Triall- Clinical research is going digital.
Triall is laying the groundwork for tomorrow’s digital playing field in clinical trials.
Blockchain technology has now been developed and extended to build Dapp, data storage and security applications in many industries. The application of Blockchain technology in the field of healthcare and public health is attracting a lot of attention.
The application of blockchain in healthcare has many benefits in improving the efficiency of medical examination and treatment. In addition, it also helps patients cut costs and reduce unnecessary time. Blockchain not only helps pharmacies, centers to better track the amount of drugs, but also can better track the dispensing of drugs.
We can all easily see that in the current medical industry, there is still a limitation: the traceability of disease information, patient history, can affect their health. However, with Blockchain, a doctor can access a patient’s medical record, if the patient allows it. All access is recorded, ensuring confidentiality and transparency. At the same time, the information will not be able to be modified by anyone. Through Blockchain, all confusion can be eliminated, security features will be much higher, transparency is also enhanced. And through this article, I would like to introduce to you about a project that I find is very attractive because of the solutions they apply in the field of health and Blockchain.
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. Their 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. Their mission is to accelerate the introduction of safe and affordable vaccines and therapeutics into society by streamlining clinical trials. Triall will offer all of its software solutions under a tokenized software-as-a-service (SaaS) subscription model where customers pay for software and related services using our secondary token T-CRED. They serve two target customer groups:
- Clinical trial professionals: individuals working at pharma/biotech companies, specialized service providers (‘Contract Research Organizations’), and hospitals (‘Sites’) who use Triall solutions in their day-to-day clinical trial operations.
- Clinical trial software providers: vendors who can leverage our APIs to integrate with our infrastructure, providing them with an easy entry into blockchain functionalities and allowing them to communicate with other solutions that are connected to our platform.
Triall is the first company to implement blockchain in real-world clinical trial settings, and is now supported by an international partner network and a global advisory board consisting of industry experts and key opinion leaders. Triall’s first application is a blockchain-integrated document management solution that enables researchers to create verifiable proofs of their clinical trial documents’ existence and integrity. These document records provide patients, health authorities, and regulatory agencies with greater assurance of clinical trial data integrity and authenticity.
Blockchain can help solve the core pain points of the industry by promoting the privacy, immutability, and verifiability of the data, identities, rules, and record involved in various clinical research activities. By leveraging blockchain, Triall aims to make clinical trials smarter, safer, and more-efficient, thereby accelerating the execution of clinical trials. The targeted software solutions developed by Triall use vertical blockchain integrations to improve data integrity, auditability, and operational efficiency in clinical trials.
►How does Triall work?
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. 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.
Currently, various new innovations along with technological developments are offered by various parties in this sector, still inefficient because it requires a large amount of money and of course it takes a short time to provide new medicine that is needed by patients. Triall is a blockchain technology-based project where they try to change clinical trials to be more efficient and transparent.
The 7 growth drivers of the Triall ecosystem:
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.
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, will lead to synergistic network effects where we can tap into the business networks of entities that join our initiative.
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.
- Token allocation
- Triall Community Fund (TCF)
To further engage the community in the development of the Triall ecosystem, 10% of the total TRL token supply is reserved for the Triall Community Fund (TCF). The TCF is established to help the Triall ecosystem grow globally through community-sponsored projects and initiatives. Examples of such projects may include a TRL (mobile) wallet, applications, token integration with other networks, marketing campaigns, websites promoting Triall, bounty programs, and competitions, or any other initiative that reaches a majority vote. After the initial pool of 10% of TRL tokens has been depleted, part of the sustainable operating income from Triall may be reinvested into the TCF.
- TRL value drivers
Triall will pursue the listing of TRL on a growing number of crypto exchanges to promote the liquidity of our main utility token. As a publicly tradeable token, the value of TRL will be determined by market supply and demand. Therefore, the token economics of TRL are designed to limit supply and drive demand. The figure below gives an overview of the main value drivers of TRL.
The supply of TRL is limited by reducing the total circulating supply through various token lock-up mechanics. In addition, our tokenized SaaS subscription model provides additional stability as TRL tokens are removed from circulation each time a new client is onboarded. Moreover, our conversion mechanism and token burn policy stimulate a deflationary trend where the total TRL token supply is expected to decrease over time, creating additional upward pressure on the demand.
The demand for TRL is driven by increasing the utility and boosting the adoption of the ecosystem. Over the course of developing the Triall ecosystem, we expect to see a strong increase in TRL token utility and market demand driven by the growth of the ecosystem (and associated network effects). To this end, our team’s core focus is the successful release and commercialization of a growing number of Triall solutions.
►Triall Development Partners
This sector is very potential and very important, therefore Triall is a very potential project because it uses Blockchain technology for clinical trials which is still new in this sector. Various features in their ecosystem are also very complete and unique, making the Triall All-In-One Ecosystem needed for the clinical trial process. I hope you guys can become part of this potential project!
I think it’s enough for now, don’t forget to follow & upvote for more content about the new potential project, I will give some links related to Triall project below. Thank you very much!