What is Blockchain in Pharma and how does it work

Today there is a lot of talk about Blockchain technology. We are in a historical moment when this innovation was They attract a lot of attention, but all too often we are stuck in a quite general confusion, between Cryptocurrencies, Bitcoin, Blockchain Platforms, Smart Contracts, etc.

Blockchain (literally “blockchain”) exploits the properties of a computer network of nodes and allows the management and updating of a record containing data and information (eg transactions) in an open, shared and distributed manner without the need for a central control and verification body.

Blockchain applications, which are expected to be relevant in many sectors, are often characterized by the need for decentralization and decentralization. This innovation allows, most likely, to do without banks, notaries, financial institutions, etc.

Blockchain technologies are included in a broader group of Distributed Ledger technologies (see here for a technical definition of Distributed Ledger and Blockchain), i.e. systems based on a distributed ledger, which can be read and modified by multiple nodes of the network. To validate changes to the registry, in the absence of a central body, the contract must reach consensus. The ways in which consensus is reached and the structure of the record are some of the characteristics that distinguish the different distributed ledger technologies.

Its first use was to serve as a record of transactions in Bitcoin, the popular and controversial cryptocurrency coined by Satoshi Nakamoto in 2009, whose true identity is still unknown.

there blockchain So it was born as an IT tool to collect and track shifts in a business network. But the basic concept can be expanded to include other uses, which can also include medicine and healthcare.

at Pharmaceutical field The developments are numerous. first and foremost Suppliers (Which relate to the management of the entire distribution chain, with special reference to logistics and the relationship with suppliers) could take advantage of this mechanism which would reduce its fragmentation and increase its traceability. All the Stakeholders May use a single integrated and reliable tool, greatly speeding up operations, increasing security and controlling counterfeiting and facilitating product safety monitoring at various steps From the manufacturer to the patient.

In addition to the method management system blockchain It can be applied to the accompanying flow of drug production. From raw material and active principle to semi-finished product and finished product, Suppliers, subcontractors and money exchangers consult and gather a single registrywith advantages also at the level Audit And with a goal data integration.

Despite the promised benefits, Pharma investments in blockchain Struggling to quit. In particular, at the global level, the year 2020 saw a decrease of 6% compared to the previous year, according to a survey conducted by globaldata. According to the London Analysis Company, the impetus is in the outbreak covid-19 pandemic Which, while encouraging digital transformation, has shortened the companies’ strategic vision. Investments with long-term benefits, such as those envisaged before blockchainfaded into the background.

However, according to the same survey, Outlook for the future is rosy. In fact, 23% of respondents expect their company to invest in tools like blockchain In the biennium 2021-2022. Among the reasons there is always the health emergency that, although slow in the implementation of this technology, at the same time revealed loopholes and weaknesses blockchain It can help in recovery.

Moreover, one of the main problems related to the pharmaceutical industry is the overproduction of counterfeit drugsIt is a growing phenomenon that not only puts the health of patients at risk, but also causes significant losses to companies in this sector.
Thanks to the application of blockchain technology, this is possible to trace Pharmaceuticals, making Validation Actionable in real time with each new change made to the product. The blockchain network is also shared by all the actors in the supply chain and each actor contributes to its fuel.

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