Undeniably, the blockchain technology is a marvellous invention. Now that it has become something bigger, the only question that remains is to explain 'what is blockchain technology?'. The blockchain technology was originally devised for the Bitcoin or the digital currency. But our tech team now finds a range of other used and extends its support to other areas. Any information that exists on the blockchain is held as shared one that is continually reconciled — database. This is the right way to make use of a network that offers some obvious benefits. The blockchain database is not merely present at one single place, which means the records it keeps are truly public and easily verifiable. The bonus is there is no centralized version of this information that is available for any hacker to corrupt or get access to. Its data is easily available on the internet and since it is hosted by hundreds of other computers, its present is truly omnipresent.
Bitcoin and Ethereum were the first applications of Bitcoin, and now, blockchain has a list of other potentials that is yet to be unleashed. However, some of their capabilities have been manifested in various sectors. The ownership records that we possess are most often stored in ledger or paper. So, what if it gets tampered? While, the data on the blockchain cannot be altered. The digital information is divided into blocks and linked together. Each of these blocks will have characters that are called as hash. This hash is derived from the information contained in these blocks. Therefore, there is a pledge for safety and you cannot really take away that.
Blockchain technology has made its way into the pharma industry too. The value chain of a pharmaceutical industry starts with a drug development process. It is segregated into different phases. The first phase, is when the company decides to invest in a particular project that will later run into many tests phase. The final stage is marked by the market access and securing it. During this entire process, there is little or no visibility for manufacturers throughout the supply chain to track authenticity of the drug. Blockchain could in effect add to the missing transparency that will increase trust with the potential customers and buyers. They now will be able to track the pharmaceutical products throughout the supply chain. Only trusted parties are given the access to write on the blockchain and the bar code could be scanned anytime to see the change of ownership of the drug. The platform will allow drug identification, tracing, verification and notification in case an illegitimate drug is found.
What this facilitates is a real time information visibility, that will enhance the trust factor and reduce the information asymmetry