Blockchain Technology Has the Potential in Tracking Supply Chain in PharmacyOctober 13, 2018
The whole pharmaceutical industry has been thriving, from the regulated medicines on the shelves to the manufacturing of clinical trial materials to back research studies. In fact, it has been one of the leading industry performers of the past thirty years.
By keeping the highest quality and safety standards, a lot of pharma business units together with the supply chain, like development and research materials, sales, marketing, and manufacturing have enjoyed increasing profits. Nonetheless, in the past years, the sector has been presenting a gradual decline in performance. That’s because of the plethora of challenges and the “growing pains” the industry is experiencing.
Mislaid and missing ingredients in the supply chain, wrongly prescribed medicines from defective computer systems, inactive chemicals because of inefficient cold-chain monitoring, fake medicines due to gaps in the industry – all of such substantial challenges have made a demand for the use of the latest technology to keep visibility throughout the supply chain. Now, it has come to the attention of different pharmaceutical communities which blockchain technology can efficiently fix all of such issues.
Most typically called to as an electric ledger, blockchain can safely track and record transactions among different parties, and in sequential order. The features of blockchain make it a very effective tool to implement for different reasons.
You see; the supply chain in the pharmaceutical sector is complicated, along with products shifting ownership from manufacturers to suppliers, distributors, and on the wholesalers and packagers before reaching the end-consumer. It’s widely recognized to be very complicated for anyone in the pharmaceutical supply chain to monitor any one of the authenticity of the product from beginning to end. That huge inadequacy leads in a loss of financial gains from existing and upcoming products and even the entire loss of trust within the market.
On the other hand, blockchain is a platform which creates opportunities to boost transparency and trust with all business units by tracking products within the overall supply chain. With this, the drug packaging can be scanned through barcode at any part in the chain. Only trusted parties would be approved the access to update information on the blockchain, and every action would be presented in real time, contrary to the hours and days of waiting time with standard supply chain logistics system. With blockchain technology, every party included in the process would be able to scan the barcode and check the overall history journey of the goods.
The benefits of blockchain technology as massive, from complete regulatory compliance throughout the industry to the data security throughout the supply chain. Nonetheless, developing a completely integrated, worldwide-scale operation isn’t a simple task. That’s particularly true for each pharmaceutical company today.
One blockchain that can help is XinFin. XinFin is Singaporean-based blockchain that creates its hybrid blockchain technology. It provides the best features of Public and the Private blockchain network at the same time. The hybrid blockchain is more verifiable, safer, faster, flexible along with easy features rather than the other current popular networks.