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ClinTex ICO Review
While most people hope that blockchain technology can revolutionize the financial market, I think it has a better chance at revamping healthcare market. Healthcare relies on crunching big data and many analysts have stated that blockchain can improve the privacy of that data while still making it more accessible by allowing permissionless access.
ClinTex ICO is a healthcare startup that is looking at a way to improve healthcare by targetting a part of the healthcare industry that is not brought up so often.
Usually, when you hear about clinical trials in mass media, it’s usually a matter of activists urging better animal rights on clinical trials. If you keep up with news on Big Pharma, then you are probably on your toes for any headline that mentions clinical trials because these can make or break a company.
Clinical trials are research or analytical studies performed on living things. These play an important role in judging the effectiveness of a medicine and whether it has some lethal side effects. Medicines need to go through rigorous trials to make it to the public. Clinical trials are a way to keep Big Pharma in check and they make sure they don’t send out experimental medicines out into the public, only to call-back medicines after people, instead of getting better, become even worse.
Clinical trials are all about data.
Doctors and researchers closely observe the effect of medicines over long periods of time. The process takes years and huge amounts of data are collected by observing trial participants. In the end, this data is analyzed to see the validity of a medicine’s effects and whether it does not cause any serious side effects. In some cases, medicines can be approved even if they cause serious side effects but it is the pharmaceutical’s duty to figure out how to ensure a patient can avoid the side effects; these medicines are then issued in closely monitored doses.
ClinTex Plays a Part in Trials
Blockchain and big data are soon to go hand-in-hand. ClinTex is bringing blockchain solutions to the big data involved in clinical trials.
As mentioned earlier clinical trials are all about the data. ClinTex will be able to keep the data secure; trials are expensive and a data breach would water down on all the investment done to acquire the data. This is just a positive feature of blockchain technology, ClinTex is itself a technological solutions provider.
ClinTex will provide pharmaceuticals with tools that will be used to collect, organize, and analyze the data being generated throughout the observations. It will collect data to make analysis easier by automating data connections. Through the usage of artificial intelligence, the researchers will be able to easily detect correlations and test issues. This will make the process of fixing trial errors much faster.
In trials, time is important because each extra day of research leads to extra money the company has to pay. Beyond money, the company’s goal is to make sure medicines reach people faster. There are many diseases whose cures are in clinical trials as you read this. If AI can help make clinical trials faster by reducing errors and providing ways to speed up processes, people get faster access to medicines.
Don’t forget Permissioned Access
One last thing. Blockchain technology makes data more accessible but controls on data access can allow a convenient way to ensure only approved people or organizations see any specific data.
ClinTex is going to give pharmaceuticals an easy way to collaborate with each other. ClinTex gives them the tools to organize and analyze data and this data is securely stored on Storj.
Companies often need to share various datasets among themselves. This sharing can be either enabled through agreed upon payments or is free (among partner). ClinTex creates permissioned accessing of data which makes data sharing among pharmaceuticals easier than ever before; this can usher the seamless collaboration in the pharmaceutical industry.
There are few projects that truly need to use the blockchain to reach their best form, and projects that use blockchain for big data utilities are definitely on the right track. AI, blockchain, and big data are some trending buzzwords but ClinTex has the right approach to using these technologies to help a huge industry.
We particularly like that since they are developing primarily a healthcare data, they are not getting overly ambitious with also creating their own decentralized database. They know their limits and instead will use an existing decentralized data service.
Regardless, this is a challenging, technical undertaking that can lead to something great, so it’d be worth it to keep an eye on updates, checking whether the development is coming along as intended.