BlockMedx: A Solution to the Prescription Drug Abuse Crisis
A Blockchain and Smart Contract Solution to the Global Prescription Drug Abuse Crisis
One of the biggest public health problems of the 21st century is prescription drug abuse. In the US alone, the American Society of Addiction Medicine indicates in a report that accidental deaths are mostly caused by drug overdose. This is why BlockMedx seeks to be the world’s first end-to-end solution for distributing DEA-controlled drug prescriptions with a secure Ethereum blockchain supply chain, from the physician to the pharmacies. In addition, BlockMedx boasts of being the only HIPAA compliant service that also features closed-end cryptographic security.
With a cryptographic security feature, prescriptions can be sent as tamper-proof, over its blockchain network. It will also come with an identity feature that will help eradicate the issues of forged prescriptions, over-prescribing or duplicates. Furthermore, the MDX token will be a utility for fast, transparent and reliable payments at the pharmacy or the doctor’s office.
Why BlockMedX Is Important
There are over 1000 Americans being admitted every day to emergency rooms as a result of opioid prescription abuse. In fact, since the late 90s, up to August 10th 2017 when opioid epidemic became a national emergency, there hves been many lives lost. 2016 was the highest on record, with an all-time high of prescription drug-related deaths. This is why BlockMedx is providing physicians, patients and caregivers a reliable, secure and HIPPA compliant method for controlling prescription drug supplies.
How Does BlockMedx Work?
Well, BlockMedx plans to change the prescription of opioids by establishing an innovative and secure platform for patients, healthcare providers and pharmacists. It is a platform built on the Ethereum Blockchain to be HIPAA compliant while also maintaining cryptographic security that will restore complete authority and control to prescribers. It hopes to record and transmit prescriptions on its secure platform with its MDX tokens.
How the Token Works
Each prescription will be paired to a token, thus securely verifying the origin of the prescriptions to achieve easy traceability of the token’s journey. According to BlockMedx, the maximum amount of tokens available is 200 million. The tokens are set go on a public token sale in the third quarter of 2018.
Apart from being a utility for sending prescriptions in a safe and traceable manner, the token will also be used as a cryptocurrency for payment on prescriptions, and other transactional payments on the platform.
Eventually BlockMedx is looking to eliminate prescription fraud by establishing a trustless smart contract and blockchain system, that will not only make work easy for involved stakeholders, but also save lives in the long run.
Do you think BlockMedx will be the solution to the opioid crisis that the world is currently facing? Share your thought in the comment section below!