Blockchain through cryptography has fundamentally changed the mould in terms of decentralisation and protecting one’s personal identity. This generation will be remembered as the founding fathers of a global trustless ecosystem with Immutable transactional capabilities but, more importantly, in a phoenix rising from the ashes moment, it will be remembered as when we began protecting our data integrity.
Too long have we lived in an environment willing to share every morsel of our lives, instead of purchasing goods, we became the product sold to the highest bidder. Every semblance of our being is dissected and fed to the beast that is consumerism.
But no more!!!
Regulations such as General Data Protection Regulation (GDPR) have been developed to protect us, sometimes even from ourselves by giving people the possibility to control and regulate what information is collected about them. The right to erasure and revoke gives people the choice of how their information is managed and provides them with legal standing to change their minds on how their information is processed.
But let us be realistic here. We require big business for jobs, to provide the lifestyles we have become so accustomed to and to make this beautiful world of ours a greater place.
So why can’t we have both? Control over our digital identity while nurturing our societal development.
We are currently going through a global pandemic. A pivotal industry during this time has been Biopharmaceuticals. From Clinical Research Organisations (CROs) to manufacturing suites and global supply chains many of us can owe our lives or those of our loved ones to their work. This is also a highly regulated industry where data integrity is a major focus. Yet most if not all in the industry do not have blockchain systems, even on a private chain in place. Why? Well, one they are not regulatory compliant to do so (yet) but two, Intellectual Property (IP) protection is paramount.
While blockchain offers decentralisation and cryptography of the data it is still possible to review that data and follow its trail. Data also cannot be removed from the chain once it has been entered.
This is where Nillion and NMC come in. This is one small example of why this technology is a game changer in data integrity.
As stated in the whitepaper
“businesses will be able to store information on Nillion, such as customer data, secret formulas, trade secrets and any other intellectual property, in a manner that would be significantly more secure than existing encryption and centralized server solutions and that organisations could run a set of their own nodes”,
This alone solves some major deterrents to incorporating blockchain in the industry as it provides security and trust. Not just for the company, but for those who choose to share their information with them.
As an example, researching a new small molecule drug costs on average $1.5-2Billion U.S. dollars and takes between 12-15 years to get to market. A lot of drugs tested also fail or do not receive regulatory approval and so the price of drugs that do get through is extremely expensive. At the same time, there are millions of sick people who require these medicines for their own well-being. Imagine if we could reduce this time while also increasing the protection of the patient and providing them with complete control and even anonymity over their data.
This is where blockchain and NMC could come into play. By providing people with digital identities with their medical history attached they could control their own personal data while providing CROs with the opportunity to search for certain markers such as a particular protein. While at the same time keeping the person completely anonymous. These people could be contacted and asked if they would like to participate in a trial anonymously providing them with the opportunity for parts of their records to be shared. If they have the protein and are a strong candidate they could be offered a place on the trial with possible some sort of monetary compensation.
The CRO would save years looking for the right candidates. Saving Billions in drug development allows for more drugs to be researched at once and increases the possibility of developing a life-saving medication. Nillions NMC protects the data by not making it visible to the chain except for the company and the participant protecting both patient and business simultaneously. Regulators would also have greater insight and review capabilities within the research process which would again develop greater levels of trust.
There are many other great applications for this technology even within this industry such as developing supply chain provenance to fight counterfeiting medications and decreasing the financial burden on patients.
Developments such as these are unlikely to happen unless trust between all parties can be created and maintained and that is what Nillion is providing here.
Nillions NMC, creating greater trust, in a trustless world.