Blockchain is a database of information shared across a network. They're known in cryptocurrency systems like Bitcoin. Blockchain technology has the potential to revolutionize the drug discovery process by streamlining data sharing, collaboration among researchers, and enhancing transparency and security.
One main benefit of blockchain technology is that it can enable greater data privacy and control for patients. With the rise of personalized medicine and genomics-based drug discovery, patient data privacy has become a critical issue in drug development. Patients are rightfully concerned about their personal data, since no one wants their information out in public, especially sensitive information such as medical records. Blockchain can enable secure and transparent sharing of patient data while ensuring that the patient has full control over their data. With blockchain's cryptographic security and privacy features, patients can have greater confidence in the security and privacy of their data and can be more willing to participate in clinical trials and other research studies.
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In addition to improving data sharing and privacy, blockchain can also increase the efficiency and speed of drug development by enabling smart contracts and automated processes. Smart contracts can enable automated verification and execution of contract terms, processes that would take much longer otherwise. It can automate other processes in drug development including target discovery, supply chain, product distribution, tracking the shipments, etc. By automating these processes, blockchain can reduce administrative overhead and increase the speed and efficiency of drug development.
Blockchain technology has the potential to transform the drug discovery process by enhancing data sharing, privacy, and security, increasing efficiency and speed, and enabling new forms of collaboration and innovation. While there may be challenges to its adoption, the potential benefits of blockchain technology in drug discovery are significant and warrant further exploration and development. As the technology continues to evolve and mature, it is likely to play an increasingly important role in drug development.
References
https://www.investopedia.com/terms/b/blockchain.asp
Zakari N, Al-Razgan M, Alsaadi A, et al. Blockchain technology in the pharmaceutical industry: a systematic review. PeerJ Comput Sci. 2022;8:e840. Published 2022 Mar 11. doi:10.7717/peerj-cs.840
Kiania K, Jameii SM, Rahmani AM. Blockchain-based privacy and security preserving in electronic health: a systematic review [published online ahead of print, 2023 Feb 17]. Multimed Tools Appl. 2023;1-27. doi:10.1007/s11042-023-14488-w
https://pharmaboardroom.com/articles/are-you-smart-enough-blockchain-smart-contract-applications-in-pharma/
