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What is The Future of Blockchain in Pharma Supply Chain?

Posted by sitetech035 
What is The Future of Blockchain in Pharma Supply Chain?
May 23, 2022 12:34PM

Future of Blockchain in Pharma Supply Chain
Pharmaceutical manufacturing is a difficult and time-consuming process. Even the development of a single medicine may entail complex supply networks spanning many countries, as well as extensive data management.

This is so that an agent’s trip can be thoroughly followed, not only for accountability and transparency but also to weed out counterfeits in an ever-growing black market.

While most people are familiar with blockchain in pharma technology’s application in cryptocurrencies, it is not the only one. Blockchains are distributed ledger networks that can validate transactions or other data without the requirement for a central ledger holder who has access to all of the data.

When new blocks are added to the chain, they are irreversibly added to all copies of the ledger held by all members of the decentralized system. It is ineffective to tamper with one copy of the blockchain; the rest of the blockchain will still reveal the true record of events.

Falsification of the information held is therefore exceedingly unlikely. Because of their distributed character, blockchains can bring together parties who would not otherwise commit their open information to one another.
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