While you are informed of the disruptions in the sector of fintech brought about by blockchain, have you see of how it has motivated the life sciences sector with attainable and some speculative deliverables? In this post, let’s try to separate some of the challenges experienced in clinical trials and how the technology can offer you with the answers.
Application #1 – Smart Contract in Blockchain Technology
A smart contract can be defined as a piece of code that’s stored in the blockchain network. It describes the condition to which the party is adhering to the contract approves. When the needed conditions are reached, particular actions get implemented. The insufficient interoperability about handling trial reports isn’t a secret. Smart contracts might play a huge role. It can simplify processes for trials, boost confidence in the privacy of the patient, enhance access to cross-institution data.
Study protocols could be kept under cover ‘til the study has been accomplished too. That might help in protecting confidential trials of new therapies. You see; the public key could be uploaded to the archive on the offset of the trial so the protocol could be confirmed without any problem about the study protocol being tampered.
Application #2 – Blockchain Technology in Creating Inconvertible Digital Ledger
Given that the information lies within the decentralized framework, the security data, the management administration, and the management are now shared among the participants, and there’s no need of an agent or central server to trust.
That aids the life sciences associations to continue to concentrate on their core practices without having further issues over data ownership, data origin, and data management.
The study protocol, including clinical outcomes and planned analysis supposed to test, could be hashed in the block and shown on the blockchain. What’s more: the hyper ledger blockchain network might have the following touchpoints.
The blockchain also offers cost efficiency by lowering the transaction cost, speeding up processing, and freeing up capital flows.
Application #3 – Blockchain Summons an Opportunity for Enhancing Clinical Research Quality
The US FDA needs the sponsor of the clinical trial to record the trial results and other data in public repositories. However, the compliance with the command is quite low. Besides, there are cases of data manipulation.
Blockchain can offer transparency and accountability into the reporting process of clinical trials. It offers synchronized and secure data submission. The likelihood of data fraudulence lessen since each sequence of report submission is tamper-resistant and immutable. Thus, you’ll receive an indisputable and auditable record of information.
Blockchain tech in healthcare sector heralds a huge opportunity for clinical research. It can offer an appropriate structure to the massive influx of reports gained from IoT data, social network, and consolidating the efforts of patient and research communities. Meanwhile, XinFin has released a swappable token, XDCE. It’s an ERC20 token which offers benefits for institutional level partners, private investors and traders.
Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.
Get the latest Crypto & Blockchain News in your inbox.
