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Revolutionising the Global Organic Medicine Sector with Blockchain Technology

Dec Connolly Editor

Email business@thebusinessjournal.co.uk

Organic medicine is part of the ever-growing trillion-dollar global health, wellness, beauty, and pharmaceutical industry sectors collectively, but while organic medicines such as CBD and psilocybin have been used for thousands of years as therapies for physical ailments in indigenous shamanic and primitive medicine traditions around the world, for many with limited access to conventional medicine, organic medicine is sometimes the only available solution.

Modern-day examples of organic medicine usage include medicinal cannabis (THC) and over-the-counter CBD which can be used to treat conditions such as anxiety, insomnia, epilepsy, chronic inflammatory conditions, rheumatoid arthritis, fibromyalgia, and cancer to name a few. In addition, ongoing research is being conducted across the world into other substances such as psilocybin which is showing promise as a therapy for  PTSD, traumatic brain injuries, chronic and degenerative neurological disorders, and depression. Across the globe, research is ongoing and is gaining both traction and popularity.

However, despite these medicines gradually emerging from prohibition, many jurisdictions still stigmatise organic medicines despite their increasing popularity and legality within their own domestic territories adversely affecting access within the health and wellness sectors. 

In the past three decades, the scientific community has reinstated research on some of the evidence-based benefits that organic medicine has to offer. However, the organic healthcare industry is plagued by heavy regulations, a lack of clinical educational programs for prescribing clinicians, and inequality, which leads to issues with clinical access to organic medicines. 

Meanwhile, Blockchain technology is emerging as a decentralised, trusted, unfilterable, uncensorable repository of data, marketplaces, and information, accessible worldwide. While blockchain technology has played a historical role in the growth of cryptocurrency, it has quickly become a promising element for the future of the healthcare sector. 

Blockchain technology presents an opportunity to strengthen data, improve access to healthcare services and medicines and provide robust network security that has the potential to form the basis of a new, infallible, inclusive healthcare system that will uncover the full healing power of organic medicine termed the integrative medicine practice area in many regions with an advanced adoption of alternative medicine and healthcare. Whilst the medical industry is certainly brimming with digital innovation sped on by the technological revolution, the world itself has an outdated health system infrastructure. Poverty and lack of effective financing systems for basic services such as primary healthcare, drug access, mental health support, lack of trust in the healthcare system, and limited access to health screenings are significant barriers to achieving health equity in much of the world, despite efforts to close gaps. 

Meanwhile, more and more consumers are demanding access to their data and tools that will empower them with the ability to understand what’s happening within their bodies and minds and take appropriate preventative and/or therapeutic actions. Smartphone technology, over-the-counter diagnostic tests, and personalised health data from wearable devices are democratising medical science and putting the power back into consumers’ hands.

While drug discovery has saved many lives and fast-tracked innovation in the healthcare industry, it is also a long, expensive, and sometimes unsuccessful process. AI-enabled solutions progress the development of more precisely targeted treatments and make processes more efficient. For example, AI algorithms can extract concepts and relationships from data and learn independently from data patterns, identifying trends, and sample variations in multi-cohort studies among other efficiency improvements in real-time. AI can also cross-reference published scientific literature with other applicable clinical information sources such as observational data. 

Furthermore, the war on multidrug resistance (MDR) has resulted in the greatest loss to the world’s economy. Antibiotics and lab-derived ‘wonder drug’ pharmaceuticals of the 20th century have played a central role in treating infectious diseases. However, inappropriate, irregular, and irrational uses of antibiotics have resulted in the emergence of antimicrobial resistance. 30–50% of current pharmaceuticals and nutraceuticals are plant-derived, resulting in an increased interest in botanical compounds that can be processed into active pharmaceutical ingredients and an ever-increasing range of potential therapeutic indications. 

Ecoinomy’s mission is to build a healthier, more enlightened future. A future anchored in

visibility, credibility, transparency, and community. This is why we are building a unique SaaS platform, comprised of the Ecoinomy blockchain and ECM tokens, which we hope will be the foundation of an organic medicine revolution. 

ECM’s SaaS solution will provide seed-to-sale traceability & security, and is currently in development. We are building a global database of licenses & certificates of authenticity for buyers making purchasing decisions. Our goal is that Ecoinomy will ultimately become a marketplace of fully compliant, authentic organic medicine products, with inventory updated in real-time.

The Track and Trace element of our software will facilitate the flow of products and payments through the value chain and also benefit from the deep patient insight the Ecoinomy platform provides. The system will provide governments and regulatory agencies globally with a unified system for monitoring and tracking the production of all medically licensed cultivators, from seed to sale.

How will transactions work?

The Ecoinomy platform will rely on the use of the native Ecoinomy coin, a standard ERC-20 token released on the Ethereum blockchain. As the most common standard of blockchain tokens, the ERC-20 is a versatile and convenient instrument that can be tailored for a wide variety of applications, leveraging a broad range of open-source smart contracts.

The native Ecoinomy cryptocurrency will act as the main transaction and value carrier within the framework of the Ecoinomy platform. The coin can be stored on any available decentralized wallets supporting the ERC-20 standard. Holders of the coin will be able to use it to make purchases on the platform and sell it on the exchange.

The Digital Organic Medicine Paradigm

Hospitals and pharmaceutical companies around the world are increasingly being targeted by cyberattacks due to the amount of sensitive data they handle and store. Blockchain has become an exciting data storage solution that offers added protection such as uneditable records, while also enhancing the efficiency of secure data sharing. 

The cryptocurrency industry allows clinical trials involving CBD therapies and psilocybin clinical trials to attract development resources and prospective market participants for whom crypto is the most convenient means of payment for platform services, enabling increased and uninterrupted financial flow for all network utilizers and platform users. By leveraging the power of blockchain, drug discovery pipelines are able to gain legal access to financial services and provide full accountability and transparency for their operations, thus boosting their status as participants in a viable and promising clinical marketplace.

The combination of blockchain and organic medicines is also of great importance from a medical perspective. It ensures the availability of safe, quality controlled products on the market, coupled with the very latest scientific research that would attract the attention of local authorities and central government regulatory bodies. With blockchain acting as the safeguard and guarantee of drug discovery authenticity and legitimacy, jurisdictions seeking to legalize medical cannabis or other organic medicines can leverage the technology to fast-track the adoption of related legal frameworks. In addition, utilising blockchain technology as part of the research and evidence-based decision process will benefit regions and states that are looking to introduce psilocybin legislation to local government