Nowadays, The development of blockchain technology is inevitable.
Blockchain make people life easier and secure.
Blockchain technology provide us enhanced security,greater transparency, instant traceability,automation,increase efficiency and speed etc.
The demand of blockchain product is increasing day by day.
Today I want to share a very interesting project with you called triall. Triall seeks to innovate the fields of clinical research by leveraging the power of blockchain technology. The following article will further explain the product and the problems it is trying to solve. After which we will take a look at the token and tokenomics.
So before we can look at the actual product and what it could do to revolutionize Clinical Research we need to look at the problems surrounding the current clinical trial.Clinical trials are research studies that are necessary to evaluate how safe and effective new vaccines and medicine before this can enter the market.
As you can imagine this is a lengthy process that has become increasingly complex, data heavy and fragmented. Leading to increased cost and delaying patients access to new medicines, this is where the trial products come into play as their goal is to accelerate the introduction of safe and affordable vaccines and therapeutics into society by streamlining the process of clinical trial.
So while the trial project offers a variety of core solution, the one we want to focus on this article is verial eTMF. This solution demonstrated the world's first implementation of blockchain in a live and running clinical trials and is currently enrolled in five clinical trial project with more to follow. the verial eTMF is an easy to use document management solution that assist Clinical Research professionals in building their eTMF.
You are probably asking yourself what a eTMF is at this point, well it stands for electronic trial master file, which is a collection of documents that allows regulators and auditors to reconstruct and inspect clinical trial operations and their compliance with with international Regulation and quality guidelines. A eTMF is therefore compulsory and has to be sufficient quality otherwise a new medicine will not obtain regulatory approval and cannot enter the market.
Trial verial eTMF comes into play by helping its clients build their eTMF faster and more reliably. Thereby reducing the overall costs of clinical trial management, Furthermore it allows users to create variable proofs of the integrity and existence of the documents using blockchain timestamping. Giving really regulator and auditors improve the inside potentially expediting the clinical trial and market authorisation process.
So now that you have heard of the product, let us take a closer look at trials token system. The trial ecosystem consist of of two tokens. One being $TRL the main utility token and other one being T-CRED which is used to pay for the aforementioned triall solution. Taking a look at the token, individually TRL will be the publicly-traded utility erc20 token minted on the ethereum blockchain. That will enable holders p2p compensation, governance and community engagement. With plans to issue a total of 17 million $TRL tokens. Moving on its counterpart we have the T-CRED tokens which is used to pay for utilities in the trial ecosystem. T-CRED is created by converting TRL at a fixed price of $100 through a smart and oracle.Where the TRL used is then remove from the supply for each conversion or in other words burnt.This is done to makethe cost of triall solution such as the verial eTMF predictable and to promote adoption.
That concludes the article of the triall if you have any further questions or would like to find out more about trial, I highly recommend you check out their website triall.io or any of their social media channels.
Bonus tokens for Website signup and/or token purchase! Details can be found here: https://beta.bounty0x.io/host/bounties/1986311
Official Link:
Website: https://www.triall.io/
Blog: https://insights.triall.io/
Telegram: https://t.me/triallcommunity
Twitter: https://twitter.com/triallofficial
“A sponsored article written for a bounty reward.”
Bounty0X username: kasfia