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Iryo Network - ICO Review

Blockchain technology's potential to impact, change and improve almost every industry is becoming more apparent with every new breakthrough. While there are numerous projects competing to provide a solution to numerous different problems, this is generally a good thing for the industries themselves.

So far, blockchain has not gotten far in actually making the changes that it promises, mostly due to the industries' hesitation to actually turn to it and accept it. Therefore, most of these use cases remain theoretical. In some instances, blockchain cannot do much as it is since its technology is still considered too young and underdeveloped. However, as it continues maturing, the industries are likely to become more open towards accepting it, which is when the real changes will start to happen.

One of the industries that require change and improvement the most is the healthcare industry, which is rather unfortunate, considering its importance. But, while a lot of projects are concerned about different aspects of the industry, people often remember that patient's privacy is just as important factor as any other.

This is where blockchain especially shines, as it can provide patients with data ownership which they lacked thus far. This is generally considered to be a futuristic practice of the next generation of healthcare, but it is entirely possible and even easy with blockchain, and one of the projects that are working on making it a reality is called Iryo.

About Iryo

Iryo is among the first blockchain-based participatory healthcare economies. It was built around the idea of decentralizing access to medical records and giving the ownership of the data back to the patients themselves. This is the next-gen of healthcare, which can be brought by standardizing health-related data, in combination with zero-knowledge encryption.

There are several problems with the way patient data is currently stored and distributed. First of all, it is owned by healthcare institutions and only specific ones. In other words, if a patient tries to go to a different institution, they would not be able to access the data via the traditional internet.

This is extremely inefficient, and many find it to be unacceptable, considering how far technology has advanced. However, it is impossible to bring this data to the internet and keep it completely safe from theft. At least, it was impossible, until blockchain technology.

With its ability to store massive amounts of data, patient records can easily be uploaded and encrypted. With the decryption key in hand, the patient would be the only one who can decide who gets to view their data, and how much of it. So, while the data will be universally acceptable, it will also be safe, and thanks to blockchain immutability, it will even be resistant to meddling, counterfeiting, and alike. Like most other blockchain projects, however, this one will also require its own cryptocurrency that will fuel the platform.

Iryo ICO details

In order to make its platform work, Iryo is planning to hold an ICO that will sell its IRYO token — a utility developed on EOS's network. The project did not announce the time and date of the ICO, but it is known that it will accept ETH and EOS coins and that the minimum investment will be 1 ETH, once the ICO actually starts.

They also announced that their soft cap would be $8 million, while the hard cap will be $26 million. The project itself was registered in Slovenia, with three restricted areas listed so far — the US, China, and South Korea. Others are welcome to join, provided that they go through Whitelist and KYC procedures.

Author: Ali Raza for Crypto-Rating.com

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Iryo Network
StartJuly 1, 2019
EndSeptember 30, 2019

Iryo Network doesn't offer anything which we haven't already seen. Over the years that I've been into crypto, I came across a number of blockchain project that tried to conquer the medical niche, but to no avail. These people need to understand that this industry is way too conservative and regulated for such progressive technology. Perhaps Iryo Network could be applied in private clinics, the management of which keeps an open mind towards these ideas, though it has no chance of reaching at least the European scale.

le0nard0   September 7, 2019  

However, the team doesn't seem to have a lot of medical experience by itself, which it appears to be trying to hide by listing its numerous advisors first. The advisors themselves are good, and the team knows what it is doing as far as tech goes.

UncleSam   August 26, 2019  

Their MVP is also missing at this point as well, essentially degrading the project to the state of a simple idea. As such, many believe that it will be hard for this project to reach even its soft cap of $8 million, which might be a bit too high, considering that the company is still in the early stages.

nephewBenz   August 24, 2019  

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