Medichain - Securing pharma supply chain with blockchain


EOI: 10.11242/viva-tech.01.06.016

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Citation

Ms. Rishabhdev Sharma, Ms. Sana Shaikh, Ms. AbhilashaYadav, Rahmat Shaikh, "Medichain - Securing pharma supply chain with blockchain", VIVA-IJRI Volume 1, Issue 6, Article 1, pp. 1-5, 2023. Published by Computer Engineering Department, VIVA Institute of Technology, Virar, India.

Abstract

The pharmaceutical industry plays a vital role in safeguarding global health. However, its supply chain is complex, susceptible to fraud, and often inefficient. Pharmaceutical supply chains are characterized by multiple stakeholders, including manufacturers, distributors, suppliers, and healthcare providers. The intricate nature of this supply chain makes it vulnerable to issues like counterfeit drugs and data inaccuracies. Blockchain, with its inherent features of transparency, immutability, and decentralization, offers a compelling framework to mitigate these challenges. Blockchain enhances transparency by creating an immutable ledger of all transactions. Each drug batch is assigned a unique identifier, recorded on the blockchain and associated with relevant data such as manufacturing details, shipping records and quality test results. Stakeholders across the supply chain can access this information in real-time, ensuring complete visibility and traceability. Counterfeit drugs pose a significant threat to public health. Blockchain's secure, tamper-proof records enable consumers and healthcare professionals to verify the authenticity of pharmaceutical products. Smart contracts, self-executing agreements triggered by predefined conditions can automate verification processes, reducing the risk of counterfeit drugs entering the supply chain. Blockchain's cryptographic techniques ensure data security, privacy and protecting sensitive information. Pharmaceutical recalls can be costly and time-consuming. Blockchain's traceability allows for targeted recalls, pinpointing affected batches quickly. Smart contracts can automate the recall process, notifying relevant parties and facilitating the return of products. This efficiency not only saves resources but also enhances patient safety.

Keywords

Blockchain, counterfeit drugs, pharmaceutical supply chain, smart contract.

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