How to prevent the Pharmaceutical industry From counterfeit drugs trade?
Blockchain Technology in the Pharmaceutical industry
Benefits of Blockchain in pharmaceutical supplychain
Doesn’t change the supplychain, just enhance data management and transparency.
Current ERP, supplychain etc., can be maintained and linked to the blockchain technology
Transparency enhanced by smart contract that allows for key information to be shared between organizations while protecting private data.
Creating efficiency and eliminating the middlemen
A lot of money spent on fixing the error → all the data would be tracked and traced with minimal work and time.
Track dates to eliminate oversights.
Other parts of the supplychain can be automated with blockchain
Detect counterfeit and corruption.
Drugs are tracked and logged at all times, so if they are tempered with it will be known to all.
Security and Trust
Zero knowledge proof technology
Data is decentralized, so it mitigates the risk of data loss.
All data is stored on all nodes
If data is lost at one site, it is safely secured on a different node.