Blockchain – a type of shared but incorruptible ledger technology – is helping businesses up their game when it comes to data management. Security, data transparency, traceability, and organizational efficiency can all be improved when these systems are implemented – clear benefits for pharma. So why are some companies so slow off the mark in using the technology? Here, Jonathan Bywater from full-service law firm VWV makes the case for blockchain and outlines how it can help support supply efficiency.
As supply chain security and visibility become increasingly important to pharma companies, what role will blockchain play?
Distributed ledger technology’s most attractive use in supply chains is its ability to verify authenticity. In other words, it can provide a means for anyone to screen for counterfeit medicines to an extremely high degree of certainty because it’s highly unlikely for the database to be corrupted. Provided the manufacturer places their products “on chain” and their movements are logged, you have an immutable source telling you the quantity of medicine manufactured, where they’ve been distributed, and if the end users accept them.
An additional benefit is that this timestamped log is impartial, showing whose custody shipments are in at any time. Companies can even rely on the technology to facilitate payments via smart contracts. So, the advantages are not limited to one specific area.
Continue reading: https://themedicinemaker.com/business-regulation/blockchain-an-immutable-future
As supply chain security and visibility become increasingly important to pharma companies, what role will blockchain play?
Distributed ledger technology’s most attractive use in supply chains is its ability to verify authenticity. In other words, it can provide a means for anyone to screen for counterfeit medicines to an extremely high degree of certainty because it’s highly unlikely for the database to be corrupted. Provided the manufacturer places their products “on chain” and their movements are logged, you have an immutable source telling you the quantity of medicine manufactured, where they’ve been distributed, and if the end users accept them.
An additional benefit is that this timestamped log is impartial, showing whose custody shipments are in at any time. Companies can even rely on the technology to facilitate payments via smart contracts. So, the advantages are not limited to one specific area.
Continue reading: https://themedicinemaker.com/business-regulation/blockchain-an-immutable-future
