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David Hawig - The biggest value of a distributed ledger is transparency

The biggest value of a distributed ledger is transparency

About our IOTA based logging system for pact.online

Everyone can check the integrity of the data upload on a distributed ledger

The Reason

Chances are that when you read or hear about distributed ledger technology (DTL) or blockchain, privacy and security concerns come to your mind. One reason for this might be the well-known illegal use cases of bitcoin at the beginning (e.g. Silk Road). Silk Road was an online black market and one of the first real use cases for bitcoin, best known as a platform for selling illegal drugs. However, looking behind these initial illicit use cases, the technology itself can actually lead to significant improvements in making future digital transactions more transparent.

Take for example the process of medication approval. In general, it involves multiple parties with different roles and objectives (e.g. patients, pharmaceutical companies, research institutions, clinicians and governments). The successful launch and use of a new drug requires that all of these parties trust each other along this process.

However, numerous issues have been reported such as:

invalid consent collection due to unapproved forms or missing information (affecting almost 10% of the trials, according to the FDA) [1] document fraud and [2] untrustworthy underlying research (see for example “Why Most Published Research Findings Are False”) [3].

Distributed ledger offers a third party that anyone can trust, and no one can influence once the information is uploaded there. For example, once the patient gives consent to a study, this can be logged on the ledger and nobody can alter or change this log entry anymore. You could do the same with the anonymized results of the trial.

This might sound like a niche case, but it’s actually not. Every time you have a situation in which multiple parties don’t fully trust each other but need to work together, distributed ...

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