongna Women’s Hospital
- Adjunct Professor atGacheon University Gil Medical Center
- Member of the Korean Society of Obstetrics and Gynecology
- The managing partner ofRessos Legal Pte. Ltd.
- An international corporate and tax lawyer practising in both Singapore and Hong Kong
- Dr. Ressos has extensive experience in advising ICO clients
- Member of the Korean Society of Perinatology
- Member of the Korean Society of Gynecologic Endoscopy and Minimally Invasive Surgery
- Member of the Korean Society of Gynecologic Oncology
- Hospital Director atDasarang Alcohol Hospital
- Board of directors ofthe Medical Association of Gwangju
- Chairman of the Committee forBasic Mental Health and Evaluation
- Director of the Korean Academy of Addiction Psychiatry
- Adjunct Professor atChosun University Medical School
- Auditor of alumni association and scholarship foundation of Chosun University Medical School
- Counsellor of the driver's license test board of the Cheon-Nam NationalPolice Agency
Seong Un Jeong Moon Seong Son
- Marketing Advisor
- Chief Marketing Officer atInternxt where he oversees the entire marketing efforts. He also has been a content writer for several big projects such as: Snovio and Bitcoin Cash (Bitcoin.com).His unique experience and involvement in the crypto community makes his skill set extremely valuable for Mediapedia.
Conor Doyle Alexander Ressos
In Bok Hwang
Medipedia whitepaper
page 39Medipedia. all rights reserved.
1
7. Reference
‘A study on Analysis and Development of Curriculum for Departments of medical Tourism Based on Industry Needs, 2016. [Internet]. Available: http://www.sersc.org/journals/AJMAHS/vol6_no10_2016/9.pdf,
2 ‘The Effect of Service Quality during Medical Tour of Chinese on the Satisfac-tion and Revisit Intention’, 2017. [Internet]. Available: http://www.paper-search.net/thesis/article.asp?key=3568569
3 ‘An Analysis of the Importance-Satisfaction of Convergent Medical Tourism Service Quality, 2015. [Internet]. Available: http://www.earticle.net/Arti-cle.aspx?sn=251006
4 Deloitte. “2017 global health care sector outlook”, 2017. [Internet]. Available: https://www2.deloitte.com/global/en/pages/life-scienc-es-and-healthcare/articles/global-health-care-sector-outl ook.html
5 Korean Medical Tourism Marketing 2016, Jeong CS (한국�의료관광�마케팅 2016, 정찬수) [Internet]. Available:
6 Density of physicians (total number per 1000 population, latest available year),2018. [Internet]. Available: http://www.who.int/gho/health_work-force/physicians_density/en/
7 Medical Tourism Global Market and Figures 2018, Ian Youngman, 2018, [Internet]. Available: https://www.researchandmarkets.com/re-ports/4519223/medical-tourism-global-market-and-figures-2018
8 Smartphone application, Goodoc, 2018. [internet]. Available: https://www.-goodoc.co.kr/themes?category_id=223&list_open=1&selected=1
9 Sanitary cleaning incident Gastroscope, 2006, [Internet]. Available: http://news.joins.com/article/2406525
Medipedia whitepaper
page 40Medipedia. all rights reserved.
