Penicillin is unarguably the most wonderful discovered since the inception of medicines. It paved the roads for and advanced since a century and is instrumental in preventing numerous infections and bacteria. However, the super drug has its share of negatives too such as diarrhea, nausea, vomiting to name a few. However, these negatives can be tackled. No wonder, it grabbed the Nobel Prize in 1945 for its inventors.
Likewise, has its positive and negatives. The positives are too good to be ignored to bask only at the negatives. The benefits of technology are so many that a few problems can be adapted to make amends.
Is Blockchain a magic wand?
To answer this is like saying nuclear energy is only for good when we know about the existence of nuclear bombs too.
Undeniably, with so many real world examples already running successfully with heightened security, which have increased the transparency on the data of the system, is one super technology. Proponents and evangelists have labeled it as the best technology after the internet.
At the moment, calling a magic wand could be an exaggeration. Nevertheless, the technology has potential as much as internet, penicillin and nuclear energy, which cannot be overlooked.
What is Blockchain?
— implemented by Satoshi Nakamoto towards the end of 2008 using — is an online system where the ledgers are completely public with data or transactions, which are virtually irreversible. Security is top notch as it is decentralized — devoid of any referee — and maintains completely transparent data and transactions but at the same time, conceals the individual identity of each participant.
There are many real-life use cases of the , which are enormously successful like tracing of diamonds in the supply chain, voting system, maintain public records of the citizens. But ’s deployment in the Pharma industry is often talked about because more than money-related it is life-related. One such brilliant execution is AsliMedicine, which runs in the field of the medicines supply chain in India. This application tracks the life cycle of even before the manufacturing process because it also captures the raw materials and sources of the medicines. Thus, bringing transparency in the business that is suffering from 35% of fake .
How can AsliMedicine’s blockchain help in Pharma?
The application by has tied up already in India with many manufacturers, interim drug suppliers, and distributors. Complete information of the righteous will be maintained in the backed decentralized app, popularly known as . Because provides full transparency in a system and owing to its highly secured and decentralized nature, the information cannot be tampered with. Here, decentralized means there will be no central authority, which controls the flow of information and transactions between multiple parties and acts as a mediator. The participants in the own the onus of validating each information.
The immutability of the AsliMedicine technology lends the tracking system of the medicines an element of trust. Now, the can buy the medicines without any doubt and can use with assurance. technology has brought transparency in many systems, and it is highly beneficial for the pharmaceutical industry because any forgery in other systems is a monetary loss, but counterfeited can cost lives too.
If you are in the pharma business, please drop a mail to AsliMedicine or contact us here and participate in the promise to make India a genuine name in Medicines.
Published at Sat, 23 Feb 2019 15:57:19 +0000
