Highly capable connected technology has emerged in recent years and is on track to disrupt the traditional pharmaceutical industry. A smart contract is a tool that automatically executes the agreed upon terms, while simultaneously facilitating business and decreasing risk. Promising increased accuracy, transparency, and security, smart contracts and blockchain technology are the next steps in the evolution of secure data transaction. Companies in the pharmaceutical industry, and their supply chains, will be forced to adapt their operations to keep up with these generational changes in order to competitively deliver services and treatments in the future.
Currently, serialization and track and trace requirements are the predominant industry practices, but their execution is manual and disjointed.1 In addition, the ability to confirm a medicine’s end-to-end provenance is becoming an increasingly important aspect of delivering medicines in a safe and trusted manner. With the deployment of distributed ledgers and blockchain technology, these capabilities are simplified and can operate with a higher level of precision.
A distributed ledger technology (DLT), or blockchain, is protected by cryptography. A network of nodes maintains the ledger of information without complete trust between other nodes. As long as a majority of the nodes confirm the entries (“blocks”), then the entry can be posted to the ledger (“chain”) as mandated by the governing rules, and the information will be posted and stored on the blockchain as trusted and reliable.1
Continue reading: https://www.bioprocessonline.com/doc/demystifying-blockchain-supported-smart-contracts-0001
Currently, serialization and track and trace requirements are the predominant industry practices, but their execution is manual and disjointed.1 In addition, the ability to confirm a medicine’s end-to-end provenance is becoming an increasingly important aspect of delivering medicines in a safe and trusted manner. With the deployment of distributed ledgers and blockchain technology, these capabilities are simplified and can operate with a higher level of precision.
A distributed ledger technology (DLT), or blockchain, is protected by cryptography. A network of nodes maintains the ledger of information without complete trust between other nodes. As long as a majority of the nodes confirm the entries (“blocks”), then the entry can be posted to the ledger (“chain”) as mandated by the governing rules, and the information will be posted and stored on the blockchain as trusted and reliable.1
Continue reading: https://www.bioprocessonline.com/doc/demystifying-blockchain-supported-smart-contracts-0001
