CryptoFun X Triall AMA Recap

24 Apr 2021 06:39
CryptoFun X Triall AMA Recap

Hello, We had an AMA with Triall on April 22, 2021. For those of you who are late to follow or watch, you can read the following AMA recap.

Guest Raymond van der Waal
(Head Of Marketing)
Moderator Ahmad Rifai
Online participant 2546
Live Question 412

Segments:

  1. Introduction
  2. Twitter Questions
  3. Live Questions

Introduction

CRYPTOFUN:

Hello Chat 👋
Have a good day, today we are proud to tell you we have an special AMA session with guest from @triallcommunity
Welcome to the CryptoFun Community, thank you for taking the time from your busy life to attend the AMA today!
We are glad to meet here @rxvdwaal 😊


Raymond van der Waal:

Hi everyone, great to be here!
Looking forward to answering all of your questions


CRYPTOFUN:

Thank you sir, glad you are very excited 😄
Alright, before we are going to the first segment, can you introduce yourself to our community? Please @rxvdwaal


Raymond van der Waal:

Sure, my name is Raymond van der Waal and I’m co-founder and Head of Marketing at Triall, where I’m currently lead responsible for all of our marketing, communication, and business development activities. My background is in biomedical sciences and business management and I have previously built experience as a researcher, entrepreneur, and consultant


CRYPTOFUN:

Thank you, that introduction is really amazing!
I see that you are a man with a lot of experience! 👏👏
Without make delay. We will go to first segment
In this segment, i will give you some question. And if you finished you answer please type "DONE" @rxvdwaal


CRYPTOFUN:

Q1. Starting out, can you please provide us with a simple description of TRIALL ?


Raymond van der Waal:

Triall develops blockchain-integrated software solutions that promote the efficiency of clinical trials
Clinical trials are research studies that are necessary to evaluate the safety and efficacy of new vaccines and medicines before these enter the market. I think that everyone around the world now understands the importance of having safe and effective vaccines and medicines, especially in emergency situations such as with COVID-19
By using targeted blockchain integrations, our solutions optimize data integrity, auditability, and operational efficiency in clinical trial operations


CRYPTOFUN:

Q2. Could you please give a brief intro of TRIALL salient features? How TRIALL is better than competitors?


Raymond van der Waal:

Sure, as the world’s first organization to implement blockchain technology in a live and running clinical trial, we are a frontrunner in applying blockchain to address two essential industry-wide needs:
(1) promoting traceability and auditability of clinical trial operations, which have become increasingly complex and data-heavy;
(2) enabling the safe and compliant transfer of clinical trial data between organizations and systems, thereby promoting interoperability and tackling data compartmentalization.


Regarding (1), our first product Verial eTMF enables the user to create verifiable proof of the existence and integrity of their trial-related documents through the creation of blockchain-registered immutable audit trials. This feature is unique in the market, and fully answers to calls for improved data traceability and auditability by authorities such as the US FDA and the EMA
Regarding (2), we will introduce a decentralized identity and access management layer that enables secure and efficient connections between currently isolated clinical trial software systems. By connecting to our ecosystem, third-party systems and their users can authenticate their data using our blockchain infrastructure. Moreover, they can exchange data with other systems and users in our ecosystem in a secure and efficient way.
This is a much-needed, but currently non-existing 'ecosystem' approach, through which we will tacke some of the most significant issues in the current digital clinical trials environment. We're positioned to become a major infrastructure player for the future digital clinical trials ecosystem. And by taking this ecosystem approach, we will effectively turn competitors into collaborators


CRYPTOFUN:

Q3. What are the Business Objectives, Market and Target audience of TRIALL? Who are TRIALL current partners?


Raymond van der Waal:

So our core objective is to build the world's first, blockchain-enabled digital ecosystem for clinical trials
Our target clients are clinical trial stakeholders (pharma/biotech, service providers, hospitals) to whom we offer our applications
As well as other third-party clinical trial software providers to whom we offer our APIs -> providing them with an easy entry into blockchain functionalities and enabling them to communicate with other connected solutions in the ecosystem
A little bit of extra info on our market:
The pharma industry spends around $200 billion on R&D each year. The majority of that budget is spent on clinical trials. The market for clinical trial software is vastly growing (CAGR 13.8%) due to the growing digitalization, decentralization and globalization of the clinical trial industry. This growth is likely to be even higher due to the effects of the COVID-19 pandemic, which has forced many stakeholders to work remotely and digitize key trial procedures. We currently see a clear shift from general-purpose solutions (e.g. SharePoint) to purpose-built software solutions for clinical trials.
Unfortunately, the clinical trial software market is currently highly fragmented with many small vendors that offer isolated software solutions. This translates into an industry-wide need for interoperability


CRYPTOFUN:

Q4. TRIALL has two token systems consisting of the main utility token TRL and its internal counterpart T-CRED. what are the use cases in the TRIALL ecosystem?


