Vaccines and blockchain
Fake screening kits, faulty respirators, a lack of masks, and stolen medical equipment have all undermined the pharmaceutical industry’s supply chain, which had already been adversely affected by counterfeiting. Imagine the chaos when a Covid vaccine finally becomes available!
The pharmaceutical industry is already preparing for a vaccine with the help of blockchain technology. Major laboratories – along with distributors, production sites, and transporters – have formed a consortium, the MediLedger Network, to secure their supply chain without the need to share confidential data. Is the product authentic? Can it still be used? A simple scan of the barcode will tell you.
The efficiency and speed of logistics are also improved: fewer control points and document exchanges are needed, which means faster delivery and inventory management. The same approach is also relevant for other sectors where high standards are imperative.
To go further: “Why Big Pharma Is Betting on Blockchain” by Alison McCauley (Harvard Business Review, May 2020).