Blockchain-powered timestamped and immutable data can address key challenges in the healthcare sector. Especially, it can revolutionize clinical trials, an area where data integrity, traceability, and transparency are of utmost importance. Stakeholders like patients, researchers, and regulators rely on this data and its analysis to assess the benefits/risks balance of a therapeutic product. In this case, the notion of “trust” between all the stakeholders becomes extremely important
Also, regulatory bodies (FDA with FDAAA 801) and NGOs (WHO with April 2015 declaration) are pressuring organizations to publicly disclose clinical trials’ results
As a result, pharmaceutical companies are finding new mediums to certify clinical trials and data.
Blockchain as a Solutions for Clinical Trials
Blockchain technology is one of those mediums. It is, by its design, is a trust-enabler. Its decentralized nature to store data prevents its alteration by any intermediary or third-party, even after being available to all stakeholders at any time. We can consider it as the “single source of truth”, especially when it comes to clinical trial data.
Additionally, Blockchain solutions for healthcare can also facilitate key success factors such as patient engagement, regulatory reporting, compliance oversight, and secure data traceability.
Blockchain Applications in Clinical Trials
- Data Traceability with Security
- Transparency in Clinical Data Management
- Patients’ Engagement and Consent Management
- Reporting to Regulators
- Ethical Compliance and Oversight
While the adoption of blockchain solutions in the healthcare industry is still in infancy, our team of blockchain experts suggests revolutionary improvements in the coming years, especially in clinical trials. Healthcare blockchain application development in clinical trials is providing new efficient solutions to enhance optimize and simplify complex processes.