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| Photo by Marc-Olivier Jodoin on Unsplash |
Although a relatively new concept, it would be unusual for
blockchain technology to be absent from your radar. Its well-known associate Bitcoin
has been a hot topic for the previous year, generating curiosity in the
potential for cryptocurrencies across the globe. The success of blockchain
processes hinges on the fact that they leave an indelible trail. Therein lies
the reason as to why the pharmaceutical sphere has been working hard to create
their own blockchain system to increase the security of shipping and logistics.
Where did blockchain
technology originate?
The idea was conceived by a person - or group of people - going by the
pseudonym Satoshi
Nakamoto, the equivalent of the name John Smith in English. They invented
blockchain in 2008 as an open ledger for public transactions to support their
creation; Bitcoin, the world’s first cryptocurrency.
How does it work?
A blockchain is a decentralised ledger hosted on personal computers that
increase in size as greater quantities of information is added. Blockchain
hosts use their personal computers to store bundles of records, or ‘blocks’, submitted
by others in a chronological order. These build up in chains as they are passed
through networks of computers, meaning that they do not require a central bank
or host.
What makes them
secure?
Firstly, blockchains use cryptography a form of mathematics to ensure that
records are not more less impossible to be counterfeited or edited by anyone
else. Additionally, although everyone can use and help run a blockchain, it is
an independent entity that no central government, company or person can own. This
is what makes it very difficult for any one person to take down the network or
corrupt it.
How can this help Big
Pharma?
For an extended period of time, the pharmaceutical industry has been
battling to stem the flow of counterfeit and stolen medications entering their
supply chain and ending up in the hands of patients. Through the utilisation of
blockchain technology, pharmaceutical companies and pharmaceutical
logistics services, alongside wholesalers and independent suppliers, can
create a tamper-proof, indelible record of every transaction that takes place
from manufacture to distribution. This process is currently being trialled by a
handful of pharma giants, the results of which have so far been successful.
If current trials are anything to go by, blockchain is well
on the way to revolutionising how industries transfer data. With every step of
the pharmaceutical distribution process logged permanently on a decentralised
ledger, counterfeiters and thieves will have a much tougher time introducing illegitimate
wares into the market.
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