Raymond van der Waal:

So underpinning our 'ecosystem vision' is a two-token system consisting of TRL and T-CRED.
TRL is our main utility token and enables P2P compensation, governance, and community engagement.
T-CRED can only be created by converting TRL, is used to pay for Triall solutions and is designed with the clinical trial professional in mind


Let me briefly sum up the utility of our two-token system
- Means of payment for all Triall solutions: by converting TRL to T-CRED
- P2P compensation of stakeholders in the ecosystem
- Engage and incentivize stakeholders for providing value to the ecosystem: development, bug hunting, best practices, etc.
- Governance: include stakeholders in setting the course of the ecosystem
- Memberships & community rewards: loyalty programs with rewards for end-users and community members


CRYPTOFUN:

Q5. Could you tell us about TRIALL roadmap for now? How far has this project been developed? And what are target TRIALL for in this year / next year?


Raymond van der Waal:

- Working commercial product: We developed and commercialized Verial eTMF; a clinical document management solution with blockchain proofs of data integrity and authenticity.
- World's first implementation of blockchain in clinical trials: We demonstrated the world's first implementation of blockchain in a live and running clinical trial through the use of Verial eTMF.
- Seal of Excellence: Received a Seal of Excellence for the Verial eTMF concept from the European Commission’s Horizon2020 program for top research and innovation worthy of investment.
- Triall whitepaper: Released the Triall Whitepaper, which provides the blueprint for our plans and vision
- International value network: Built a global partner and advisor network
Our future plans and core vision is the development of the world's first blockchain-enabled digital ecosystem for clinical trials. Moreover, we strongly believe in the power of community. Therefore, we're heavily investing in building a strong community of synergetic partners, advisors, investors, and stakeholders that bridges the healthcare and crypto domains


We actually officially released the 2.0 version of our whitepaper today 😇
Which can be found on our Website


SESSION 2 QUESTION FROM TWITTER

CRYPTOFUN:

Q1. From: @alemia_renkinju

I read that you are currently testing your first product (Veiral eTMF) in 6 clinical trials, can you tell us a bit more about this, what kind of trials are you running, what kind of drugs are you testing and what role does Veiral eTMF play in all of this?


Raymond van der Waal:

Great question, each clinical trial should collect their essential documents in what is called a Trial Master File (TMF), as is mandated by the US FDA and EMA. This includes essential documents such as the study protocol, statistical analysis plan, data sets, statistical analysis reports, etc.
The TMF allows regulators to reconstruct how the clinical trial was performed and verify whether it was performed reliably and scientifically sound. Without high-quality study dossiers (including such TMFs), a new medicine will not obtain regulatory approval and cannot enter the market. In such situations, the underlying clinical trials often must be reiterated, giving rise to huge additional costs.
Verial eTMF assists clinical research professionals in building their TMF in a secure web-based environment with an intuitive user experience. It helps research professionals to build their TMF faster and more reliably, thereby reducing the overall costs of clinical trial management and drug development. Uniquely, for all essential documents that are stored in the Verial eTMF, a hash of the document is registered on the blockchain. This provides regulators with improvement insight into the authenticity of research data and expedites the drug development and market authorisation process


CRYPTOFUN:

Q2. From: @Vin8517

With the COVID-19 pandemic, it is very necessary to implement mechanisms that ensure the acceleration and optimization of clinical trials and investigations, what contributions with blockchain solutions is Triall making to investigations related to the pandemic?


