Bloqcube: Blockchain-based Clinical Trial Management and Financial systems

Rama K Rao, Founder and CEO
Clinical trials enable researchers to find novel drugs and treatments to cure patients. It is a process critical for developing novel medications and diagnostic procedures. However, clinical trials require hefty capital as every year, the industry spends over $100 billion. Additionally, payments to sites can be a challenge. Data suggests that over forty percent of clinical sites drop out due to delayed payments. Since studies need the physical presence of people, medical researchers often face several challenges during the trials. These studies are often conducted at hospitals and clinics, were gathering a large number of participants could be risky. And, given the pandemic, healthcare regulators are directing clinics to prioritize patient safety. Considering that these trials also often take place at multiple sites where healthcare professionals upload records into cloudbased systems, data integrity and governance processes become critical. Since these confidential clinical trial data are stored in a centralized database, storage could become prime targets for ransomware attacks; and such cyberattacks can paralyze entire workflows. Finally, often companies conducting clinical trials could use an average of six systems.

Addressing these obstacles is Bloqcube—a New Jersey-based provider of cloud-based software that decentralizes clinical trials. “Bloqcube provides midsize biotech, CRO, and biopharma companies with the ability to accelerate trials and revenues, display data in real-time, decrease vulnerability to ransomware attacks and increase operational efficiency,” adds Rama K Rao, Founder, and CEO of Bloqcube. The founder has spent almost three decades for some of the biggest names in the healthcare industry – including Eli Lilly and Novartis. Based on his experience, Rao founded Bloqcube to accelerate clinical trials. Today, the company offers a unified blockchainbased platform that enables electronic data capture from mobile devices, operates in the cloud, and stores it in a blockchain. Since the trials are widespread, the platform permits electronic informed consent in audio or written formats where the information is automatically translated into participants’ native languages, and they can give consent in the same tongue, thus ensuring study subjects are truly giving consent even when they may not be literate. All the trial-related data and documents are compiled into cloud storage, and critical and confidential data and case report forms are recorded into a blockchain where they are stored in an immutable format and cryptographically secured, ensuring data integrity and security. Additionally, clinical investigators can utilize the platform’s in-built dashboards to track transactions and monitor real-time patient activities. A financial module ensures that payments can be made rapidly and the associated financial data transparently recorded transactionally, reducing the need for future reconciliation. Clients can also export the reports and upload them into their accounting and financial planning systems to get a clear overview of their budget and expenditure. Bloqcube offers the platform in a bespoke manner where every feature and module is customized according to the client’s needs, and this customer-centric approach of the company is what its users appreciate the most.


Bloqcube provides midsize biotech, CRO, and biopharma companies with the ability to accelerate trials and revenues, display data in real-time, decrease vulnerability to ransomware attacks and increase efficiency through integrating different systems

When engaging with a customer, Bloqcube’s team discusses their requirements and evaluates their case report forms. The team then customizes the solution and eliminates redundant modules, work processes, or features. Elaborating on the integration phase, Rao adds, “We collaborate closely with our clients to determine what their records should resemble and simplify the platform so that it seamlessly integrates into their existing systems.” The company also has partnerships with other systems integrators to manage complex implementations for larger enterprises and pharmaceutical companies.

Bloqcube was utilized as a part of a pilot observational study for diabetes conducted in rural India. Owing to the platform’s geotagging facilities, the company oversaw where the patients’ data was collected from. “We were able to track the exact locations from where the data was collected and identify each gateway the data had passed through. That data was then automatically transferred into the database of this observational study,” adds Rao. Bloqcube’s solution halved the trial time while maintaining data security and improving operational efficiency. Bloqcube is a pioneering company and potentially the first in the world to build an end-to-end e-clinical software solution using blockchain, which is gaining a great deal of traction in the healthcare ecosystem. The company plans to expand its platform’s fundamental and functional capabilities to make it device agnostic and aims to introduce a patient recruitment module soon. They are working on a supply chain solution associated with clinical trials. The solutions will have tokenization features that would expedite clinical trials by creating behavioral incentives for participants. Bloqcube will upgrade the platform’s financial capabilities to enable transactions in global digital currencies and payment gateways. As Rao concludes, “If the clinical trials are accelerated, it is a huge payoff for everybody—the healthcare ecosystem is facilitated, the drug is produced sooner, which means resource deployment gets more efficient and patients get their medicines faster. Several studies suggest that every day saved in a clinical trial is equivalent to eight million dollars; that is a fairly large sum to preserve, and we are here to achieve that.”

Company
Bloqcube

Headquarters
Piscataway, New Jersey

Management
Rama K Rao, Founder and CEO

Description
Bloqcube is an innovative clinical trials management and financial systems software company focused on accelerating clinical studies. The company offers a blockchain-based platform that enables decentralized data collection at clinical trials, accounting and financial planning facilities for quicker payments and budget overviews, and data security and integration. The company was listed in the Gartner® HypeCycle™ Report of 2019, 2020,2021 for Lifesciences and Blockchains, and it is one of the world’s only companies to employ blockchain technology for integrated clinical trial management and financial systems

Bloqcube