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Tuesday, September 4, 2018

ClinTex ICO: Pharmaceutical intelligence on the blockchain...

When it comes to launching products that require comprehensive testing, clinical trials, and extensive oversight, status quo systems are notoriously inefficient. For new medicines, testing can enter the billion dollar range, which drives up costs that inevitably fall upon the consumer and insurance companies. The pharmaceutical industry has been grappling with this problem for decades.

ClinTex is creating an Ethereum-based network meant to streamline the clinical trial process. They aim to build a decentralized platform incorporating predictive analysis and machine learning to bring new medicines to market faster, safer, and in the most optimized way yet.

According to ClinTex, the problems of the current system are many. Inefficiencies are often discovered and addressed after they occur. Patient recruitment is inefficient, which wastes time and resources. Data is regularly incomplete and implausible which leads to trial failures. Finally, miscommunication with doctors and vendors leads to detrimental delays.

The ClinTex solution is called CTi, or Clinical Trials Intelligence, and is a complete overhaul. Over six layers of protocol are best seen in a graphic diagram; from source data, smart contracts, data manipulation, to their blockchain integration and client UX, CTi is a veritable mouse-trap designed to deliver medicines in the safest and most efficient way possible.

This may sound like an obvious use for blockchain and smart contracts, however we don’t often see product development applications in crypto. When we do, they are usually an implementation or afterthought in a wider supply chain or research platform. When it comes to medical trials, Clintex will stand alone as there is yet no competition. Not only will they be first to market, but it may be a while before we see an alternative.

Besides being a immutable, distributed protocol, which obviously can benefit any detailed workflow (imagine the simplicity of audits), the main features of CTi are its “intelligent” elements, namely machine learning and predictive (and prophylactic) analyses. Artificial intelligence is proving to be a invaluable data collection tool, and is conducive to a system that can anticipate errors and complications before they occur faster than any human ability.

They also propose an interoperability of data solution which would facilitate communication and data sharing between facilities and foster collaboration across the pharmaceutical industry. In other words, having all data on a blockchain makes it easier to access throughout the clinical trial ecosystem, creating better relationships between labs.

The ClinTex utility token, CLX, runs on the powerful and well-established Ethereum network. CLX will primarily be used for access to the platform, but also will be used as a payment system for doctors and vendors. It will be available to the public via ICO presale in Q4 following a token generation event (TGE).

Development of the various stages of the platform will take place throughout 2019, and is planned for on-chain migration in 2020. The team, composed of business and software developers as well as medical professionals, should have ample time to roll out each feature individually and effectively.

For more information on Clintex, CLX, and the inner workings of the CTi solution, visit www.Clintex.io
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Author: Vincent Russo
Los Angeles News Desk