Andrew chill

Aug 10, 2021

6 min read

Triall- Bringing web 3.0 to medical research by delivering blockchain-enabled software solutions for clinical trials

Last time we are witnessing the strong growth of the cryptocurrency market, I believe that it is bringing many opportunities as well as solutions that it can meet for human needs in the future. And in this post I’d like to share the best of all, a project that I think their mission is to provide this market with features that can break current barriers and data warehouses that the business model creates and opens up global accessibility.

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.

Triall in a nutshell,

Deep Industry Experience: Combined, our team has managed 100+ clinical trials across 30+ countries, and successfully grown companies both in the Life Sciences and Software/Blockchain-as-a-Service industries.
Thought Leaders: Our team has published 250+ peer-reviewed papers on innovation in medical research, featured in top-tier scientific journals such as Nature and Science.
Global Partner & Customer Network: Years of industry operations have gained us a strong value network of partners and potential customers that stretches the globe.
Double-Digit Growth: Our target market is characterized by rapid digitalization, decentralization, and double-digit growth (CAGR of 13.8%). High upside is projected for those that can underpin this emerging digital ecosystem. Our solutions are specifically designed to do so.
Working Product: Our first product Verial eTMF is in production and currently being onboarded by 6 commercial clinical trial projects across 3 countries, involving an approximate total of 2500 participants. More projects are lined up.
Market Validation: Leading stakeholders in our customer domain have expressed interest in our first products, which directly respond to actual customer pain points.

As part of growing our blockchain-enabled digital ecosystem for clinical trials, Triall will introduce a two-token system consisting of our main utility token TRL and its internal counterpart the Triall Application Credit (T-CRED). T-CRED gives the right to enter and use the services in the Triall ecosystem. It is the only token that can be used to pay for Triall solutions, can only be created by converting TRL, and is intended for use and adoption within the clinical research sector.

Triall’s two-token system is developed on Ethereum using the ERC-20 standard. Ethereum has the most widely distributed infrastructure for generating tokens, as demonstrated by the thousands of ERC-20 tokens issued, used, and traded to date. Leveraging Ethereum allows us to distribute access to a wide audience while using an infrastructure that has been proven to be scalable and secure.

What is the utility of this two-token system?
Let’s explore the utility of TRL and T-CRED within the ecosystem:

  • Access to ecosystem utilities: TRL offers access to the applications and APIs offered within the Triall ecosystem, facilitated through the conversion of TRL to T-CRED.
  • Direct Peer-to-Peer (P2P) payment of stakeholders and clinical trial participants: Both TRL and T-CRED will function as a common currency in the ecosystem. They enable fast and secure payment of stakeholders who contribute to the ecosystem and enable automated milestone-based payments to the parties involved in a clinical trial consortium, such as clinical research sites or research subjects.
  • Community Engagement & Platform Maintenance: TRL is used to compensate and incentivize the community for contributions to the ecosystems. Some practical examples include:
  • Clinical research quality management experts sharing best practices within our public knowledge base environment (Trialwiki);
  • Academic Institutions and research centers sharing ‘big data’ for improved analytics and risk-based monitoring.
  • Developers contributing to the infrastructure, such as bug bounty hunting or user experience testing;
  • Community members building wallets, APIs, or promotional websites.
  • Governance of the Ecosystem: TRL functions to engage stakeholders in setting the course for the ecosystem (e.g. which apps to build, what community initiatives to support). Voting rights are based on individual TRL (or T-CRED) holdings and are increased through membership tiers.
  • Memberships & community rewards: Members who lock-up their tokens will receive unique benefits, such as premium features and additional voting rights. This mechanism approach will stimulate community growth and network effects. We have a unique system that differentiates between memberships for clinical research professionals and community rewards for token holders.

Currently, Triall is building the world’s first blockchain-enabled clinical research ecosystem that provides software solutions and APIs for all industry professionals involved in clinical trials. Triall aims to use the advantages of blockchain technology to truly add value, by promoting trust, research data integrity, auditability, and system interoperability. Their initiative is geared towards solving many persistent problems that make medical innovation complex, lengthy, and resource inefficient. Triall envisions the world’s first online environment that is inclusive to all types of clinical research professionals — regardless of function, budget, or organizational type. From first-time PhD researchers to experienced industry professionals, from pharmacist to research nurse, Triall is committed to optimizing and simplifying clinical operations for all. Their online environment is managed by the non-profit Triall Foundation, which is responsible for the development, management, and maintenance of the ecosystem and its functionalities. This foundation hopes to reinvest any future excess income in the clinical community through incubator and charity schemes.

Next to providing off-the-shelf solutions that meet industry needs, Triall aims to create an environment in which novel initiatives from the community are supported and facilitated to thrive. This makes Triall function as a true clinical trial ecosystem, and, at the same time, enables them to provide solutions tailored to the specific needs of the clinical research community. Triall solutions are currently integrated with the Factom protocol, an open-source data integrity protocol that is fully optimized for enterprise adoption and has a track-record of industrial and governmental applications. Integrating with Factom has provided Triall with network strength and security right from the start.

Triall will undoubtedly turn this vision into a reality. Although blockchain technology is still a novel concept, it has become one of the catalysts for the paradigm shift in the healthcare services industry. Triall has created a precedent for the clinical trial industry, using blockchain solutions to provide new growth opportunities for clinical research.

For more details, follow

https://www.triall.io

PS: A sponsored article written for a bounty reward