Can the Blockchain Help with Clinical Trials?

We’ve heard that the blockchain can revolutionize everything, from finance to supply chain to pharmaceuticals. But what about the scientific process of clinical trials themselves? Does the blockchain have a role to play in such a pivotal industry that benefits the entirety of humankind?

We don’t know for sure, at least not today, but one company is answering in the yes – Clintex. By launching an ICO and claiming to utilize the blockchain for other things in the clinical trials process, Clintex wants to bring better technology to this niche.

To be sure, the goal is ambitious. Something as sensitive as clinical trial data cannot follow the ‘move fast and break things’ mantra of the ICO and tech worlds. They need to be conservative by design. Besides, the open nature of blockchain can harm user privacy when it comes to sensitive medical data. Still, Clintex believes they have a vision for a product well suited for the industry.

End of the day, Clintex sees itself as a platform, i.e. other application developers can use the Clintex platform to build their businesses around their product in the clinical data industry. The goal is to make sure data is all stored in one place and easy to access and use down the road. Other applications can then benefit from using this data to build their own applications.

This data will be useful not just for Clintex and the participating applications, but also quite valuable to researchers. Researchers have a paucity of data, which is a shame since it hinders scientific progress in the clinical trials industry. Imagine if all this data was free for researchers to use and make new discoveries. There are various stakeholders in the ecosystem, after all, and it’s important to identify those that would benefit from such a blockchain based solution.

The company is undertaking an ICO to sell their tokens to investors. The token itself is an access token. This means the token is required to access different portals and applications being built by Clintex. In addition to the access token, it can also be used for payment within the ecosystem. If the Clintex platform becomes really huge in the world, then the CLX token, the native token for the platform, could become the defacto medium of exchange between the parties in the platform.

To learn more about the company and their product, check out their website. If you want to know more details, particularly if you want to participate in their ICO, make sure to read the whitepaper. Remember that all ICOs are extremely risky and you can lose all your money. Be very careful and do your own due-diligence before putting your money into any ICO. Never invest more than you can afford to lose.