BlockMedX MDX: Decentralized Medical Prescription Blockchain?

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.

Using the Ethereum blockchain system and a cryptocurrency token, BlockMedx.com is proposing a solution for transmitting DEA Controlled Drug prescriptions from physicians to pharmacies.

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,235FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today