Nykaa and FirstCry have teamed up with Qila.io, a clinical research firm, to undergo a blockchain overhaul.
Blockchain technology, also referred to as distributed ledger technology, involves the distribution and storage of data across multiple nodes.
Mumbai-based blockchain company Qila.io is preparing to leverage blockchain technology to enhance transparency in the field of clinical research. Earlier this week, the company announced a partnership with Mascot Spincontrol, another clinical research firm based in Mumbai, India. The collaborative project aims to safeguard the integrity of medical research by implementing secure and tamper-proof data storage through blockchain technology. This initiative aims to enhance confidence among stakeholders in the security of information provided by research firms. The advent of Web3 services has shown promise in revitalizing various industrial sectors in the years to come.
Blockchain technology, also known as distributed ledger technology, entails the distribution and storage of data across multiple nodes. This decentralized approach prevents data from being centralized in one location, thereby making it challenging for hackers or malicious actors to manipulate stored information.
Furthermore, data stored on the blockchain is immutable, meaning it cannot be altered, thus ensuring authenticity and transparency for each record. The clinical research firm has conducted trials and tests for products from various brands including 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 and Key.
Mohit Lalvani, Managing Director and Founder of Spincontrol Mascot, expressed in a prepared statement, “The deployment of blockchain will enhance the transparency and integrity of clinical trial results. The irreversible nature of clinical data results will instill great confidence in the promises made by brands. We take pride in being among the first companies in our industry to adopt this technology.”
In addition to securing and making research storage transparent, blockchain technology offers various other applications in the healthcare sector. These include enhancing transparency in supply-chain management, ensuring secure data sharing, and enabling accurate drug authentication.
This isn’t the first instance in India where blockchain technology has been integrated into the healthcare sector. In 2022, the government of Maharashtra collaborated with Algorand blockchain and MAPay, a healthcare technology firm, to store health data as NFTs.
According to a study conducted by research firm Roots Analysis, the global utilization of blockchain technology in the healthcare sector is expected to increase from $58 million in 2023 to $641 million by 2035. This growth represents a compound annual growth rate (CAGR) of 22 percent during the forecast period of 2023-2035. Another market research firm, Precedence, predicts that the market size of blockchain in healthcare could reach $14.25 billion by the year 2032.
The collaboration between Mascot Spincontrol and Qila.io also paves the way for exploring further joint ventures, including the adoption of blockchain tokenization solutions for sharing clinical research data. Additionally, the partnership will involve pilot programs aimed at showcasing the efficacy of blockchain technology in enhancing data integrity and transparency.
“By leveraging Mascot’s clinical research expertise alongside Qila’s proficiency in blockchain, we establish a formidable synergy that tackles key industry obstacles and promotes innovation in healthcare research,” stated Sid Ugrankar, Founder of Qila.io, on Friday.
