Health is a major concern for everyone. When we fall sick, we take medicines to become healthy again. However, not everyone can afford to buy these medications when they fall sick. This is caused due to their high prices. The manufacturing cost is miniscule compared to the retail cost.
However, it is the additional cost of transportation and the availability of research data that lead to the high prices of the drugs. Due to the inefficient communication methods used, there is also a considerable amount of delay in the release of a particular drug to the general public. Hence, the idea for ClinTex project came into existence.
ClinTex is blockchain project that uses the Ethereum blockchain in order to revolutionize the medicinal drug market. ClinTex aims at achieving this feat by using a combination of the public Ethereum blockchain, a private blockchain as well as seven different DApps.
The seven DApps that are used to serve different purposes. From Clinical Data Visualizations to Vendor management, these DApps help increase the project’s functionality. Let us now have a detailed look at how this platform functions.
As discussed earlier, the project mainly runs on the Ethereum blockchain. This is due to the various perks that come along with it. The blockchain acts as the best ledger to store all the data related to the various clinical trials. The best part is that it is an immutable ledger. Thus, any alterations in data will be flagged on the blockchain to increase the transparency and the availability of data.
The platform also uses AI technology in order to predict the time of completion and other such information. This data will also be stored on the blockchain in order to make sure that everyone is aware of it. This accurate prediction also helps to eradicate the extra costs due to the overrun of the deadline for a particular drug.
The combination of the AI and blockchain technology is like icing on a cake and will definitely help reduce millions of dollars of cost due to precise prediction. This will then be sent to the patients in need so that they can live a healthier life.
In order to use the ClinTex platform, users need to get their hands on the ClinTex tokens.
ClinTex CLX Token:
The ClinTex token is an ERC20 token based on the Ethereum blockchain. It is a utility token that is used to access the various functions of the ClinTex platform. Based on the user’s Clintex token balance in their wallet, users will be given different level of access to the ClinTex database. This minimum balance will be determined prior to the launch of the platform. Alternatively, these tokens will also be used as a mode of payment for various investigators, DApps and third-party vendors on the platform.
To the users: The platform offers a major upgrade to its users from the existing medicine market. The release of new drugs to combat new diseases will be quicker and the drug itself will also cost lower.
To the researchers: The data from various clinical trials will be available faster.
This means that researchers will have access to all the clinical trials at their fingertips at all times and they can use these findings in order to reduce the time taken to do another clinical trial.
ClinTex is a very ambitious project with the sense of helping everyone around the world. The medical industry is currently very inefficient and by using the two break-through technologies such as the AI and blockchain technology will certainly help the cause. With such great use-case, this will definitely resonate in the minds of many and will help create a better world.
Visit Clintex website for more information: https://www.clintex.io/