‘World’s First Clinical Trial on Blockchain’
What is Triall?
Triall is a blockchain project with high relevance within the current COVID-19 pandemic. The team is building a digital ecosystem for clinical trials: a ± $200 billion market that focuses on evaluating the safety and efficacy of new medicines before these can enter the market. Triall is bringing ‘web 3.0’ thinking to medical research by applying blockchain and related decentralized technologies to streamline clinical trials. This should accelerate the introduction of new vaccines and therapeutics into society. Triall houses a professional team of medical research experts and Ph.D. scholars, all focused on bringing transparency, reliability, and operational excellence to the emerging digital clinical trials environment
The Triall project will release a range of blockchain-integrated clinical trial software applications, collaborating closely with medical researchers that are working in clinical trials on a daily basis. Each of these software applications targets specific, industry-validated pain points. The common objective of these software applications is to improve data integrity, auditability, and task efficiency in modern-day medical research processes.
The first product by Triall, Verial eTMF, has been used by clinical trials since 2019. It is a blockchain-integrated clinical trial document management solution, which enables users to generate verifiable proof of the integrity of their clinical trial documents. This is a unique feature, specifically designed to mitigate the growing number of data integrity issues reported in clinical trials. The launch of Verial eTMF was credited as the world’s first application of blockchain technology in a real-world clinical trial. For more information and features about this revolutionary medical blockchain project, you may visit the Triall official website.
Core Solutions
Verial eTMFClinical document management application with blockchain proofs of data integrity and authenticity.
- Triall CTMSLightweight trial management dashboard with blockchain API-driven data integration.
- Atena PRMVendor selection and management platform with blockchain proofs of fair tender and bidding processes.
Triall pre-sale details & token allocation
Triall’s two-token system: 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.
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.
Partners
Conclusion
TRL lays the groundwork for a self-sustaining ecosystem in which a multi-stakeholder community is incentivized to capture and add value to the ecosystem. Its underlying token economics are designed to foster a healthy and sustainable micro-economy, which is vital for stimulating ecosystem growth, network effects, and long-term sustainability.
SOCIALS
A sponsored article written for a bounty reward.