10
7. Reference
The Problem of Rarity: Estimation of Prevalence in Rare Disease, 2018 [Inter-net]. Available: https://www.valueinhealthjournal.com/arti-cle/S1098-3015(18)30272-9/abstract
11 Summary of the HIPAA Security Rule [Interent]. 2018. Availablet: https://ww-w.hhs.gov/hipaa/for-professionals/security/laws-regulations/index.html
12 External user credential system, travel business certificate, 2018 [Internet]. Available: http://www.mcst.go.kr/usr/minwon/eMinwon/formatCivil/format-Civil/formatView.jsp?pSeq=23&pCmd=VIEW
13 Interpretation service credential system, interpreter license, 2018 [Internet]. Available: http://www.kotga.or.kr/guide/certificate.php
14 Interpretation service credential system, foreign language certificate, 2018 [internet]. Available: http://license.korcham.net/kor/license/guide.-jsp?cd=0403&mm=52
15 Ethereum [Internet]. Available:https://www.ethereum.org/
16 Quantum [Internet]. Available: https://www.quantumproject.org/
17 EOS [Internet]. Available: https://eos.io/
18 InterPlanetary File System(IPFS) [Internet]. Available: https://ipfs.io/
Medipedia whitepaper
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19
7. Reference
JCI (Joint Commision International) Accreditation Program, 2018. [Internet]. Available: https://www.jointcommissioninternational.org/achieve-accredi-tation/;
20 Accreditation Program for Healthcare Organization, 2018. [Internet]. Availa-ble: https://www.koiha.or.kr/member/en/contents/ensub02/ensub-02_01_01.do
21 Anonymous Indorsement Protocol, Indorse.Decentralized Professional Network, 2018. [Internet] Available: https://indorse.io
22 Intel Software Guard Extensions(SGX), 2017 [Internet]. Available: https://soft-ware.intel.com/en-us/node/708921
23 ERC 20 Token Standard - The Ethereum Wiki, 2018 [Internet]. Available: https://theethereum.wiki/w/index.php/ERC20_Token_Standard
24 Cryptocurrency inflation - Let's look at coin inflation, 2017.[Internet]. Availa-ble: https://steemit.com/kr/@maa/let-s-look-at-coin-inflation
25 Storj, [Internet] Available: https://storj.io/
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8. DisclaimerIMPORTANT NOTICEPLEASE READ THIS SECTION AND THE FOLLOWING SECTIONS ENTITLED "DISCLAIMER OF LIABILITY", "NO REPRESENTATIONS AND WARRANTIES", "REPRESENTATIONS AND WARRANTIES BY YOU", "CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS", "MARKET AND INDUSTRY INFORMATION AND NO CONSENT OF OTHER PERSONS", "NO ADVICE", "NO FURTHER INFORMATION OR UPDATE", "RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION", "NO OFFER OF SECURITIES OR REGISTRATION" AND "RISKS AND UNCERTAINTIES" CAREFULLY.
IF YOU ARE IN ANY DOUBT AS TO THE ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINAN-CIAL, TAX OR OTHER PROFESSIONAL ADVISOR(S).
To the maximum extent permitted by the applicable laws, regulations and rules, Medipedia and/or the Distributor shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (includ-ing but not limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of or reliance on this Whitepaper or any part thereof by you.
A. DISCLAIMER OF LIABILITY
Medipedia and/or the Distributor does not make or purport to make, and hereby disclaims, any representation, warranty or undertaking in any form whatsoever to any entity or person, including any representation, warranty or undertaking in relation to the truth, accuracy and completeness of any of the information set out in this Whitepaper.
B. NO REPRESENTATIONS AND WARRANTIES
The Mediapedia Tokens ("MEP"/the "tokens") are not intended to constitute securities in any jurisdiction. This Whitepaper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investment in securities in any jurisdiction.This Whitepaper does not constitute or form part of any opinion on any advice to sell, or any solicitation of any offer by Medipedia SG Pte. Ltd. ("Medipedia") or Maru Foundation Ltd. (“Maru”) or the distributor/vendor of the MEP tokens (the "Distributor") to purchase any MEP tokens nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision. The Distributor will be an affiliate of Medipedia, and will deploy all proceeds of sale of the MEP tokens to fund the cryptocurrency project, businesses and operations of both Medipedia and its affiliated entities.No person is bound to enter into any contract or binding legal commitment in relation to the sale and purchase of the MEP tokens and no cryptocurrency or other form of payment is to be accepted on the basis of this Whitepaper.Any agreement as between the Distributor and you as a purchaser, and in relation to any sale and purchase, of MEP tokens (as referred to in this Whitepaper) is to be governed by only a separate document setting out the terms and conditions (the "T&Cs") of such agreement. In the event of any inconsistencies between the T&Cs and this Whitepaper, the former shall prevail.You are not eligible and you are not to purchase any MEP tokens in the Medipedia Initial Coin Offering (as referred to in this Whitepaper) if you are a citizen, resident (tax or otherwise) or green card holder of the United States of America or a citizen.No regulatory authority has examined or approved of any of the information set out in this Whitepaper. No such action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of this Whitepaper does not imply that the applicable laws, regulatory requirements or rules have been complied with.There are risks and uncertainties associated with Medipedia and/or the Distributor and their respective businesses and operations, the MEP tokens, the Medipedia Initial Coin Offering and any Medipedia Wallet (each as referred to in this White-paper).This Whitepaper, any part thereof and any copy thereof must not be taken or transmitted to any country where distribution or dissemination of this Whitepaper is prohibited or restricted.No part of this Whitepaper is to be reproduced, distributed or disseminated without including this section and the following sections entitled "Disclaimer of Liability", "No Representations and Warranties", "Representations and Warranties By You", "Cautionary Note On Forward-Looking Statements", "Market and Industry Information and No Consent of Other Persons", "Terms Used", "No Advice", "No Further Information or Update", "Restrictions On Distribution and Dissemination", "No Offer of Securities Or Registration" and "Risks and Uncertainties".
