The MedXchange platform is designed as a global marketplace for the medical supplies industry, which is worth over USD 340 billion. A team of career professionals in the medical devices industry is developing this project. Besides that, this team is composed of business and academic experts, specialists of the blockchain technology, doctors, and regulatory experts. Collectively, these experts have hundreds of years of experience between them.
They have a commitment to democratize the global medical supplies sector. The project is based on the blockchain. Its aims at getting rid of intermediaries in the ecosystem, thus making it more efficient. This platform will ensure that there is an efficient and secure exchange of medical devices on a global scale. The result is that patient and insurance costs will drop significantly.
While the system will first focus on medical devices, it will be flexible and scalable enough to focus on other categories of the health care system. This will include laboratory equipment, pharmaceuticals, and medical services. The platform will initially be backed by innovative use cases combined with their own crypto mining activities.
What is MedExchange
The blockchain-based platform is intended to democratize the medical devices sector globally. Transactions on this platform will take place via MedCash (MEDCASH), which is an ERC20 token. The token will make it possible to conduct transactions globally.
Why it Matters
In the US and across the world, the medical devices sector is under a lot of financial distress. Many countries globally face a growing cost of medical devices and healthcare. In the US and many other places, the cost reduction measures include creating price caps, cutting down reimbursement rates, limiting money available for medical devices, implementing mandatory prices reductions, and much more. With the rising costs, having a secure solution that ensures transparency and cost-cutting will have a major impact.
How Will MEDCASH Work?
The MedXchange platform aims to facilitate a secure global exchange platform in the medical devices sector. Via the platform, they hope to be able to democratize about $340 billion of the medical devices sector. By 2020, the sector is estimated to be worth about $435 billion.
Due to how sensitive the medical devices are, the current blockchain distributed systems cannot adequately meet the needs of this project. That is why various experts came together to create a blockchain system, which is able to maintain data integrity and encryption. Besides that, they also want to create a proper validation system that ensures miners that run this network are compliant with the law.
This platform is a dual system that uses the blockchain protocol to complete transactions, confirming identities, and running smart contracts. For data storage, this platform is going to utilize a Distributed Hash Table (DHT). The blockchain utilized in this project is going to be based on the Ethereum blockchain. It will begin with proof of stake and will govern the data storage centers. The ICO started on April 1 and will end on May 31 or when the hard cap is achieved.