CRO blockchain for medical research connects sponsors and institutional investors
Smartillions developed a medical research blockchain to create rewarding relationships between contract research organisations (CROs), sponsors and institutional investors.
By means of smart contracts on the CRO blockchain, sponsors can outsource research projects to participating specialised CROs and access institutional funds in exchange for pre-negotiated success fees. This enables a sponsor to collaborate with multi-centre teams that work on their behalf to conduct effective research — without assuming 100% of the financial risks that are associated with large medical research projects. Likewise, institutional investors have the assurance that they are investing in trials conducted by multiple CROs with specific expertise in their fields. Investors do not only have the advantage of accessing a diversified medical research portfolio with a large profit potential and the security of underlying intellectual property rights but also the liquidity of an asset that can be easily traded on the blockchain with other institutional investors.
“The CRO blockchain allows sponsors to potentially secure many new medical innovations while sharing risks and rewards of large research projects with institutional investors,” says Smartillions’ president Olly Stumpf.
Smartillions launched a consortium of institutional investors and sponsors that are interested in obtaining inventions through research by groups of specialised CROs. The CRO blockchain is intended to incentivise not only investors but also CROs and their teams by offering them specific rewards for each successful project that meets the objectives of a sponsor.
Smart contracts on the CRO blockchain are based on pre-negotiated terms between CROs, sponsors and investors. These relationships take advantage of the expertise of multiple CROs that work together on the joint goals of one sponsor.
Smartillions intends to develop the CRO blockchain into a fully automated platform for CROs, sponsors and institutional investors, connected through a protected network with end-to-end security for all participants.
The CRO blockchain allows sponsors to potentially secure many new medical innovations while sharing risks and rewards of large research projects with institutional investors.
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