The opioid epidemic was declared a national emergency in the USA only in August 2017 and one of the many problems is an antiquated system of prescribing controlled medication.
What is BlockMedx MDX?
BlockMedx MDX aims to be an e-prescribing platform which is going to provide secure transmission of medical prescriptions. The system will include an entire universal history of opioid prescriptions for patients, pharmacists, and providers, and incentives to reduce overprescribing and prescription fraud.
Currently, one of the essential issues is the use of an antiquated system of prescribing controlled medications. This leads to prescriptions being easily altered in addition to difficulty monitoring patients and prescribers.
BlockMedx will build a secure and effective method for providers, pharmacists, and patient. Running on Ethereum, BlockMedx is using cryptographically secure, HIPAA (Health Insurance Portability and Accountability) compliant, an end-to-end prescribing system where prescriptions will be transmitted and recorded on the blockchain followed by the MDX token.
Each specific prescription is paired with a token, this way the prescriptions origin can be verified fast and secure. All participating parties (patients, physicians, pharmacies) will have a login to a website which has access to the created Ethereum blockchain.
Pharmacies and doctors will receive an Ethereum address, which is generated during their onboarding. This Ethereum address can interact with the smart contract and hold the MDX tokens which are required to issue prescriptions and payments. The platform will provide physicians, pharmacies, and patients with their MDX token balance and allow them to transfer them; comparable to existing cryptocurrency wallets.
BlockMedx will initially be developed to process the most highly controlled C-II prescriptions (drugs with a high potential for abuse). In the future, BlockMedx is planning to add further functionality with the goal to create a holistic system which can process every DEA class of prescription. BlockMedx intends to evolve to be a fully functional, full-service prescription platform running on the Ethereum blockchain.
BlockMedX MDX Token Details
The team around BlockMedx will issue 200,000,000 MDX tokens. No more than 200,000,000 MDX tokens will ever be created. Any tokens that will not be sold during the ICO process, will be burned. The ICO process will be starting in the third quarter of 2018. The token is using the Ethereum token standard (ERC20).
55% of the tokens will be made available to buyers during the public token sale. 25% will be retained for the core team and advisors. 20% will be kept by BlockMedx in order to facilitate pilot projects and further development. A predefined chunk of an MDX token will be paired with each prescription being transmitted on the BlockMedx network.
BlockMedX MDX Verdict
Adding an economic cost on sending prescriptions of highly controlled drugs will hopefully encourage physicians to limit their prescribing of these drugs to only patients who absolutely need them.
BlockMedx is aiming to, on one hand help to eliminate the opioid epidemic in the US using blockchain technology, on the other hand making it easier, secure and clear for doctors, pharmacies, and patients to keep track of medication use. The token sale is starting middle 2018 and it will be interesting to see how this idea will be adopted.