How Blockchain will drive Clinical Data Analytics
Emerging technologies such as Data Analytics/Machine Learning and Blockchain are touted to be the next big things set to revolutionise the way the pharmaceutical companies do business. Most of us are under the impression that these technologies are mutually exclusive — each having its own unique paths and used separately. However, that is not correct.
While Data science deals with utilising data for proper administration, blockchain ensures the data security with its decentralised ledger.
These technologies have vast untapped potential that can increase efficiency and enhance productivity. The question is, is there a point where these technologies can come together? What will be achieved when Blockchain and Data Science are concurrently applied as with the Clinical Trials Intelligence (CTi) platform? Why is it said that Blockchain is the future of Data Science?
Looking at it simplistically, both these technologies have data at the centre. While blockchain validates and records data, data science focuses on deriving meaningful insights from data for problem-solving. Both of these technologies employ algorithms to control interactions with different data segments. In crux, data science is for predicting and blockchain is for validating data.
With Blockchain, a new way of handling data is possible. It has eliminated the need for the data to be brought together and has paved the way to a decentralised structure where data analysis is possible right from the edge of individual devices. Additionally, data generated through blockchain is validated, structured and immutable. Since the data that provide by blockchain is ensured of data integrity, it enhances clinical trial data.
Today, most pharma companies are looking towards deeper, advanced analytics as clinical data has become more accessible and robust. Currently, the clinical data that companies use are mostly scattered which demands weeks or months of effort to sort out. The integrity of the data can be affected greatly by any sort of human error, affecting the end analysis. Data also faces the risk of being compromised when it is stored in one centralised location. There is also the possibility of data generated from clinical trial sites being tampered with and getting released to the public. It is a huge chore to ensure that it is accurate and secure. For executing data analysis and predictive modelling, CTi needs a functional and solid data set. With a decentralised blockchain, data scientists can strengthen their ability to manage data and also set a solid infrastructure.
About ClinTex
ClinTex are a solution provider to the pharmaceutical industry, and the team behind CTi — Clinical Trials Intelligence: a new type of software platform aimed at transforming the medicine development industry through the application of predictive analytics, machine learning, and the novel use of blockchain technology and smart contracts in clinical trials.
Our mission is to bring down the cost of medicine and improve the speed to market of new medicines for the people who need them, through vastly reducing development costs for the global pharmaceutical industry.
Follow Us:
- Medium: https://medium.com/@clintexcti
- Twitter: https://twitter.com/clintexcti
- Website: https://www.clintex.io/
- Telegram Discussion: http://t.me/clintexcti
- Youtube: https://www.youtube.com/channel/UC66MPSniK52KFZwE_SIDsOA
- LinkedIn: https://www.linkedin.com/company/eclintex-ltd/
- Reddit: https://www.reddit.com/r/clintexcti
