ROYALTY & PROOF-OF-SERVICE
We reinvented the drug development process by implementing ownership proof systems, introducing trust into a complex, trustless network.
In 2015, scientific journals published 1.2 million medical research papers, but only 396 potential drugs were submitted to U.S. regulators for permission to begin human testing. HealthChainHack was BlockTEST’s virtual hackathon aiming to channel blockchain innovations into addressing this infamous “Death Valley” of drug R&D. BlockTEST built a decentralized app prototype for this use case in the healthcare industry and invited developers globally to improve upon it as a community.
Our dapp is built on Quorum, and allows a drug company to solicit results from research teams using a token-based incentive model. The Drug Company initializes a task with a fixed token salary, and the Research Team which provides the highest-scoring solution is granted this salary.
This token-based incentive system provides drug companies with a traceable, non-monetary way to grant equity to participants in research projects – an ecosystem which can scale to potentially hundreds of parties.