Bitfury partners with Longenesis to launch a blockchain-based consent management solution that streamlines data collection for medical research. Longenesis is a biotechnology company that provides technology solutions for data management.
The new blockchain-based solution is expected to offer a more straightforward process to track and manage user consent for individual studies and medical trials. The solution will also allow users to change or withdraw their consent for research at any time. According to some reports, the new blockchain-based solution of Bitfury and Longenesis will also record all the updates to user content on an immutable, transparent, distributed, and decentralized Exonum blockchain with time stamps for future auditing. The solution will allow the users to implement the solution as a supplement to their existing digital systems for storing user content as well as a full data management system.
The new blockchain-based consent management solution will also manage and address any issues regarding user consent for ongoing and upcoming research activities. The healthcare industry has stringent compliance regulations policies, and a failure to comply with the regulations may attract penalties up to 20 million euro ($22 million) or 4 percent of the organization’s annual revenue. The consent management solution will adhere to the General Data Protection Regulation (GDPR), and the Health Insurance Portability and Accountability Act (HIPAA) to address any compliance regulations issues. The solution will also allow medical researchers to increase the efficiency of medical research by offering them a streamlined data collection process.
Founded in 2011, Bitfury is a full-service blockchain technology company that offers innovative solutions for hardware, security, and software. The company also provides security and infrastructure for Bitcoins.
Longenesis is a Wan Chai, China-based Biotechnology Company that provides Blockchain and AI-powered solution for security, traceability, and smart data management. The company also offers solutions for life data escrow.