Blockchain-enabled software solutions for data integrity, auditability, and operational efficiency in clinical trials
Triall
The Triall Ecosystem is designed to serve the needs of all key stakeholders involved in clinical trials. We’ve grouped them into the following types:
1. Researchers
All stakeholders involved in the implementation and management of clinical trials, including sponsor representatives, contract research organization staff (e.g., project managers, clinical research associates, monitors, and data managers), site staff (e.g., investigators, research nurses, and pharmacists), and other parties that want to make use of the applications offered in the Triall Ecosystem.
2. Providers
The organizations that provide software solutions for clinical trial operations. By connecting to the Triall Ecosystem, they can leverage blockchain-enabled data logging and authentication functionalities and other microservices, and they can offer their solutions within our multi-sided digital marketplace.
3. Patients
These are the research subjects (patients or healthy volunteers) that participate in clinical trials. They can be connected to the Triall ecosystem through our patient-level eHealth applications that aim to actively inform, recruit, engage, and empower this key stakeholder group throughout clinical trial lifecycles.
4. Contributors
Organizations and individuals who provide technical services for the ecosystem and its community. They write, run, and audit smart contracts or provide specifications, applications, or APIs for systems and their users. These smart contracts, APIs, and applications provide additional functionalities for other stakeholders.
5. Maintainers
These are the organizations or individuals responsible for providing the underlying infrastructure on which the Triall Ecosystem operates, such as node operators and (cloud) storage providers. Factom’s independent Authority Node Operators*** for instance ensure network integrity by verifying data blocks and writing to a blockchain ledger. They provide strength, speed, and security to the network by adhering to a shared governance system, being fully decentralized, and running full nodes with strict hardware requirements.
6. Triall Foundation
The Triall Foundation is the non-profit organization governing the ecosystem, empowered by the Triall Community. The foundation is a public service provider that acts on behalf of the community, and is responsible for the daily operations, management, development, and maintenance of the Triall Ecosystem.
7. Triall Community
The Triall Community comprises all organizations and individuals that want to support the growth and development of the Triall Ecosystem, for instance, by participating in decision-making, panels, discussions, development, or outreaches. Community members can be part of the stakeholder groups mentioned above, but any party or individual with a genuine interest in the ecosystem is welcomed.
Triall strongly believe that the following aspects will support us in rapidly growing our digital ecosystem for clinical trials and thereby the adoption of our main utility token $TRL:
Token value drivers: the token economics of $TRL are designed to limit supply and drive demand. The circulating token supply is limited through various token lock-up mechanics such as staking rewards, memberships, and vesting schedules. Moreover, we introduce a token burn policy to stimulate a deflationary trend where the total supply is expected to decrease over time. The token demand is driven by increasing token utility and adoption through the various growth drivers explained below (check out this article for an explanation of our token economics).
Scalable business model & infrastructure: our tokenized Software-as-a-Service (SaaS)-business model, API-driven infrastructure, and Agile development approach enable fast time-to-market, easy maintenance, and rapid scaling.
Multi-sided platform dynamics: our ‘ecosystem approach’, where we connect, rather than compete with existing solutions (turning competitors into collaborators), will lead to synergistic network effects where we can tap into the business networks of entities that join our initiative (check out this article for more info on the stakeholders of the Triall Ecosystem).
International value network: we have an international partner network and global advisory board consisting of industry experts and Key Opinion Leaders (KOLs) that provide us with access to clients, expertise, and know-how all across the globe.
Customer-centric product development: we aim to continuously optimize the product-market fit of our solutions by frequently evaluating user satisfaction on a feature-specific level, enabling us to identify areas of improvement and thereby drive adoption.
Global business development: We are a project with global ambitions. Building on our existing network within the EU & US, we will gradually expand our sales to other geographies (APAC, Africa). Our cloud-based technology can easily be rolled out in other regions and we have an existing network of ambassadors and advisors across the globe that can serve as a steppingstone for expanding our sales channels to these geographies.
Double-digit growth market: the market for clinical trial software is rapidly growing at an estimated 13.8% CAGR, which is likely to be even higher due to the effects of the pandemic (read this article for more info on the clinical trial software market).
About
Triall is laying the groundwork for tomorrow’s digital playing field in clinical trials. We bring Web 3.0 to medical research by developing a digital ecosystem of blockchain-integrated software solutions. Our blockchain infrastructure makes medical data tamper-resistant. It also enables secure and efficient connections between the many isolated systems and parties involved in clinical research.
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A sponsored article written for a bounty reward.