Tangent90 and Ascribe have recently announced a partnership to bring Blockchain technology to the medical industry to satisfy compliance and copyright requirements and ensure full transparency for all stakeholders.
Tangent90 has partnered with ascribe to build a trust network that enables companies, and healthcare professionals to track ‘value transfers’ including digital materials, physical items and payments. There is a need for a trust network because of government and industry mandates (US Sunshine Act, EFPIA in Europe) to ensure regulatory and copyright compliance. This initiative supports patients, healthcare professionals, commercial organisations and government to be transparent and open.
“Companies want to deliver on these regulatory requirements but there is so much ambiguity and duplicated effort, costing time and money,” said Tangent90 CEO Richard Lucas.
“Transparency regulation places an administrative burden on everyone – industry, doctors and regulators – we’re going to solve it with a seamless system built on a blockchain database.”
“We’re excited to support Tangent90 to build a trust network in the medical field. If we can reduce the administrative burden while helping stakeholders to fulfill compliance requirements, it’s win-win for everyone,” said Bruce Pon, CEO of ascribe. “This is a classic use case for blockchain technologies, where you have multiple stakeholders and multiple data sources, but you want a single source of truth.”
By tracking transactions on the blockchain, records are immutable and auditable by everyone. Tangent90 will use BigchainDB, a scalable blockchain database provided by ascribe as the storehouse for transactions, data and copyrighted materials. ascribe has been a vanguard in providing a digital copyright ledger enabling copyright provenance to be established, transferred and sub-licensed.
This solution could eventually cover the estimated 20 million value transfers in the EU and US alone, such as flights, hotels, and honorarium, bringing transparency, while reducing administrative burden for everyone.