TENAFLY, N.J.--(BUSINESS WIRE)--A recently completed proof of concept study demonstrates that robust identity trust can be integrated with blockchain technology. This development has significant implications for the use of distributed electronic ledgers (i.e., blockchain) for pharmaceutical, healthcare and other applications.
The study was conducted by Peer Ledger, a Canadian blockchain company; SAFE-BioPharma Association, the organization managing the global SAFE-BioPharma digital identity management standard; and Synchronoss, a leading provider of standards-based digital identities.
"Blockchain – the technology underlying Bitcoin – has the power to disrupt traditional practices for drug discovery, patient engagement and monitoring, payments, and participatory healthcare delivery," said Dawn Jutla, Ph.D., CEO and founder, Peer Ledger.
Blockchain technology deploys a shared, synchronized, distributed ledger of transactions, guaranteeing security and decreased fraud by providing a permanent record of who accessed ledgers and what they did.
The proof of concept showed that SAFE-BioPharma compliant digital identities can be linked to the blockchain to assure trust in the identity of each person engaged in the transaction. Transactions can be anonymous until the completion of a clinical study or other project and subsequently "chained back" to the proven identity of the user if needed for regulatory or clinical purposes. Alternatively, the identities associated with each block can be known throughout the process, such as in track and trace applications for the medicines supply chain.
"Every SAFE-BioPharma compliant identity credential accurately represents the proven identity of the person using it. Teaming these credentials with anonymous blockchain ledger postings enables use cases critical for overall cybersecurity across healthcare and the life sciences," explained Mollie Shields Uehling, president and CEO, SAFE-BioPharma Association.
Prior to the study, identities associated with distributed electronic ledgers were entirely anonymous. The study shows that cyber identities that comply with the SAFE-BioPharma standard allow identities to be de-anonymized, a requirement for double-blinded clinical trials, audits and responsible supply chains.
Peer Ledger is a blockchain company specializing in the pharmaceutical, healthcare and precious metal sectors. It offers an identity bridge product between public key infrastructure and blockchain, and the Mimosi track-and-trace blockchain product for responsible supply chains.
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