Scientist.com, an online marketplace for outsourced research, has launched a blockchain-based data verification platform, the company announced on Monday.
Dubbed DataSmart, the platform will allow biotechnology and pharmaceutical companies to demonstrate the veracity of electronically submitted research data to regulators - specifically that which companies obtain during the preclinical and clinical stages of drug development.
"In biopharma research we need blockchain technology to verify and validate the supply chain and to ensure the integrity of research data," Chris Petersen, Scientist.com's CTO and founder said in a statement, adding:
The company said the service will specifically help biopharmaceutical firms comply with 21CFR Part 11, a regulation that outlines the standards electronic records must meet in order for the U.S. Food and Drug Administration to consider them reliable and equivalent to paper records.
"The cost and time spent adhering to 21CFR Part 11 has made it prohibitive to ensure data integrity at earlier stages of the drug discovery and development process," Scientist.com CEO and founder Kevin Lustig said in the statement.
Big pharma firms Pfizer, Amgen and Sanofi also started exploring blockchain applications to the industry in January. The companies are specifically pursuing use cases related to data management and movement and patient communication automation among others.
Pills image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.