Major Companies Selected In FDA’s Drug Tracking Block-Chain Pilot

Healthcare is one of the most important domains that determine the overall quality of the human resource of a given place. For every country in the world, it is of paramount importance that it has a healthy human resource base to plan for effective progress and to keep the economy growing. Without a stable health graph, no country can achieve long term growth. This is the reason why many of the underdeveloped countries lack enough growth even after having enough number of recourses.

Hence, it is the proper utilisation of the available resources and the right up-keeping of the health standards of the population of a country that makes an effective impact on the growth statistics. So far as the healthcare sector is concerned, today, it has become largely dependent on the technologies integrated with data handling.

The better the data and records are maintained, the better seems to be the outcomes. For a completely fortified system of healthcare, the industry must ensure foolproof arrangements for healthcare data handling taking the support of the latest technological advancements.

Blockchain mechanism is a recent development in the technological arena that ensures the protection of data while dealing with them.  Though it was primarily evolved keeping the Bitcoin, Digital Currency, etc. in mind, the application got transferred to various other domains of which healthcare is one. Through blockchain, digital information can be distributed yet can be protected from getting copied.

As far as the logistic movements and timely supply of the drugs and medicines across the globe are concerned, the huge data involved in this task can be kept coherently with the help of blockchain technology. Also, keeping the inventory under check and maintaining the in and out calculations of the stock becomes easier with blockchain technology which, in turn, makes the entire system work more efficiently augmenting productivity.

FDA (Food and Drug Administration), also known as USFDA, has selected companies like IBM, KPMG, Merck, and Walmart, to be a part of their drug tracking blockchain pilot project. This attempt was made keeping the overall well being of the drug market in mind.

The authorities defined this attempt as their intention to make the drug inventory maintenance more traceable and to ensure that every medicine is kept at the right temperature and under a proper condition so that the quality can be maintained as well.

Advantages Of BlockChain

  • If you are using blockchain technology, you no longer have to depend on third parties for the verification process. The in-built idea of verification that comes with blockchain does all the required checking processes without involving any other.
  • It is of much importance that no data get lost, and every bit of information remains unaltered. Blockchain ensures that no data gets lost or changed through its append-only data structure.
  • To ensure the utmost security of the data, cryptography is used by the blockchain mechanism. The cryptography process will depend on the completed adjacent block for a current data block.
  • Trust verification is an integral part of the blockchain mechanism, and it attaches all the transactions and data to the blocks after trust verification.
  • The best part about the blocks in the blockchain is that each one gets arranged chronologically. Hence, every block gets time-stamped and does not get lost in the crowd. Also, tracing any particular block is easier when they are arranged chronologically.
  • The distributive aspect of blockchain is another feature that makes Blockchain mechanism a popular choice. Across the nodes, the ledger gets distributed under the blockchain system.
  • Blockchain is a completely decentralized mechanism and thus allows all the computers in the system to contain the blocks having transaction records without polarizing the records. This also ensures equitable distribution across the length of the chain.
  • The transactions that take part in the blockchain system are transparent. Everyone with authority to access can view the data in a hassle-free manner.
  • If you wish to track the origin of a ledger, it can be done by tracing the blockchain.
  • Every entry in the blockchain comes through several consensus protocols that minimize the threat of duplicate or fraudulent entries.
  • Taking the help of a smart contract feature of the blockchain, business conditions can be pre-set, which will trigger the transaction under matching circumstances. This enables the blockchain with the power of automation, making the transactions automated on particular occasions.

We, at sepStream®, make sure that none of you’re a get mishandled. By deploying the latest technological advancements and integrating the data with the blockchain mechanism, we deliver complete data protection and smooth operational experience. Especially for the healthcare sector, data is the key to a successful operation, which we ensure by integrating the latest tools and technologies to serve each client the best.