Medipedia whitepaper
page 43Medipedia. all rights reserved.
By accessing and/or accepting possession of any information in this Whitepaper or such part thereof (as the case may be), you represent and warrant to Medipedia and/or the Distributor as follows:
you agree and acknowledge that the MEP tokens do not constitute securities in any form in any jurisdiction;(a)
you agree and acknowledge that this Whitepaper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities in any jurisdiction or a solicitation for investment in securities and you are not bound to enter into any contract or binding legal commitment and no cryptocurrency or other form of payment is to be accepted on the basis of this Whitepaper;
(b)
you agree and acknowledge that no regulatory authority has examined or approved of the information set out in this Whitepaper, no action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction and the publication, distribution or dissemination of this Whitepaper to you does not imply that the applicable laws, regulatory requirements or rules have been complied with;
(c)
you agree and acknowledge that this Whitepaper, the undertaking and/or the completion of the Medipedia Initial Coin Offering, or future trading of the MEP tokens on any cryptocurrency exchange, shall not be construed, interpreted or deemed by you as an indication of the merits of the Medipedia and/or the Distributor, the MEP tokens, the Medipedia Initial Coin Offering and any Medipedia Wallet (each as referred to in this Whitepaper);
(d)
the distribution or dissemination of this Whitepaper, any part thereof or any copy thereof, or acceptance of the same by you, is not prohibited or restricted by the applicable laws, regulations or rules in your jurisdiction, and where any restrictions in relation to possession are applicable, you have observed and complied with all such restrictions at your own expense and without liability to Medipedia and/or the Distributor;
(e)
you agree and acknowledge that in the case where you wish to purchase any MEP tokens, the MEP tokens are not to be construed, interpreted, classified or treated as:
(f)
you are fully aware of and understand that you are not eligible to purchase any MEP tokens if you are a citizen, resident (tax or otherwise) or green card holder of the United States of America or a citizen or resident of the Repub-lic of Singapore;
(g)
you have a basic degree of understanding of the operation, functionality, usage, storage, transmission mechanisms and other material characteristics of cryptocurrencies, blockchain-based software systems, cryptocurrency wallets or other related token storage mechanisms, blockchain technology and smart contract technology;
(h)
you are fully aware and understand that in the case where you wish to purchase any MEP tokens, there are risks associated with Medipedia and the Distributor and their respective business and operations, the MEP tokens, the Medipedia Initial Coin Offering and any Medipedia Wallet (each as referred to in the Whitepaper);
(i)
you agree and acknowledge that neither Medipedia nor the Distributor is liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including but not limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of or reliance on this Whitepaper or any part thereof by you; and
(j)
you agree and acknowledge that neither Medipedia nor the Distributor is liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including but not limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of or reliance on this Whitepaper or any part thereof by you; and
(j)
all of the above representations and warranties are true, complete, accurate and nonmisleading from the time of your access to and/or acceptance of possession this Whitepaper or such part thereof (as the case may be).
(k)
any kind of currency other than cryptocurrency;(i)debentures, stocks or shares issued by any person or entity (whether Medipedia and/or the Distributor)(ii)rights, options or derivatives in respect of such debentures, stocks or shares;(iii)
units in a collective investment scheme;(v)units in a business trust;(vi)derivatives of units in a business trust; or(vii)any other security or class of securities.(viii)
rights under a contract for differences or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss;
(iv)
C. REPRESENTATIONS AND WARRANTIES BY YOU
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page 44Medipedia. all rights reserved.
