Health

Blockchain technology adoption to lower costs and drive efficiency in the health sector

Clinical Trials

Risk aversion in medical testing and research has led to an industry standard of near 100% source data verification, which is a measure to ensure that no fraudulent data exists in any aspect of a study. This is costly, with studies finding that more than one-third of a Phase 3 trial budget is typically consumed by source data verification processes. In medical device clinical trials, 15% of the overall budget is typically dedicated to SDV monitoring processes, with little return on investment. The $150,000 spent on SDV in a million dollar trial has been found to produce a return on investment of $525. 

Health Care
Blockchain technology adoption to lower costs and drive efficiency in the health sector

Clinical Trials

Risk aversion in medical testing and research has led to an industry standard of near 100% source data verification, which is a measure to ensure that no fraudulent data exists in any aspect of a study. This is costly, with studies finding that more than one-third of a Phase 3 trial budget is typically consumed by source data verification processes. In medical device clinical trials, 15% of the overall budget is typically dedicated to SDV monitoring processes, with little return on investment. The $150,000 spent on SDV in a million dollar trial  has been found to produce a return on investment of $525. 

Health Care
How BAF helps?

By utilizing the blockchain’s cryptographic hashing systems, which verify and timestamp data, these costs could be drastically reduced. By hashing and storing a digital fingerprint of a clinical trial as the proceedings occur, the current post-study verification processes — which is riddled with costly redundancy — will be updated faster, and at a considerably lower cost than current source verification methods.

REDUCED FRAUD

SECURED RECORDS

INCREASED EFFICIENCY

PROTECTED PRIVACY

How BAF helps?

By utilizing the blockchain’s cryptographic hashing systems, which verify and timestamp data, these costs could be drastically reduced. By hashing and storing a digital fingerprint of a clinical trial as the proceedings occur, the current post-study verification processes — which is riddled with costly redundancy — will be updated faster, and at a considerably lower cost than current source verification methods.

REDUCED FRAUD

SECURED RECORDS

INCREASED EFFICIENCY

PROTECTED PRIVACY