Adoption of blockchain innovations in the sector of life science has grown threefold

Adoption of blockchain innovations in the sector of life science has grown threefold
Oct 8, 2018 by Rico Wise

The Pistoia Alliance, which is a worldwide NGO created by companies in the life science sector, claims that 60 percent of the experts in the sectors of pharmaceutics and life science are either utilizing blockchain innovations now, or trying them out at the very least. For comparison, last year the statistics for the said sectors accounted for only as much as 22 percent.

The remainder of 40 percent, which bears no intentions of adopting blockchain technologies, explains the position by mentioning certain obstacles for such implementation. For the 55 percent of the survey respondents, the main reason for the unattractiveness of the revolutionary technology lies in the insufficiency of experienced blockchain staff, which makes the said better half reluctant.

Additionally, according to the survey findings, another 16 percent see the technology as incomprehensible, making it more difficult for the adoption to spread. However, in spite of the idea that blockchain technology lavishes in complexity, more and more organizations have become aware of the capabilities the technology can bring to the table.

The majority of respondents cites the data security standards as the most significant advantage of the technology. Another thought is that the DLT innovation facilitates the establishment of transparent operations. A fifth part of the responses believes that DLT does not offer anything that could not be managed by utilizing a conventional database.

Overall, The Pistoia Alliance stands by the point that advantages of the ground-breaking blockchain technology are evident, and sectors of pharmaceutics and life sciences both profit from adopting it.