AMA with Triall
Moe: Hi Raymond! Thanks for taking the time for this AMA session. The community is curious about the project and this will be a great opportunity to get some answers!
Raymond: Hi everyone, pleasure to be here, look forward to answering all of your questions
Moe: Can you briefly introduce yourself and your role @ Triall?
Raymond: Sure, my name is Raymond van der Waal and I’m co-founder and head of marketing at Triall.io. My background is in biomedical sciences and business management and I have previously built experience as a researcher, entrepreneur, and consultant
Moe: Thank you. Can you tell us what drove you to start Triall and what problem are you trying to solve?
Raymond: Triall is a project that we started 4 years ago to answer a number of persistant issues that make clinical trials overly complex, lengthy, and resource-inefficient. Clinical trials are research studies that test the safety and efficacy of new vaccines and therapeutics before these enter the market
At Triall we develop blockchain-integrated software solutions that promote the reliability and efficiency of clinical trial operations. By doing that we aim to accelerate the introduction of new safe and affordable vaccines and therapeutics into society
Moe: Having worked in the pharmaceutical industry myself, I know it has been one of the slowest industries to embrace the digital revolution (versus the banking industry for example). Is that because it’s heavily regulated or because it’s traditionally a conservative industry? Is that changing now?
Raymond: I would say both: it’s an industry that’s highly regulated and it’s notorious for its slow adoption of new tech. Fortunately, that has changed in recent years. Before COVID-19 you already saw a big spike in the use of eHealth and other healthcare technology. Now due to COVID-19 the adoption of new technology has been highly accelerated as many where forced to work remotely and digitize key clinical trial procedures.
We see that purpose-built clinical trial software has become vital for efficient clinical trial operations. And many stakeholders now realize that ‘digital’ is the only way forward :)
Moe: You’re right, I have seen many big pharma and biotechs embracing digital initiaves. Covid has definitely been a catalyst of tech in this industry. I have seen many new companies built in the last year in the space. It’s very exciting because the indsutry has a lot of work to do to improve healthcare outcomes.
Raymond: It’s truly exciting and we’re proud to be part of this new digital wave
Moe: And we’re proud to partner with you in that journey ;)
Raymond: We’re happy to have you aboard. The global and tech-savvy nature of the crypto industry allows us to tap into a lot of valuable networks and expertise
Moe: Blockchain has many features that can benefit this industry, especially in clinical trials, can you tell me how blockchain tech can improve clinical trial outcomes?
Raymond: Sure, so as the world’s first organization to implement blockchain in a live and running clinical trial, we are a frontrunner in applying blockchain to address two 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 fragmentation.
Lastly, tokens enable us to set up a self-sustaining ecosystem, where a multi-disciplinary community of stakeholders is incentivized to create and capture utility and value.
This perfectly fits our ecosystem vision: where we want to offer an all-encompassing platform of clinical trial software solutions (offered by Triall and other third-party vendors)
Moe: Do you have competitors in this space?
Raymond: We compete with other vendors that offer an all-encompassing platform of clinical trial software. What we see is that these are very limited in their options for external integrations and quite often run on legacy infrastructure. Moreover, none offer blockchain functionalities at this point.
So we differentiate ourselves with our blockchain-integrated infrastructure and the fact that we’re doubling down on interoperability by offering APIs to other 3rd-party clinical trial software providers, providing them with an easy entry into blockchain functionalities and allowing them to community with other solutions connected to our platform.
This is what will gradually shape what we call a ‘digital ecosystem for clinical trials’: the Triall ecosystem :)
Moe: Alright Raymond, thanks so much for these insights! I will let our community ask you questions now because otherwise I feel I could have a 2 hour conversation with you alone hahaha!
Raymond: Haha, sure ;)
Moe: Alright everyone, you can go ahead and ask your questions!
Member 1: Until what corner of the world do you plan to arrive? that is, to what extent in the world do you think TRIALL will be solving people’s problems with their infrastructure?
Raymond: Excellent question, 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 our background: some of our founders have 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
Member 2: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?
