BlockRx is the world’s first blockchain initiative for the pharmaceutical industry. Find out how it works today in our BlockRx review.
What Is BlockRx?
BlockRx is a blockchain platform designed to push the pharmaceutical industry forward. The goal of BlockRx is to enhance the development of the drug supply chain and the creation of new drugs. Announced in February 2016, BlockRx wants to use the blockchain to verify methods, enhance transparency, and optimize the efficiency of the development process.
Overall, BlockRx claims their solution “will revolutionize the way pharma, patients and healthcare providers interact.”
Some of the key goals of BlockRx include to create new streams of revenue, reduce costs, and provide simple and secure access to client data. All of these features will improve patient outcomes, speed up clinical trials, and boost overall development along the drug supply chain.
The BlockRx pre-sale began in August, with the public sale scheduled for September 21.
How Does BlockRx Work?
BlockRx isn’t one single piece of technology. It’s a series of initiatives using blockchain technology. The technology was created by iSolve, and BlockRx uses iSolve’s Advanced Digital Ledger Technology, or ADLT.
The goal of these technologies is to interconnect systems that don’t readily communicate with each other. Along the way, BlockRx will create data provenance that satisfies regulatory and business requirements. BlockRx will focus on creating a network of trusted partners that are incentivized to participate in the blockchain ecosystem.
The BlockRx Token
The BlockRx ecosystem will revolve around the use of the BlockRx token. As mentioned above, all participants will be incentivized to spend or buy the token to participate in the ecosystem. Some of the benefits and uses of the BlockRx token include:
Patient Level Data:
The token will help manage data collected by the BlockRx Patient App. More information about the patient can be leveraged to better understand the patient and improve outcomes.
Time To Market:
Due to the integration of the BlockRx token, operational, administrative, and deployment time can be reduced to expedite business and regulatory processes.
The BlockRx token will be used by organizations to better integrate regulatory deliverables and submissions with enhanced functionality.
Decrease Operational Expenses:
The token will be used as a vehicle of exchange for data, which reduces operational expenditures and streamlines business operation.
The value of the token will rise as it’s utilized by members of the health care industry.
The BlockRx whitepaper provides a practical example for how the token could be used:
“…a pharmaceutical company manufacturing drugs within a multi-stage, multi-site environment deploys the BlockRx Pharma Ecosystem to provide visibility, traceability, and transparency across the drug supply chain with their trade partners. The manufacturer will be considered the Blockchain Host and maintain a Full Node.”
The token will be used to enhance global visibility and traceability by registering entries to the blockchain. Data provenance and distributed data also come into play to improve transparency of drug distribution and support inventory, recall, revenue forecasting, and regulatory compliance.
The BlockRx pre-sale is taking place throughout August, with the full public ICO scheduled for the end of September.
Who’s Behind BlockRx?
BlockRx is led by CEO Gordon Tampol, Chief Clinical Officer Darryl G Glover, Chief Financial Officer Kasia Piskorska, and Chief Technical Officer Carlos Sanchez.
The platform is being developed by iSolve, LLC. The development team and company are based in East Norriton, PA.
BlockRx aims to make the pharmaceutical industry more efficient through the use of blockchain technology. Thanks to BlockRx, pharmaceutical companies, patients, and other members of the drug supply chain can interact with one another in an immutable, decentralized environment. The blockchain and BlockRx technologies are being developed by iSolve, LLC.
The BlockRx token pre-sale is taking place throughout August, while the full sale will launch on September 21st at 11am EST. Stay tuned for more information and see how BlockRx wants to change the way pharmaceutical companies, patients, and healthcare providers interact.