Raymond van der Waal:

Indeed it is, let me explain how blockchain can help:
In clinical trials, it is all about the establishment of conclusive evidence about the safety and efficacy of new vaccines and drugs. Blockchain and related technologies represent incredible tools for ensuring that this evidence is reliable, traceable, and verfiable. These technologies hence provide a solution to the growing number of data integrity and traceability problems we witness in our industry, and that are a growing concern for regulatory authorities and other stakeholders
Moreover, blockchain-enabled technologies such as decentralized identifiers (DIDs) and verifiable credentials offer amazing opportunities for improving the way we handle sensitive medical data, in clinical trials but also more generally. Our vision is that DIDs and VCs will shape a decentralized identity and access management layer that revolutionizes data discovery and exchange, optimizing privacy, security, and operational efficiency
Finally, tokens enable us to lay the groundwork for a self-sustaining digital ecosystem, in which a multi-stakeholder community of clinical researchers, software developers, and (token) investors are incentivized to create and capture utility and value
These are all unique opportunities presented through blockchain and crypto
Fun fact: Verial eTMF is currently being used in a COVID-19 vaccine clinical trial


CRYPTOFUN:

Q3. From: @QuixoteLux

You point out that your team has published more than 250 peer-reviewed articles on innovation in medical research, but does Triall really have so much experience in the field of medicine? How can I really validate that your team is really specialists in the field?


Raymond van der Waal:

Excellent question! Triall brings together a group of clinical operations experts, enterprise IT specialists, and blockchain developers. Our founding team members have all worked together over the past 5-10 years in business and academia
Combined, our team has managed 100+ clinical trials and co-founded 20+ ventures in Life Sciences and B2B software. This experience has left us with deep roots in the clinical trial industry and strong ties to blockchain and IT standards groups (W3C, DIF, IEEE). These connections allow us to rapidly pilot test new software features with medical researchers who are working in clinical trials on a daily basis. It also provides us with the insights and network to continue operating at the forefront of industry developments


CRYPTOFUN:

Q4. From: @lequthu

What makes you feel confident about the survival & sustainable success of Your project in the near future? While you build your project, do you take into account community feedbacks and demands?


Raymond van der Waal:

Good question, we plan to generate exponential and sustainable growth in the following ways:
- Scalable business model & infrastructure: our SaaS business model, API-driven infrastructure and Agile development approach enable fast time-to-market, easy maintenance, and rapid scaling.
- Multi-sided platform dynamics: our 'ecosystem approach', where we connect, rather than compete with existing solutions (turning competitors into collaborators), will lead to synergistic network effects where we can tap into the business networks of entities that join our initiative.
- International value network: we have an international partner network and global advisory board that provide us with access to clients, expertise, and know-how all across the globe.
- Customer-centric product development: we aim to continuously optimize the product-market fit of our solutions by frequently evaluating user satisfaction on a feature-specific level, enabling us to surface areas of improvement and accelerate adoption.
- Global business development: We will gradually expand our sales channels to other regions and geographies (APAC, Africa).
- Double-digit growth market: the market for clinical trial software (‘eClinical solutions’) is growing at an estimated 13.8% CAGR, which is likely to be even higher due to the effects of the pandemic


CRYPTOFUN:

Q5. From: @HanceerBurak

Protecting users/member data and privacy has become a problem that many companies/projects must face in their development. So can you explain a bit about Triall Security?


Raymond van der Waal:

Being in the clinical trial industry, you deal with a lot of different stakeholders and regulations. Security is a primary concern of any software solution in this space. Having immutable data in the mix complicates that more
Luckily we have experienced people on board that know that you should never put Personally Identifiable Information on a blockchain, but only the proofs of that data. We will be working with so called Decentralized Identifiers for identity purposes, where data is stored off-chain, but the proofs of that data is stored on-chain. This data is encrypted in some cases even on a P2P basis, so that nobody can access that data in case of a breach of an IT system.
On the technical side there is also risks involved in smart contracts (as has been asked above). We can do a lot withouth smart contracts, but whenever we use smart contract technology we always ensure that these contracts are audited by an external third party.
Lastly, we will always comply with relevant regulations (ISO, HIPAA, GDPR, eIDAS, ETSI) to ensure our operational practices are in order


CRYPTOFUN:

Second segment has been over, thanks for your answers we really hope TRIALL will be a big and success in the futures 👏👏
Now we are going to the last segment. For this segment is direct question and answer.


SESSION 3 LIVE QUESTION

Emily:

On moving forward through your roadmap, what are your most important next priorities? Does your team have enough fundamental (Funds, Community, ect) to achieve those milestones?


