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The global non-profit organization of life science, Pistoia Alliance, has recently announced the launch of the next phase of its blockchain project, in which erudite members will utilize the venture to enhance the data identity, data sharing and data integrity in the domain of life science.
This new development stage of the project will target the practical life science research and development (R&D) and seek the blockchain applications that deliver better returns on investment. The new phase is also aiming to identify the various use cases of blockchain that will help the industry to reach new heights.
According to Dr. Steve Arlington, President of Pistoia Alliance, blockchain technology has yet to reveal its potential and use cases in the life science sector; it is one of the few industries that was left untouched by blockchain. Dr. Steve Arlington stated:
“Much of the industry is still at the ‘discussion’ stage of the blockchain, we want to move beyond this and take action that actively supports members and leads to tangible outcomes that will benefit R&D, accelerate innovation and support the discovery of new treatments.”
In the past, Pistoia Alliance had carried out number of initiatives to educate the industry about blockchain and to derive real value from blockchain technology.
Pistoia Alliance has recently conducted a study of life science professionals. According to that study, the employment of talented personnel is the primary challenge for the adoption of blockchain in the life science sector, and the complexity of blockchain technology being the second. Almost a fifth of participating respondents said they believe blockchain adds no value beyond a traditional database.
“There are still many misconceptions about blockchain in the life science industry that we need to work hard to overcome,” said Jake Dreier, Pistoia Alliance’s blockchain project manager and consultant. He further said that this misconception and people’s perception are the main reasons behind the organizations avoiding blockchain technology and raising doubts on its potential in the field of life science.
However, the group is working with dedicated members to eliminate the misconceptions about blockchain by providing them with education and information in forms of various webinars and workshops.