changes in political, social, economic and stock or cryptocurrency market conditions, and the regulatory environ-ment in the countries in which Medipedia and/or the Distributor conducts its respective businesses and operations;
(a)
the risk that Medipedia and/or the Distributor may be unable or execute or implement their respective business strategies and future plans;
(b)
changes in interest rates and exchange rates of fiat currencies and cryptocurrencies;(c)
changes in the anticipated growth strategies and expected internal growth of Medipedia and/or the Distributor;(d)
changes in the availability and fees payable to Medipedia and/or the Distributor in connection with their respective businesses and operations;
(e)
changes in the availability and salaries of employees who are required by Medipedia and/or the Distributor to operate their respective businesses and operations;
(f)
changes in preferences of customers of Medipedia and/or the Distributor;(g)
changes in competitive conditions under which Medipedia and/or the Distributor operate, and the ability of Medipe-dia and/or the Distributor to compete under such conditions;
(h)
changes in the future capital needs of Medipedia and/or the Distributor and the availability of financing and capital to fund such needs;
(i)
war or acts of international or domestic terrorism;(j)
occurrences of catastrophic events, natural disasters and acts of God that affect the businesses and/or operations of Medipedia and/or the Distributor;
(k)
other factors beyond the control of Medipedia and/or the Distributor; and(l)
any risk and uncertainties associated with Medipedia and/or the Distributor and their businesses and operations, the MEP tokens, the Medipedia Initial Coin Offering and any Medipedia Wallet (each as referred to in the Whitepaper).
(m)
All statements contained in this Whitepaper, statements made in press releases or in any place accessible by the public and oral statements that may be made by Medipedia and/or the Distributor or their respective directors, executive officers or employees acting on behalf of Medipedia or the Distributor (as the case may be), that are not statements of historical fact, constitute "forward-looking statements". Some of these statements can be identified by forward-looking terms such as "aim", "target", "anticipate", "believe", "could", "estimate", "expect", "if", "intend", "may", "plan", "possible", "probable", "project", "should", "would", "will" or other similar terms. However, these terms are not the exclusive means of identifying forward-looking statements. All statements regarding Medipedia’s and/or the Distributor’s financial position, business strategies, plans and prospects and the future prospects of the industry which Medipedia and/or the Distributor is in are forward-looking statements. These forward-looking statements, including but not limited to statements as to Medipedia’s and/or the Distributor’s revenue and profitability, prospects, future plans, other expected industry trends and other matters discussed in this Whitepaper regarding Medipedia and/or the Distributor are matters that are not historic facts, but only predictions.These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual future results, performance or achievements of Medipedia and/or the Distributor to be materially different from any future results, performance or achievements expected, expressed or implied by such forward-looking statements. These factors include, amongst others:
All forward-looking statements made by or attributable to Medipedia and/or the Distributor or persons acting on behalf of Medipedia and/or the Distributor are expressly qualified in their entirety by such factors. Given that risks and uncertainties that may cause the actual future results, performance or achievements of Medipedia and/or the Distributor to be materially different from that expected, expressed or implied by the forward-looking statements in this Whitepaper, undue reliance must not be placed on these statements. These forward-looking statements are applicable only as of the date of this White-paper.Neither Medipedia, the Distributor nor any other person represents, warrants and/or undertakes that the actual future results, performance or achievements of Medipedia and/or the Distributor will be as discussed in those forward-looking
D. CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS
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page 45Medipedia. all rights reserved.
This Whitepaper includes market and industry information and forecasts that have been obtained from internal surveys, reports and studies, where appropriate, as well as market research, publicly available information and industry publications. Such surveys, reports, studies, market research, publicly available information and publications generally state that the information that they contain has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such included information.Save for Medipedia, the Distributor and their respective directors, executive officers and employees, no person has provid-ed his or her consent to the inclusion of his or her name and/or other information attributed or perceived to be attributed to such person in connection therewith in this Whitepaper and no representation, warranty or undertaking is or purported to be provided as to the accuracy or completeness of such information by such person and such persons shall not be obliged to provide any updates on the same.While Medipedia and/or the Distributor have taken reasonable actions to ensure that the information is extracted accurate-ly and in its proper context, Medipedia and/or the Distributor have not conducted any independent review of the informa-tion extracted from third party sources, verified the accuracy or completeness of such information or ascertained the underlying economic assumptions relied upon therein. Consequently, neither Medipedia, the Distributor, nor their respec-tive directors, executive officers and employees acting on their behalf makes any representation or warranty as to the accuracy or completeness of such information and shall not be obliged to provide any updates on the same.
E. MARKET AND INDUSTRY INFORMATION AND NO CONSENT OF OTHER PERSONS
To facilitate a better understanding of the MEP tokens being offered for purchase by the Distributor, and the businesses and operations of Medipedia and/or the Distributor, certain technical terms and abbreviations, as well as, in certain instanc-es, their descriptions, have been used in this Whitepaper. These descriptions and assigned meanings should not be treated as being definitive of their meanings and may not correspond to standard industry meanings or usage.Words importing the singular shall, where applicable, include the plural and vice versa and words importing the masculine gender shall, where applicable, include the feminine and neuter genders and vice versa. References to persons shall include corporations.