Raymond van der Waal:

Great question! We have numerous innovations that we plan to develop and release in 2021. First, we plan to extend Verial eTMF with more features that streamline clinical trial document filing such as AI-enabled automatic document classification and blockchain-registered digital signatures. Second, we will introduce Triall CTMS, a clinical trial management system for planning and oversight that reads and integrates data from other connected eClinical solutions. In parallel to these core applications, we offer APIs that enable third-party eClinical solution providers to synergize with our infrastructure, by integrating with our blockchain features and Triall solutions
Going beyond 2021, we will release Atena PRM, a partnering and communication platform that will speed up clinical trial startup times, and we will develop several patient-level applications that focus on patient engagement and recruitment.
I think we have the teams, means, and momentum to accomplish all of these development goals :)


Kaido:

What is your long-term vision about the industry which you are working on? Are you afraid some day there will be another project with more innovative technology can replace your project?


Raymond van der Waal:

Excellent question, so we see several major trends in our industry: digitalization, decentralization, and increasing complexity of clinical trial projects. These trends come with significant problems in terms of data integrity, privacy, integration, and regulatory challenges. In fact, authorities such as the US FDA and EMA call for novel approaches to ensure the reliability of digital clinical trial processes
In medical research and clinical trials, it is all about the establishment of conclusive evidence about the safety and efficacy of new vaccines and drugs. But clinical trial organizations struggle to find solutions to prevent that data is not (un)intentionally manipulated, and solutions to ensure safe and efficient exchanges of clinical trial data: are sending and receiving parties are who they say they are?
Our solutions aim to secure and streamline this modern, digital operating model in clinical trials, making sure that the future of vaccine and drug development is reliable and efficient.
In other words: we are laying the groundwork for tomorrow’s digital environment in medical research and clinical trials


Maegan Gulgowski:

I want to know Triall geographical focus at the moment and the process it follows for it's BUSINESS DEVELOPMENT ?


Raymond van der Waal:

Triall will initially focus on business development within the EU & US markets, to gain traction and market dominance.
We have a strong footprint in the EU and US markets, thanks to having managed a lot of clinical trials in the past across Europe and the US. This should provide us with the power to successfully scale our operations to the rest of the world
So in due time, we will expand to the APAC and African regions by setting up satellite offices in these areas.
Our cloud-based technology can easily be rolled out to other areas and we have an existing network of ambassadors and advisors across the globe that can serve as a steppingstone for expanding our sales channels to these geographies
We had to overcome several challenges, let me summarize:
Building trust & reputation: Quickly building trust, reputation, and track-record are of key importance for any new company entering the market, considering the sometimes billion-dollar costs of product development and the safety of research subjects involved. This is especially true when you are delivering new technologies that are not yet known to the target market. Triall’s team members have managed 100+ clinical trials and have carefully built their industry network over the past 20 years.
Compliance: Compliance and inspection-readiness are key pillars of sound and reliable clinical trial operations. While we implement radically innovate technologies, we never compromise on quality. Together with our quality & compliance advisors we ensure that Triall solutions follow (industry-specific) international quality standards and regulations.

Certification & security: Triall builds on proven and certified technology, such as the Alfresco Content Management platform, AWS cloud services and open blockchain standards. Moreover, we leverage the strength and security of existing blockchain infrastructures, providing us with network strength and security right from the start and allowing us to fully focus on the development clinical trial software solutions


Xoai Chua:

What are the benefits of holding your token as long term investment? Can you tell us about the motivation and benefits for investors to keep the your token in the long run?


Raymond van der Waal:

Great question, let me finish with some more explanation on the value drivers of our main utility token $TRL...
The token economics of TRL are designed to drive demand (i.e. adoption & utility) and limit supply (both circulating and total supply)


Maegan Gulgowski:

What difficulties have been encountered during the development of Triall ?


Raymond van der Waal:

That was this one ;)
Key factors that limit $TRL supply include:
(1) a two-token system, in which TRL is converted into T-CRED for each contract and clients pay 6 months upfront for their software subscription;
(2) lock-up incentives such as Triall memberships and rewards;
(3) a token burn policy, in which 2,5% of tokens are permanently burned when converting T-CRED back to TRL;
(4) vesting schedules for all TRL token pools
Key factors that drive $TRL demand include:
(1) the release of more software solutions for clients;
(2) sales and marketing campaigns that target new regions across the globe;
(3) ecosystem network effects, by onboarding previously isolated software systems and their end-users into our ecosystem


CRYPTOFUN:

Thank you for accompanying me with the AMA session today and for clarifying TRIALL to CryptoFun Community
So, I hereby declare, AMA CryptoFun x TRIALL is over


More Detail About Triall:

Website
Facebook
Telegram Group
Twitter
Linkedin

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