German company that runs a blockchain cannabis prescription service


The German cannabis startup MedPayRx is piloting a blockchain-based digital prescription service that emits as a medical equivalent of Ripple.

Ripple is a cryptocurrency, but it also manages an open source platform designed to allow fast and cheap transactions. It connects banks, payment service providers and digital resource exchanges to provide a simple way to send and receive money globally.

MedPayRx hopes to perform a similar function in the burgeoning global cannabis industry, offering a payment, processing and ordering system that creates a "verifiable, metric-driven boarding ramp" for all prescription drugs and medical devices .

He worked with InsurLab Germany to conduct a pilot scheme in Cologne to see how it will work. The local government in Cologne is also on board and the team is contacting insurers, doctors, patients, distributors and producers to create an ecosystem in the city and collect results.

Patients who sign up are guided through an interface and a verification system that puts them in contact with doctors, who can then prescribe their medicinal cannabis. The company said it offers a unique opportunity to access real-time, general market data and individual company, scientific and patient data. It also claims to be able to drastically reduce costs and administration for all those involved.

"We are a first of its kind, based on blockchain, digital prescription, pre-claim approver and sales tracking platform from seed to sale, a bit like medical ripple," he told Grizzle the founder and CEO of the company, Marguerite Arnold.

"However, what we also do is create real-time analysis and industry information that does not exist today – it was the first cannatech to make it through an accredited German business school [the Frankfurt School of Finance and Management], the first to be incubated in a governmental and insurance incubator, in Munich this summer, and now we are working with InsurLab Germany to bring it to market here and in other countries. "

It has allocated the United Kingdom and Macedonia as countries in which it would like to expand.

"We are the first to try this too and it is well planned on several fronts," added Arnold. "We aim to solve several problems: the first is to lower the costs of approvals, which mainly fall on patients and doctors outside the insurers, who are also caught up in a pile of documents. efficient seed to sell, which is also subject to privacy.

"The third, of course, is improving patients' access to even marginal cases, experimental drugs in an environment where health care needs to become more personalized and a moment of real introduction of telemedicine models. for example, the German Ministry of Health's competition Blockchain.

"We are unique in a variety of ways, including how we protect patient privacy and allow patients real and complete control of their medical records while creating an immutable record of prescriptions that can be used for different purposes including research."

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