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.
London, UK (PRWEB UK) 1 March 2016
ascribe and Tangent90 announced today 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.
The Software as a Service team at Tangent90 have been working in the life sciences sector for over 25 years and specialize in bringing disruptive and patented innovation to commercial copyright content acquisition, management and distribution. Overall Tangent90 love putting science in the hands of doctors, information in the hands of patients, compliance in the hands of the regulators and capability in the hands of industry. http://www.tangent90.co.uk
Started in 2015 by the ascribe team, BigchainDB was a direct result of seeing scalability as a fundamental barrier to wider adoption of blockchain. BigchainDB is a decentralized, federated and customizable blockchain database capable of one million writes per second, petabytes of capacity, rich querying and permissioning. http://www.bigchaindb.com
Founded in 2014, ascribe is a service for creators to register and track intellectual property. By registering work with ascribe, a unique, cryptographic ID is generated and then stored on the blockchain, creating a permanent and unbreakable link between the creator and their work. Creators lock in authorship, can create limited digital editions, securely share and trace where work spreads online. ascribe has been featured in dozens of publications and to date over 4,000 creators have declared 7,000 works and over 30,000 unique editions within the system. http://www.ascribe.io