Raymond: We believe that building a sustainable digital ecosystem for clinical trials is greatly dependent on having a thriving community. Therefore, we we have established the Triall Community Fund (TCF): an investment vehicle that holds 10% of the total $TRL token supply. This TCF is specifically designed to reward and involve our community members. It will ensure that the Triall ecosystem can grow globally through bottom-up, community-sourced projects and initiatives.
Examples of such projects may include a TRL (mobile) wallet, applications, token integrations with other networks, marketing campaigns, bounty programs, etc.
Member 3: What plans does $TRIALL have to educate, raise awareness and apply in the community so that more people can understand the project easily? Besides investing in, what TRIALLincing plans do I have to help spread a project that I love?
Raymond: We regularly post educational content in our Telegram community and on our socials. We are aware that the clinical trial industry is complex and hard to understand for the larger audience. Moreover, we also introduce a two-token system that’s relatively complex compared to some of the other projects out there.
To support in making our project explainable and understandable to our growing community, we’re currently working on several explainer videos, including one animated explainer video that will explain our two-token system.
All of our marketing and promotional activities are focused on making Triall known to the world!
Member 4: Security is always the top task of projects. But lately, a lot of crypto currencies and blockchain have been appropriated by hackers. What security measures does your project have in place to avoid the possibility of being appropriated by hackers?
Raymond: 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 provider 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 idenitity purposes, where data is stored off-chain, but the proofs of that data are stored on-chain. The data itself is encrypted, in some cases even on a peer-to-peer basis, so that nobody can access that data in case of a breach. On the technical side there is also risks involved in smart contracts. We can do a lot without smart contracts, but whenever we use smart contract technology we always ensure that these contracts are audited by an external third party.
Lastly, it’s good to note that we will always comply with relevant regulations (ISO, HIPAA, GDPR, eIDAS, ETSI) to ensure our operational practices are in order 🤓
Member 5: What is difficulities and chances that TRIALL face right now while crypto/blockchain market is still young and need time to grow?
Raymond: Building trust & reputation is of key importance in our industry. Luckily we bring together a team of clinical trial experts, enterprise IT specialists, and blockchain engineers who have carefully build their industry network and reputation over the past 20 years.
Compliance is another key pillar of sound and reliable clinical trials 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.
We also comfort our clients by building on proven and certified technology, such as the Alfresco Content Management platform, AWS cloud services, and open blockchain standards such as Decentralized Identifiers. In addition, leveraging the strength and security of existing blockchain infrastructures, provides us with network strength and security right from the start and allowes us to fully focus on the development clinical trial software solutions
Member 6: What’s the focus of the TRIALL now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold TRIALL tokens? control flexibility, cost and security?
Raymond: I would say we conduct these activities in parallel, where we have team members that focus on product development and other team members that focus on sales, marketing, and partnerships.
As to token burn and other controlling factors.
We do implement several ways to control/limit the token supply of our main utility token $TRL:
(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; and
(4) vesting schedules for all TRL token pools.
Member 7: What are the ways that TRIALL generates profits/revenue to maintain your project and what is its revenue model? How can it make benefit win-win to both invester and your project?
Raymond: Our core business is the sales of our software solutions which are offered under a software-as-a-service (SaaS) subscription model. Please note that we serve both ends of the market:
(1) clinical trial professionals working at pharma/biotech companies, specialized service providers, and hospitals, who use our software solutions to streamline their clinical trial operations;
(2) clinical trial software providers, who can tap into our unique functionalities using our API offering.
The win-win is in adoption. We strongly believe adoption is the only true value driver of any project and its token.
Luckely, our partners and shareholders equip us with an extensive international network of potential clients and close ties to stakeholders and KOLs in the field. This network provides us with credibility and a steppingstone for the sales & marketing of our software solutions. Moreover, we have access to a global pharma intelligence database giving us insights into planned and ongoing clinical trials, thereby enabling targeted business development
Tg channel: https://t.me/triallcommunity
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