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Survey: Blockchain use in life science industry has tripled in scale since last year

A recent survey by The Pistoia Alliance nonprofit organization reveals that 60% of the professionals in life science sector are either currently using or testing blockchain technology. This percentage exceeds the last year’s rate by almost three times.

The remaining 40% mostly reported on the lack of skilled personnel as the main barrier to implementing blockchain technology. 16% of these also confessed that blockchain technology is too difficult to understand.

73% of the surveyed see the immutability of data as the main advantage of blockchain, whereas 39% of them also mentioned the transparency offered by distributed ledger systems among the best features of blockchain.

“However, almost one fifth (18 percent) of professionals believe using blockchain adds no value beyond a traditional database, showing there is some reluctance in the industry to use the technology,” – The Pistoia Alliance wrote in a statement.

According to Steve Arlington, the president of The Pistoia Alliance – which boasts of founding members that include global pharmaceutical giants such as Pfizer, Novartis, GlaxoSmithKline and AstraZeneca – the benefits of blockchain technology to the pharmaceutical and life sciences industry cannot be ignored.

“Blockchain provides an additional layer of trust for scientists and their organizations. We hope the security benefits of the technology help to lessen reticence over sharing and transferring data or information, and will facilitate further cross-industry collaboration and knowledge sharing. We believe blockchain will open up new opportunities for the industry to begin sharing data more securely to advance drug discovery, ultimately making patients’ lives better,” – Arlington specified.

Another founding of the survey is that senior professionals in the sector believe that blockchain can be successfully applied to medical supply chains (30%), electronic medical records (25%), clinical trials management (20%), and medical research (15%).