Bridging the Gap Between Medical Research and Blockchain Technology – Sponsored Bitcoin News

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The COVID-19 pandemic has devastated the global economy and prompted many industries to reassess the resilience of legacy models in times of crisis. Unsurprisingly, one of the industries hardest hit was the global healthcare industry as governments struggled to test, treat, and develop a vaccine against the fast-spreading virus. While testing procedures, treatments and vaccination programs have been reasonably successful overall in developed countries (particularly the UK and Israel), existing weaknesses in pharmaceutical research and development have exacerbated the delays, according to a number of experts.

Indeed, the clinical trials industry, which is responsible for testing the safety and effectiveness of new vaccines and therapeutics before they hit the market, is currently hampered by a number of inefficiencies. The pandemic has demonstrated the need for solutions to address these inefficiencies and thereby ensure an efficient flow of new drugs.

That’s where trial version enter the scene.

Triall is building a global digital ecosystem for clinical trials. Triall leverages both the rapid digitalization of healthcare and technological advances in the blockchain and crypto space, applying blockchain-based technologies to a sector that has become increasingly complex, data-intensive and fragmented over the past decade.

Rising costs and longer development times

Clinical trials are an integral part of the healthcare industry’s response to new and existing diseases and viruses. They involve a range of industry stakeholders including pharmaceutical companies, contract research institutes and hospitals, as well as external parties such as governments and regulators and outside of crisis situations such as the COVID-19 pandemic.

The clinical study clinical Process is currently fraught with complexity and resource inefficiency which artificially lengthens the development times. There are several notable reasons for this, including:

  • Fragmentation: The data is scattered across locations and systems.
  • Supervision Problems: Clinical trial professionals lack oversight over their processes and activities in clinical trials.
  • Inefficient records: There is no efficient and universal way to manage and store data, which leads to significant delays and security risks as well as increasing costs.
  • Data integrity issues: According to the World Health Organization (WHO), more and more data integrity issues are uncovered during inspections of clinical trials.
  • Low patient engagement: Up to 85% of studies fail to retain enough patients, which also leads to costly delays.

In fact, the data shows these problems only get worse, with clinical trial costs increasing by up to 9% per year on average. Even more shocking, the sector is suffering from a development success rate of only 11%.

Upgrade global healthcare with technology

trial version‘s innovative new platform is focused on solving these critical problems and reducing the time to market for new drugs. The company is building a global ecosystem for clinical researchers that transcends organizational boundaries and domains. Participants in the platform include: clinical researchers, medical staff, patients and software developers, and other contributors and caregivers such as blockchain engineers and node operators.

In principle, the platform enables the efficient exchange of data from clinical studies using blockchain-compatible technologies and open standards for identity and access management. Triall will implement Decentralized Identifiers (DIDs) and Verifiable Credentials (VCs) to integrate the highly fragmented landscape of industry players into the clinical trials sector. In doing so, Triall’s platform will ensure that clinical trials can be conducted smarter, safer and more efficiently due to tightly integrated workflows.

Speaking of Triall’s driving philosophy, the company philosophy CEO, Hadil Es-Sbai had this to say:

“We believe that state-of-the-art information technology and scientific knowledge make a difference. We are passionate about driving clinical development, consolidating the disconnected, and nurturing a global ecosystem that fosters trust and reliability at all stages of clinical development. “

The future of clinical trials

If you combine this driving philosophy with the rapid digitization trends as a result of the pandemic, trial version is able to take a leading role in revolutionizing the field of clinical trials.

In addition to its unique approach, Triall also leverages extensive experience in the field. The Triall team has conducted over 100 clinical trials in more than 30 countries. Accordingly, the company has built a strong and global network of stakeholders that will be instrumental in driving the development of its platform. In addition, with over 250 peer-reviewed articles published in various high-ranking scientific journals, Triall brings a wealth of academic knowledge and combines academic experts from multiple medical disciplines to help shape the functionality of the platform. This includes experts on topics such as immunology, infectious diseases, vaccinology, microbiology, eHealth technologies, drug and vaccine development.

After all, Triall is already more than just a proof of concept. The first application, Verial eTMF, a blockchain-integrated document solution, was piloted in summer 2019. According to the team, this was the world’s first implementation of blockchain in ongoing and ongoing clinical trials. The commercial version of Verial eTMF is currently being used in 6 clinical study projects worldwide. Indeed, this serves as the ultimate endorsement from both the market and the industry.

For more information on how Triall bridges the gap between healthcare domains and cryptocurrency, please visit their website Here

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Photo credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.




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