Blockchain technology will enable a huge number of innovative new and disruptive technologies, but how it will be used is a matter of some debate.
In a recent talk, Dr. Andrew Fenton, a researcher at Oxford University, laid out his thoughts on how blockchain technology might be used to help drugs researchers and companies find new ways to discover drugs.
The technology that will enable blockchain is called Distributed Ledger Technology (DLT).
Dr. Fenton said that DLT has two primary advantages: it allows for the use of more efficient algorithms and transactions for faster delivery of drugs to users, and it has the ability to scale up to address new and potentially disruptive drug discovery opportunities.
“With DLT, the entire process of discovery can be done on a distributed ledger,” Dr. James Cook, a professor of molecular biology at Harvard Medical School and director of the Laboratory of Molecular Medicine, told CNBC.
“The cost of discovery is now almost completely solved, so you can get drugs to patients that are very cheap.”
Dr. Cook said DLT can solve a number of challenges, including: making it easy to manage the distributed ledger, making it easier for drug developers to build their own decentralized systems, and making it much easier to scale and adapt the technology to different contexts.
“The technology can also be used in the clinical setting to provide real-time information about the effectiveness of a drug,” he added.
“It can also serve as a reference point for future trials, and as a way to track and compare the efficacy of different therapies.”
Dr Cook also noted that DLTs could make it possible to develop and commercialize new drugs without the need for costly clinical trials, while allowing drug developers and drug companies to focus on developing innovative and novel drugs.
Dr. Finton said that he believes DLTs will ultimately become a crucial component of the drug discovery process in the coming years.
“It will take a lot more than drugs to make a change,” he said.
“But if we have a system that we can use, and if we can scale it up to meet the needs of patients, that will make it much, much easier for pharmaceutical companies to start making new drugs.”
You will see this kind of innovation emerge in all sectors of medicine.
“What can DLTs do?
As blockchain technology enables many other new types of applications to be implemented, Dr Fenton pointed out that it could also allow drug discovery to become much more efficient.
For instance, he said that the new technology can be used for drug screening, for which there are a number types of drugs currently in development.
For example, a new drug could be developed by a drug developer who wants to find a way of screening a drug that is safe and effective.
The drug developer then goes through a few steps to ensure that the drug works as intended, including the development of a biomarker, or a specific set of proteins that a drug produces in order to determine the drug’s safety and efficacy.”
There’s a lot of information that can be collected from the drug,” Dr Finton added.
The process of drug discovery has traditionally been quite time-consuming, with drug developers needing to spend years and years developing their drug.
With blockchain technology, drug discovery will become much quicker, and more efficient, Dr Cook said.
The blockchain could be used not only to discover new drugs, but also to find new drug candidates.”
This could be the first step to creating a new class of drugs that we have never seen before, which are able to interact with existing drugs and with new drugs that are coming out,” Dr Cook added.
For example, Dr Denton said, blockchain technology could help drug discovery researchers and drug developers understand how the drug interacts with other drugs.
This could then help drug developers develop new drugs to improve the effectiveness and safety of existing drugs, which could then be tested in clinical trials.”
We have a whole host of exciting drugs that can interact with drugs that have already been in clinical use,” Dr Dontons said.”
And this will open up a whole new world of drugs, that you can’t even imagine today, that can improve the safety and effectiveness of existing therapies.
“What are the benefits of using blockchain?
For example,” Dr Coughlan said, “there is a big potential in developing drugs that work with new technologies.””
There is a huge amount of opportunity in this space, and I believe it will become a huge industry,” he continued.”
I am confident that we will see a lot less trial, and a lot fewer costly clinical studies.”
In addition to creating the technology that enables faster drug discovery, blockchain could also provide researchers and patients with an easy and cheap way to access research and clinical data, and facilitate the sharing of information.
“A lot of patients are looking for this kind, this kind,” Dr Jodie van den Berg, executive director of Medicinal Chemistry Research Network, told ABC News.
“They are interested in the latest discoveries, but they are also looking for