Clinical research firm FirstCry to receive blockchain revamp for Nykaa

Mumbai-based blockchain firm Qila.io is gearing up to help bring transparency in the field of clinical research using blockchain technology. Earlier this week, the company partnered with clinical research firm mascot SpinControl, also headquartered in India’s financial capital. The project aims to protect the integrity of medical research work by using secure and tamper-proof data storage using blockchain, while increasing stakeholders’ confidence in the security of information provided by the research firm. The underlying technology for Web3 services promises to bring improvements to many industrial sectors in the coming years.

Blockchain technology, also known as distributed ledger technology, distributes and stores data across multiple nodes. This prevents data from being concentrated in one location, making it difficult for hackers or other malicious agents to manipulate the stored information.

Furthermore, the data saved on the blockchain is immutable and cannot be changed which brings authenticity and transparency to each record. The clinical research firm has tried and tested products from brands like L’Oréal, Himalaya Wellness, Hindustan Unilever Limited (HUL), Mamaearth, Dabur, St. Botanica, Firstcry, Joy, Emami, Sugar, Nykaa.com, Glenmark. Sun Pharma, Marico, Plum, and Dot & Key.

“Blockchain deployment will improve the transparency and integrity of clinical trial results. The clinical data results will be immutable and hence will take a lot of confidence in the promises of the brands! We are proud to be one of the first companies in our industry to adopt this technology,” Mohit Lalwani, managing director and founder of SpinControl Mascot, said in a prepared statement.

Along with making research storage secure and transparent, there are other use cases for blockchain technology that relate to the healthcare sector. These include bringing transparency in supply-chain management, securing data sharing, and providing accurate drug authentication.

This is not the first time in India that blockchain technology is being integrated with the healthcare sector. In 2022, the Maharashtra government teamed up with Algorand Blockchain and MAP, a healthcare technology firm, to store health data as NFTs.

A study by a research firm root analysis reveals that the global use of blockchain technology in the healthcare market is projected to grow from $58 million (approximately Rs 484 crore) in 2023 to $641 million (approximately Rs 5,353 crore) by 2035, at a compound annual growth rate (CAGR). represents. of 22 percent during the forecast period 2023-2035. Predence, another market research firm, Estimate The market size of blockchain in healthcare may increase to $14.25 billion (approximately Rs 1,19,005 crore) by the year 2032.

The partnership between mascot SpinControl and Qila.io also opens the door to exploring additional joint initiatives, including the implementation of a blockchain token solution for clinical research data sharing. The collaboration will pursue pilot programs to demonstrate the effectiveness of blockchain technology in improving data integrity and transparency.

Sid Ugrankar, founder of Qila.io, said on Friday, “By combining MASCOT’s clinical research capabilities with Qila’s blockchain expertise, we create a powerful synergy that solves critical industry challenges and advances in health care research.” Promotes innovation.”