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Over 50% of Life Science Organisations are Utilising or Testing Blockchain Solutions

Blockchain Technology

There are so many different ways in which blockchain technology can be harnessed. All types of industries benefit immensely from the development of this technology. The life sciences sector is one of those. Latest figures showcase that the extent of how blockchain technology is being adopted.

There was a survey conducted recently by a non-profit alliance called the Pistoia Alliance which aims to help push innovation and R&D in life sciences. This survey looked at the use of blockchain technology in the life science and pharmaceutical industries.

The results of the survey certainly provided some food for thought. It showcased that 60% of the life science and pharma professionals either are testing out or using blockchain technology today. When a similar survey was conducted during 2017, this proportion was only 22%.

Despite this positive improvement, the other 40% of respondents are not looking into the implementation of this technology at the moment or they never plan on doing so.

Usually, the barriers that exist when it comes to blockchain implementation is the scarcity of personnel who are familiar with this space (55% of the respondents cited as being the chief reason for not adopting it) and 16% said that this technology is too complex to be understood.

These reasons are why the Pistoia Alliance has issued a call for both the pharma and life sciences industries to work alongside each other when it comes to the creation and implementation of useful iterations of blockchain technology.

This will help to ease the lack of personnel familiar with this technology and the real-life applications can end some of the mysteriousness and confusion that abound in the space in this day and age.

It will certainly be interesting to see what the survey results showcase in another twelve months’ time as the changes are brought into effect.

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