In this series, participants from the 16 November 2016, Pharma Blockchain Bootcamp, lend their insights into the future of distributed ledger technology.
Chief Clinical Officer, iSolve.io
1. What is blockchain in your terms?
The Blockchain is a digital ledger that creates a bidirectional communication bridge between systems that do not easily communicate with each other and allows organizations to leverage their current systems and processes to create an immutable, auditable, and traceable record.
2. How will it change the way the world works?
The potential of the Blockchain to alter the inner workings of this highly regulated industry is only limited by the imagination of those that work within it. It creates new opportunities to gather data that traditionally has been inaccessible and to create closer ties between partners that traditionally have worked at arm’s length.
3. What type of standards/open source bases will need to exist for your view to be realized?
The issue is not technical, but human. The ability to realize the true value of the Blockchain for Pharma is dependent upon all of the interconnected actors working together and establishing a trusted relationship that has not existed in the past, but needs to in order to ensure improved adherence and R&D.