What is The Future of Blockchain in Pharma Supply Chain?
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Future of Blockchain in Pharma Supply Chain
Pharmaceutical manufacturing is a difficult and time-consuming process. Even the development of a single medicine may entail complex supply networks spanning many countries, as well as extensive data management.This is so that an agent’s trip can be thoroughly followed, not only for accountability and transparency but also to weed out counterfeits in an ever-growing black market.
While most people are familiar with blockchain in pharma technology’s application in cryptocurrencies, it is not the only one. Blockchains are distributed ledger networks that can validate transactions or other data without the requirement for a central ledger holder who has access to all of the data.
When new blocks are added to the chain, they are irreversibly added to all copies of the ledger held by all members of the decentralized system. It is ineffective to tamper with one copy of the blockchain; the rest of the blockchain will still reveal the true record of events.
Falsification of the information held is therefore exceedingly unlikely. Because of their distributed character, blockchains can bring together parties who would not otherwise commit their open information to one another.
Global Collaborations
The authentication of returned products is one of the most obvious applications for blockchains in supply chains. According to the Healthcare Distribution Alliance, approximately 60 billion units are returned each year, and wholesalers are burdened with the task of hunting down the makers of these products to ensure their authenticity.
Commercial Applications
Blockchain technology is already being used to monitor environmental conditions throughout the pharmaceutical supply chain.
The monitors track carbon dioxide, temperature, and humidity levels along the supply chain and save them in a blockchain-managed database.
If these parameters alter in an inappropriate or denaturing way, a smart contract is in place to automatically identify infringing parties, reimburse them, and recall any defective pharmaceuticals.
Naturally, it’s enticing to think about the almost unlimited potential of blockchain technology in pharmacy. However, keep in mind that blockchains are a costly and energy-intensive technology.
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