HashCash Extends Blockchain Support to Global Pharma Company for Clinical Trials
USA’s HashCash Consultants is expanding its blockchain expertise to a global pharmaceutical company to support them in secured record-keeping of clinical trials by smart contracts. Smart contract development occurs to be one of the most sought after services of the leading blockchain development company. It comes with significant advantages for clinical record keeping, which is a complicated and critical process.
“Clinical trial is a critical and highly sensitive process and involves a bulk load concerning the patients and medical research, adding to the complexity of the process. Safe and secured record-keeping is central to clinical trials, and considering the enormity of the process, a manual approach doesn’t suffice. Leveraging the values of blockchain through the smart contract, we can streamline and coordinate it and ensure the easy exchange of data among all participants and also make sure that privacy is maintained,” mentioned Raj Chowdhury, CEO, HashCash Consultants in a statement.
A clinical trial or medical research deals with sensitive data, including patients’ records and drug development. A large amount of data gets exchanged between departments and sometimes even between research organizations. Utilizing manual methods, it can be challenging to achieve the process and maintain the data’s security and privacy.
By utilizing smart contracts, HashCash intends to address all of the pain mentioned above points and offers sustainable solutions to the same. The patient data and sensitive drug development information can be exchanged between parties involved by a blockchain network, which assures absolute security and immutability of data.
Improved security is one of the excellent aspects of smart contracts owing to the value of advanced encryption utilized in its development. The data generated by a smart contract cannot be tampered and cannot be disclosed without permission from the intended party.
HashCash intends to develop high cross-institutional visibility via smart contracts for easy flow and exchange of information. It automates the process of data sharing as soon as the pre-defined conditions within the contract get fulfilled. The usage of smart contracts will help in the identity verification of the patients and the network participants, along with the same authorization. The final stages will be utilized to automate the trialing process and transmit or partake the needed data across multiple platforms.