Recap of the Triall AMA with Blockchain Space
On Thursday, April 8th, we had the pleasure to welcome to our Telegram chat:
Raymond van der Waal, The co-founder and Head of Marketing at Triall and
Mark van der Waal, The co-founder and Head of Product Design for Triall.
We asked them questions about the development of Triall.
Q~ Introduce the Triall team and your function in the Triall project?
Raymond van der Waal : 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.
Mark van der Waal : I’m Mark van der Waal, co-founder and Head of Product Design for Triall.io. Also a PhD candidate in Health Technology Innovation. At Triall, I oversee design and development of our blockchain-integrated software solutions for clinical trial professionals.
Triall is a group of clinical trial 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 the medical research/clinical trials and B2B software industries.
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.
We are supported by an international network of partners and industry expert advisors. Together with our partners and advisors, we are leading the implementation of blockchain in the clinical trial industry.
Q~ Tell us about Triall project and what solution and role will Triall play in the blockchain industry?
A~ Triall develops blockchain-integrated software that promote the reliability and efficiency of medical research and 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.)
Due to the COVID pandemic, probably everyone around the world now understands the relevance of safe and effective vaccines and medicines, and the importance of reliable and efficient clinical trials. We have spent years studying how to optimize clinical trials. We now have both the means and the momentum to truly make a positive impact with our vision and plans that have been in the making for a long time.
By using targeted blockchain integrations, our software optimizes data integrity, auditability, and operational efficiency in clinical trial projects. We have a working product since 2019, making us the world’s first organization to apply blockchain in clinical trials. And we are now building towards a tokenized multi-sided platform for clinical trial stakeholders: the Triall ecosystem. Our first target is a Minimum Viable Ecosystem of several modular, complementary, and interoperable clinical trial software solutions, specifically designed to resolve identified industry problems.
Regarding our role in the industry:
We house a unique combination of expertise (blockchain, enterprise IT, document processing, clinical trials, entrepreneurship, scientific research). Arguably, this makes us the perfect ‘translational agent’ for blockchain and related technologies in our industry domain.
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, and
(2) Enabling the safe and compliant transfer of clinical trial data between organizations and systems, thereby promoting interoperability and tackling data compartmentalization.
Q~ Give the community Info about your token pre-sale and how we can get $TRL at 50% discount?
A~ Registration for our token sale has recently opened. We welcome both retail and institutional investors to register their interest by signing up through our website (triall.io).
As believers in the power of community, we are now selecting and onboarding investors with strong added value for our Private Pre-sale cohort. This Private round is meant exclusively for investors who can provide exceptional value to the growth of our ecosystem. Please contact our investor relations team (email@example.com) to schedule a call if you are interested in joining forces.
Q~ What are the usecases of $TRL?
A~ Our token system enables 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.
TRL and its counterpart T-CRED provide access to the solutions offered within our ecosystem and also enable P2P compensation, governance, and community engagement.
Furthermore, the token economics of TRL are designed to limit supply and drive demand.
Key factors that limit TRL supply include:
(1) a two-token system, in which TRL is converted into our internal Triall application credit (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.
We’ve covered our two-token system in a recent article, which you can find here:
Q~ What are the security measures of Triall project to ensure investors fund are not susceptible to hacking or lost of funds to investment, and have you done any security audit yet?
A~ As a team who has operated in strictly regulated industries for years, Quality, Compliance & Security are our top priorities.
We ensure that all of our smart contracts are fully audited before they become operational. We also subject our products to rigurous quality and compliance testing to ensure that they meet the strict clinical trial guidelines and regulations.
Triall has partnered with industry-leading blockchain development agency Applicature.com who have supported many successful projects in their token sale campaigns. Applicature leads the development of our smart contracts, and we’re currently engaging with an independent specialist for smart contract auditing.
QUESTIONS FROM TELEGRAM
Q~ I read that among Triall missions is to accelerate the introduction of affordable vaccines for society, due to Covid-19 many laboratories are in search of the perfect vaccine, do they plan to partner with laboratories to find this vaccine together?
A~ Thanks for this question!
Our role is to support laboratories and other clinical trial stakeholders around the world. We do this by providing them with software that improves the reliability and efficiency of their clinical trial projects. In turn, this will contribute to faster, safer, and less costly development of vaccines and medicines.
Our first software product Verial eTMF (a clinical document management solution with blockchain proofs of data integrity and authenticity) has been used by clinical trial projects since 2019, making it the world’s first application of blockchain in a real-world clinical trials environment. Verial eTMF is currently being used by several commercial projects, and onboarded by more paying clients in the near future.
As a matter of fact, one of our clients is using Verial eTMF in a clinical trial project for a new COVID-19 vaccine!
Q~ Can you tell us about Verial eTMF? You mention that it’s incorporating 6 trial projects and various countries and participants. What will this product be about and what role and importance will it have in Triall?
A~ 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 and online platform, and in an easy and user-friendly manner. 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 and reliability of the research data and expedites the drug development and market authorisation process.
Q~ Why should I chose Triall project over other project ?
A~ Our project has high growth potential for the following reasons:
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 (US, 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.
Q~ What steps has Triall taken to face the many challenges?
A~ Building a business is challenging! Fortunately, our team has a lot of experience with founding and growing successful companies (100+ FTE), both in the medical research and in the B2B software industries. Key factors we always prioritize are:
Trust & reputation: Quickly building trust, reputation, and track-record are of key importance for any new company entering our market, considering the sometimes billion-dollar costs of product development and the safety of research subjects involved. Triall’s team members have managed 100+ clinical trials and have carefully built their industry network and reputation 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: we build on proven and certified technology, such as the Alfresco Content Management platform, AWS cloud services and open blockchain standards such as Decentralized Identifiers (W3C, DIF). 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.
Q~ What features/improvements are you planning to add to your products in the near future?
A~ We have several modular, complementary innovations that we will release over the coming years. Our full focus is now on the development of the first range of core software solutions, which we are developing and releasing with our partners in an agile way.
First, we will 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 software solutions. Third, we will release Atena PRM, a partnering and communication platform that will speed up clinical trial consortium-building and startup times. Fourth, we will develop several patient-level applications that focus on patient engagement and recruitment.
In parallel to these core applications, we offer APIs that enable third-party software solution providers to synergize with our infrastructure, by integrating with our blockchain back-end and Triall applications. Moreover, we will leverage decentralized identifiers (DIDs) and verifiable credentials to shape a decentralized identity and access management layer that is specifically tailored to the clinical trials domain. This will facilitate secure and efficient exchanges of sensitive medical data between clinical trial stakeholders.
Our major target in terms of development: the moment when our first range of core solutions together shape what we call our ‘Minimum Viable Ecosystem’: a multi-sided platform of modular, complementary, and interoperable software solutions for clinical trials.
This digital ecosystem will introduce the advantages of an all-encompassing software suite to clinical trial stakeholders around the world, while continuing to tailor to diverse user types, needs, and need-nots.
More info on our pre-sale rounds and token allocations can be found here:
We like to keep our partners, advisors, and investors informed by posting regularly on our main communication channels:
Telegram community channel : https://t.me/triallcommunity
Telegram announcement channel: https://t.me/triallofficial
Moreover, we’re currently finalizing the 2.0 version of our whitepaper. This version will be released in the coming week and will outline our vision, plans, and roadmap for the coming 5 years.
It’s really nice having the Triall project in here!!!
You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to Triall.
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