After 20 years of experience, Moe Galal, Founder and Chief Executive of Stem Cell Innovations, and Ben Barel, Co-Founder of SCI and Chief Operations Officer hope to usher in the next generation of medicine using stem cells and other advanced technologies and we are interested to discover how, so we started our conversation.
With their SCI team, they are devoted to the international research, development, and implementation of stem cell therapy. They are also expanding the network with professionals, labs, clinics, hospitals, and nonprofit organizations with an ultimate goal that they all have – to connect people who need treatment with the right dedicated solutions and professionals for their unique needs.
As we talked, Moe and Ben were imagining and describing a world where each and every person, no matter where they come from, will be able to connect with a Stem Cell Specialist instantly through their Stem Cell Innovations application. And in just a few minutes, we were able to see the new world of healthcare as they explained how they will create the future that starts now!
Q: Today you are about to go many steps further with everything your company was doing from founding in 2013., but let’s go back to the beginning – how did you two start this huge Stem Cell project?
SCI: The work we were doing at Camden RAD was important and it laid the groundwork for what we are doing here. We’ve made tremendous progress in taking an idea and turning it into reality. Research and development are vital to what is happening in the medical industry, but our work in Camden unveiled some major flaws in the health care system, particularly around the lack of access to knowledge and education related to stem cell treatments. As time went on, we realized that there was an incredible opportunity to disrupt traditional referral systems and provide more control over how patients access and manage their medical files through the use of blockchain technology.
Q: What was your goal then and what is your goal now?
SCI: The vision of SCI has not changed. Even though it was called something else in 2013, the purpose of the work has always been to ensure that the important work being done to bring about research and development in the area of stem cell treatments is happening and continues to become more robust. We’ve gone in the direction where we can make the most impact while taking advantage of the decentralization of stem cell records so patients have more control over their own information. Marrying the security of blockchain technology with the powerful healing power of stem cells is going to change millions of lives. Our goal is to ensure that people have access to the treatments they need to provide not only longevity of life, but a higher quality of life. Our focus is to raise awareness for stem cell treatments and we want to help everyone understand the potential of stem cell treatments.
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Q: So, stem cells can divide and renew themselves. Cord blood banking (also known as stem cell banking) is the process of collecting the cord blood that is found in the umbilical cord and placenta after a baby is delivered and being able to collect and store that blood for future use is a growing trend in medicine. What’s the next important thing you are working on?
SCI: Important discoveries have been made about the nature of embryonic stem cells and we are now able to use adult stem cells that can act like embryonic stem cells. This is of importance to adults who would benefit from undifferentiated stem cells to heal their conditions in a wide range of applications; however, cord blood banking services that will be offered through SCI’s blockchain-based platform will provide parents with the option of healing their children – at any point in life – with the stem cells collected at birth. We are going to provide a way for parents to secure the health of their children now and in the future, with the work, we are doing here.
Imagine being able to gain back weeks and months of your life because you saw the right specialist at the right time, instead of being at the mercy of a system that would have you wait months or even years for treatment.
Q: Years of medical research and inventions could be vested in the new technology is not available to the ones that they need it immediately, so there you go further right into the blockchain. What do you expect to achieve with creating this unique platform that brings together two of the most life-changing innovations of the 21st century: stem cell technology and blockchain technology?
SCI: Our expectations are that the healthcare industry is about to become a lot smaller. We are working hard to ensure that people have access to the life-changing and life-saving treatments they need. Our goal is to provide stem cell treatments to people, regardless of their location, within a matter of days, not weeks. What once took several months to request and arrange for a referral to a stem cell specialist will now take minutes. Imagine being able to gain back weeks and months of your life because you saw the right specialist at the right time, instead of being at the mercy of a system that would have you wait months or even years for treatment. And, of course, in many places, stem cell treatments are not even legal, so people are being denied treatments that could save their lives. We are not just giving people a fighting chance here, but we are giving them their lives back.
Q: This will be developed and operated by dual blockchain platforms – witch ones? Can you tell us more about it?
