Triall, a blockchain startup based in the Netherlands, has partnered with a non-profit medical firm, Mayo Clinic. The partnership plans to optimize the clinical trial design and the management of the data under study.
Use of blockchain in clinical trials
The eClinical platform by Triall will support a two-year multi-center pulmonary arterial hypertension clinical trial. The trial will include ten research sites and over 500 patients in the United States.
The software supports a wide range of activities, such as the management of documents, data capture, consent, and study monitoring. Triall said that the motive behind the collaboration was to show an immutable public ledger audit trail using blockchain technology to promote the integrity of the clinical trials.
The data collected from these clinical trials can then be reviewed and assessed by the stakeholders to promote trust and to ensure that no one can alter these records. The use of blockchain technology in handling sensitive information, such as clinical data, has been on the rise during the past few years.
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The cost of clinical trials in the US is significantly high. The median cost of a clinical trial looking into new drugs or therapies in the US is estimated at around $19 million. The approval rate for new chemical and biological entities ranges between 10% and 20% from the preclinical phase to the final phase. It can take years of investigation before these trials are approved.
Triall commercialized its first blockchain product
Blockchain technology is set to find a use case in clinical trials. Triall is a company that was created in 2018. The company has now commercialized its first blockchain product, Verial eTMF.
The product supports researchers and allows them to generate verifiable proof of authenticity on clinical trial documents, including patient diagnosis data. Moreover, the firm is also creating APIs using eClinical to support the existing third-party clinical trial software providers to link to the Triall blockchain infrastructure.
The native token for the Triall blockchain ecosystem is TRL. Some of the utilities this token will offer include paying for the compensation of clinical trial participants. If this move is successful, Triall will collaborate with the Mayo Clinic to support medical research in a decentralized manner. The move could be revolutionary in the medical sector.
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