LTO Network and Sphereon Partner With Triall for World's First Application of Blockchain Technology to COVID-19 Clinical Trials
Rick Schmitz - CEO of LTO Network
AMSTERDAM - September 7, 2021 - (Newswire.com)
Dutch blockchain companies LTO Network and Sphereon have partnered with Triall, experts in the realm of blockchain and clinical research, to deliver the first COVID-19 clinical trials anchored to blockchain technology.
In a critical first step towards advancing the digital age of clinical research, Triall will utilize LTO Network's blockchain technology and infrastructure to anchor research data to the blockchain, securing the integrity and security of clinical trial data.
"Together, we are building the world's first clinical-trial software powered by the blockchain that 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.
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, leading to lack of oversight, 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. Decentralized identity solutions, underpinned by emerging blockchain standards such as Decentralized Identifiers and Verifiable Credentials, offer ample opportunities for consolidating the severely fragmented landscape of clinical trial stakeholders and software systems.
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.
About LTO Network
The LTO Network team is on a mission to create and maintain a fully decentralized and highly efficient blockchain infrastructure, directly applicable and aimed at creating value for organizations. LTO Network can be used by any company with a need for a production-ready blockchain that allows for digital verification of digital assets and enabling collaboration through the use of decentralized workflows.
Triall brings Web 3.0 to medical research by creating a digital ecosystem of blockchain-integrated software solutions that secure and streamline the development of new vaccines and therapeutics during clinical trials. Triall's solutions make clinical trials tamper-resistant, and enable secure and efficient integrations between the many isolated systems and parties involved in clinical trial processes. Triall's software is created by clinical trial professionals to ensure optimal user experience, solving actual industry pain points.
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Original Source: LTO Network and Sphereon Partner With Triall for World's First Application of Blockchain Technology to COVID-19 Clinical Trials