Sendsquare Develops Blockchain-Based Data Registry Platform Supported by the Korean Government
Sendsquare was selected to develop an RWD (Real World Data)-based Clinical Research Data Registry Platform using Blockchain supported by the National IT Industry Promotion Agency(NIPA) of the Korean government.
In 2020, NIPA plans to invest more than 3 million dollars in the PoC support program to foster domestic blockchain companies. It selects about nine projects after evaluating projects’ details, including their practicality, expected effect, and performance. Last year, NIPA started the PoC support program for blockchain projects the first time, and 11 projects were selected. Sendsquare’s blockchain-based clinical trial data collection tool(eCRF system) was one of them, and it was selected as an outstanding project at the end of the year.
This year, Sendsquare focused on inefficient data usage of the nation’s medical study and medical data’s credibility issue. Even though medical data research is essential in the field, it is not active enough because of insufficient data dissemination and some unreliable data. To solve the problems, Sendsquare decided to develop RWD (Real World Data)-based Clinical Research Data Registry Platform using Blockchain.
The platform will include functions such as profiling, extraction, visualization, and documentation of data, which will help users use data efficiently and enhance the insight gained from the data.
Furthermore, Sendsquare’s new blockchain-based platform will consist of two connected chains: Public Chain and Private Chain. Confidential data will be put on Private Chain, and access to data on Private Chain is restricted for protection. This system will enhance the data’s credibility and consistency. On the other hand, on Public Chain, data usage records and headers of Private Chain will be recorded periodically. With the records on the Public Chain, the data’s alternation can be tracked. In turn, data can be managed and utilized transparently, and data forgery can be prevented.
Besides, Sendsquare will team up with clinical experts and practitioners from Seoul’s world-renowned KyungHee University Medical Centre, and start work on analyzing nine years worth of clinical data on diabetes collected by the medical centre. Through pseudonymization, organization, and cleansing of data, Sendsquare expects to develop a platform that can be practically used in medical studies. The blockchain-based platform is predicted to bring positive effects to the medical field, and millions of profits in domestic and international markets. The medical industry can also cut costs about 4 million dollars by using Sendsquare’s RWD (Real World Data)-based Clinical Research Data Registry Platform using Blockchain.
In the long term, Sendsquare aims to build a representative blockchain-based healthcare platform. For this goal, Sendsquare plans to advance the blockchain-based eCRF system that Sendsquare developed last year with the support of NIPA, and utilize RWD (Real World Data)-based Clinical Research Data Registry Platform scheduled to be developed in 2020.
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