Blockchain, which came about as the result of cryptocurrencies such as Bitcoin, is fast becoming the go-to solution for numerous industries that require large amounts of data to be stored securely.
Understanding how blockchain technology works is quite simple; essentially, all you need to know is that it enables the secure storage of time-stamped transaction records and documents and creates a history trail that cannot be tampered with. This means that those working with clinical trials can access large amounts of accurate information, with everything from medical data to genetic blueprints readily available.
Streamlining the trial process
The drug trial process has historically been slow and the cost of drug development incredibly high, due in part to the length of time it takes and the data that is needed to get even the adaptive phase 1 clinical studies off the ground. With blockchain technology, this timeline can be greatly speeded up and costs can be dramatically lowered. The enormous amount of data generated daily can be accessed easily and the data broke down into easily manageable chunks.
As blockchain is secure, it also retains patient confidentiality. This enables the pharmaceutical industry to have access to patients who may be suitable for drugs trial but have previously not been identified due to the lack of efficient record keeping. Trial candidates are easier to find, the data from the trial is easily stored, and the entire process can move along far faster than was previously possible.
Blockchain technology will also increase the quality and quantity of patients available for research organizations such as http://www.richmondpharmacology.com/specialist-services/adaptive-phase-i-studies and for other studies across the medical spectrum. As the data collected is stored in an anonymous ledger, it can be made accessible to a limited number of trial recruiters, who could then reach out to a greater number of potential candidates.
The new technology will also streamline communication between the patients and the doctors. As blockchain has to potential to endorse both transparency and traceability over the course of a trial, this can lead to clearer results and a more comprehensive study.
Essentially, Blockchain gives the clinical trial a boost where it needs it most. It will change the process for the better, making drugs cheaper and readily available faster and with potentially even safer results.