Strategic Advantage of Block Chain in the Clinical Trials

Abstract

The purpose of this paper is to first understand the current state of the clinical trials process, painpoints associated with it and suggest methods to integrate the process with block chain technology for eliminating/minimizing painpoints. The existing process has been analysed and major pain points observed were recruitment and retaining of participants, execution of contracts between the players, traceability & security of the data relating to the participants. Subsequently a “to-be” process with different stakeholder interaction and block chain intervention has been designed to overcome the painpoints identified in current state.The “to-be” process also addresses data that is to be exchanged among the stakeholders,and sequence of interaction among the stakeholders Another salient feature of this paper is the structuring of the smart contracts among the sponsors, researchers and the participants in a transparent way.