How is Blockchain Technology Affecting the Clinical Trial Supply Chains?
In the pharmaceutical Industry, a modifying “blockchain” technology has been recently introduced. The bill which initiated it, has grasped the attention of every person who’s associated with the Clinical Supply Chain. Everyone is wondering how it will affect the clinical supply chain. Some are excited to adopt this upgraded blockchain technology, but some are showing their concerns due to a number of insecurities and other issues.
In this article, you will find out about some of the possible implications of the implementation of blockchain technology in clinical trial supply chain. Anyhow, before moving to the point in question, it will be better for you to gain insights about blockchain technology itself. Let’s get started.
What is Blockchain Technology?
Blockchain technology is one of the latest and most advanced technologies of the modern age. Blockchain technology includes a collection of the distributed database in the computer network. In general terms, we can say that blockchain technology is the method of storing information and records in a computerized system.
The main goal of blockchain technology is to provide a safe and secure way of storing very crucial information. In this type of record, there are not many chances of mistakes and errors as it is totally under the supervision of artificial intelligence.
This amazing innovation has amazed its users with its level of accuracy and reliability in a very short turnover. It promises a high level of accuracy and trust on it.
Peculiar Features of Blockchain Technology
Blockchain technology is one of the most upgraded forms of technology that is somehow different from all other ways of storing data as it has the following key features that distinguish it from all other means.
- Blockchain technology has data stored in the form of blocks that differ from all other typical ways of data storage.
- Every new information is recorded in a block, and all blocks are linked to each other as they are used side by side.
- Every block has a hashtag that makes any block specific, and if any of the information edits, the block changes its code.
- Information in blocks is kept very technically, and all the data is under the supervision of professionals.
Blockchain Technology in Clinical Trial Supply Chains
Blockchain Technology is recently billed in the clinical trial supply chains. To make the data safer and more secure, this new modifying technology is now going to be introduced in this Industry. This is a turning point in this time as there can be so many analyses made regarding this technology.
Let’s discuss some of the possible aspects related to this technology.
- As we are familiar with the fact that in clinical supply chains, there are various stages at which hundreds of types of data and important information is required to store carefully that always need a third party that assures guarantee and trustworthiness. In this way, a high cost is also spent on such parties to ensure data protection. But, if, due to this bill, all the industry experts will shift their record into blockchain technology, then it might be advantageous for all as there will be no more need for any third party. And also, the data will remain more secure.
- If we talk about, particularly, the pharmaceutical companies, they are not much agreed and pleased with this new policy. They have many concerns related to this technology. Some experts say that this technology is less compulsory for keeping medical records. In addition, they say that this technology can only bring so much trustworthiness to clinical trial processes as it includes patients' sensitive data and details.
- From the patient's point of view, this modifying technology would give access to them to own their data. Hence, the patients and their health care also view their data from where and what type of medical treatment they have been taking. As all data is stored in multiple nodes, one is the p treatment given to the patient, and the other is the other patient's home network.
Value of Blockchain in Clinical Trials Process
As we have discussed earlier, regarding the possible aspects of blockchain in the clinical trial method, we are now moving towards its significant role in the healthcare departments. We'll discuss how this technology will transform the clinical research method if implemented in all medical sectors.
- Blockchain ensures all the data of clinical trial methods in one compiled form that is considered a reliable edition of the data record system.
- When data is highly secured in this method, there is also a high level of patient privacy.
- This technological advancement increases the reliability of data storage in research methods.
- Blockchain also makes sure about the regulation of decentralized clinical trial methods.