LTO Network and Sphereon Partner With Triall for World’s First Application of Blockchain Technology to COVID-19 Clinical Trials. Triall will use LTO Network’s blockchain infrastructure to anchor COVID-19 research data and enhance the safety. As well as security and reliability of research data in the digital era.
To start with, dutch blockchain companies LTO Network and Sphereon have partnered with Triall. Triall are experts in the realm of blockchain and clinical research. To deliver the first COVID-19 clinical trials anchored to blockchain technology.
Triall will utilize LTO Network’s blockchain technology and infrastructure to anchor research data to the blockchain. As well as securing the integrity and security of clinical trial data.
“Together, we are building the world’s first clinical-trial software powered by the blockchain. Which will secure and streamline the development of a safe and affordable future in medicine,” said Rick Schmitz, CEO of LTO Network.
“The ongoing COVID-19 crisis has sparked digital transformation across the pharmaceutical landscape. Our collaboration with LTO Network will pave the way for a range of innovative e-clinical software solutions. Supporting decentralized clinical trials,” said Hadil Es-Sbai, CEO of Triall.
Above all, modern clinical trials take years to complete, often involving vast amounts of data that need to be secured and protected. To ensure not only a steady timetable, but also the reliability and integrity of the data involved.
Despite its roots in the financial sector, many aspects of blockchain technology—namely decentralization, security and privacy—offer several advantages in the realm of clinical trials.
Clinical trial operations are plagued by extreme cases of fragmentation and leading to lack of oversight. Also recordkeeping failures, delays, and enormous amounts of unnecessary costs. According to an industry-wide survey, 98% of clinical trial professionals report the need to unify and integrate isolated systems and processes. In addition, decentralized identity solution offer ample opportunities for consolidating the severely fragmented landscape of clinical trial stakeholders and software systems.
Finally, clinical trials are not immune to fraud, bias and selective reporting. The immutability and traceability of data proofs anchored to the blockchain ensure the transparency and integrity of research data. Improving the trustworthiness of all clinical research across the board.