F. TERMS USED
No information in this Whitepaper should be considered to be business, legal, financial or tax advice regarding Medipedia, the Distributor, the MEP tokens, the Medipedia Initial Coin Offering and any Medipedia Wallet (each as referred to in the Whitepaper). You should consult your own legal, financial, tax or other professional adviser regarding Medipedia and/or the Distributor and their respective businesses and operations, the MEP tokens, the Medipedia Initial Coin Offering and any Medipedia Wallet (each as referred to in the Whitepaper). You should be aware that you may be required to bear the finan-cial risk of any purchase of MEP tokens for an indefinite period of time.
G. NO ADVICE
No person has been or is authorised to give any information or representation not contained in this Whitepaper in connec-tion with Medipedia and/or the Distributor and their respective businesses and operations, the MEP tokens, the Medipedia Initial Coin Offering and any Medipedia Wallet (each as referred to in the Whitepaper) and, if given, such information or representation must not be relied upon as having been authorised by or on behalf of Medipedia and/or the Distributor. The Medipedia Initial Coin Offering (as referred to in the Whitepaper) shall not, under any circumstances, constitute a continu-ing representation or create any suggestion or implication that there has been no change, or development reasonably likely to involve a material change in the affairs, conditions and prospects of Medipedia and/or the Distributor or in any statement of fact or information contained in this Whitepaper since the date hereof.
H. NO FURTHER INFORMATION OR UPDATE
The distribution or dissemination of this Whitepaper or any part thereof may be prohibited or restricted by the laws, regula-tory requirements and rules of any jurisdiction. In the case where any restriction applies, you are to inform yourself about, and to observe, any restrictions which are applicable to your possession of this Whitepaper or such part thereof (as the case may be) at your own expense and without liability to Medipedia and/or the Distributor.
I. RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION
statements. The actual results, performance or achievements of Medipedia and/or the Distributor may differ materially from those anticipated in these forwardlooking statements.Nothing contained in this Whitepaper is or may be relied upon as a promise, representation or undertaking as to the future performance or policies of Medipedia and/or the Distributor.Further, Medipedia and/or the Distributor disclaim any responsibility to update any of those forwardlooking statements or publicly announce any revisions to those forward-looking statements to reflect future developments, events or circumstanc-es, even if new information becomes available or other events occur in the future.
Medipedia whitepaper
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This Whitepaper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investment in securities in any jurisdiction. No person is bound to enter into any contract or binding legal commitment and no cryptocurrency or other form of payment is to be accepted on the basis of this White-paper. Any agreement in relation to any sale and purchase of MEP tokens (as referred to in this Whitepaper) is to be governed by only the T&Cs of such agreement and no other document. In the event of any inconsistencies between the T&Cs and this Whitepaper, the former shall prevail.You are not eligible to purchase any MEP tokens in the Medipedia Initial Coin Offering (as referred to in this Whitepaper) if you are a citizen, resident (tax or otherwise) or green card holder of the United States of America or a citizen or resident of the Republic of Singapore.No regulatory authority has examined or approved of any of the information set out in this Whitepaper. No such action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of this Whitepaper does not imply that the applicable laws, regulatory requirements or rules have been complied with.
J. NO OFFER OF SECURITIES OR REGISTRATION
Prospective purchasers of MEP tokens (as referred to in this Whitepaper) should carefully consider and evaluate all risks and uncertainties associated with Medipedia, the Distributor and their respective businesses and operations, the MEP tokens, the Medipedia Initial Coin Offering and any Medipedia Wallet (each as referred to in the Whitepaper), all information set out in this Whitepaper and the T&Cs prior to any purchase of MEP tokens. If any of such risks and uncertainties develops into actual events, the business, financial condition, results of operations and prospects of Medipedia and/or the Distributor could be materially and adversely affected. In such cases, you may lose all or part of the value of the MEP tokens.
K. RISKS AND UNCERTAINTIES
Persons to whom a copy of this Whitepaper has been distributed or disseminated, provided access to or who otherwise have the Whitepaper in their possession shall not circulate it to any other persons, reproduce or otherwise distribute this Whitepaper or any information contained herein for any purpose whatsoever nor permit or cause the same to occur.
Medipedia whitepaper
page 47Medipedia. all rights reserved.