SCI: Yes, the platform is going to have dual-blockchain technologies. We decided to do this for a number of reasons, but the main reason is the added security we can provide while collected private health information from our users. The first platform is going to be powered by Ethererum, using ERC20 tokens and the second platform is our own custom design. We are using Hyperledger Fabric networks to create the second platform because it offers us the ability to create smart contracts between patients (our users) and stem cell specialists (our network), and this allows us to communicate with other databases that allow us to transfer electronic medical records. Access and usability are all based on the SCIA Token.
Q: How do you see cryptocurrency world from your perspective, and what do you think about the process of launching an ICO?
SCI: Cryptocurrency has unlocked unlimited potential in so many areas for business owners, consumers, and in our case, patients and healthcare professionals. When you sit back and think about the potential applications of such technology, it can become quite overwhelming. We understood that what we wanted to do here was not only a huge undertaking but also a huge responsibility. We knew that closing the gap in the health care system related to stem cell treatments would be a big undertaking, but it is made even more possible with the right technology at our disposal. As far as launching an ICO for this project, it is the most logical way to bring everyone together in what is going to certainly be a group effort. ICOs and cryptocurrency-based companies are defying logic when it comes to disruption – what we thought was disruptive a few years ago is now being overshadowed by some of the projects coming out of the cryptocurrency space. ICOs are not for the faint of heart, but our confidence in our project and the work we can do in the world is rock solid. Cryptocurrency allows the user to engage with our platform in a worry-free environment. We reduce the risks for users and ensure verifiability of the transactions so users can trust their purchases.
Marrying the security of blockchain technology with the powerful healing power of stem cells is going to change millions of lives.
Q: What advice would you have for people trying to launch an ICO in the future?
SCI: You really need to know what it is you want to do in the world. So many businesses want to get into the ICO realm because of the potential to earn a lot of money, but so many don’t understand what it takes to take a company in that direction. We did our homework and worked with a lot of experts to ensure that our logic was viable and that our product could actually help people. Our team has been exponential in our success thus far and if you are trying to quickly assemble a team because you want to launch sooner, my advice would be to focus on getting the right people in place. It’s a long road – one that has taken us nearly 5 years to walk. You need to have the right people on your side when you take on something like this and you need to have a product that people need and can relate to in a way that is meaningful for them.
Q: The last but the most important thing is launching the SCIA Token? What will it bring to the people?
SCI: The SCIA Token is going to be the backbone of everything that the SCIApplication offers. The token will allow access to the platform, it will act as currency within the platform to pay for services, storage, and products, and it will provide funding opportunities to research and development initiatives, hospitals, clinics, and more. The token eliminates currency exchange fees and allows you to gain access to specialist consulting through the payment of membership fees using the token.
Q: How many tokens will be available during ICO, and what will be the price per SCIA Token, and when?
SCI: The pre-sale started September 17th and 240 million tokens are available. The price per token is set at $0.15; during the pre-sale, up to 60% of the total amount of tokens will be available.
Q: Let’s say I have a medical problem now. Can you tell me what to do, and please explain how long will I wait for the solution?
SCI: We’ve designed the process to be very simple. If you want to get help for your medical problem, you can log into the SCIApplication and register as a user, you’ll be able to see stem cell specialists around the globe – not just near you. You’ll be able to reach out to the specialists and you could even have a conversation with them if you wanted to do that. There will be a network of specialists available online to answer questions and provide treatment advice. You could have information within minutes of logging into the app. As far as getting the treatment goes, you won’t have to go far or wait long to get it. Within days, you could be receiving your treatment based on your needs. We’ll also be able to recommend a provider for you based on the data you provide to the platform.
Q: When you imagine the SCIA network five years from now, what do you see?
SCI: We are a global network of professionals, but there is a lot of work to be done in gaining the trust of the government and private industry related to stem cell treatments. We are working to break down those barriers and we imagine that we will have been able to convey the importance and impact of stem cell treatments to everyone. We want people to look back and say that they can’t imagine a time before SCI. Our team agrees that people don’t have to know our names, but they will know what we did and how we changed the world. Finally, SCI will be able to ship products to your selected provider for treatments and ongoing care. Users will be able to have access to a custom-designed stem cell based on their unique illness based on health, blood type, allergies, and diagnosis.