What is Blockchain Technology in Pharma?
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What is Blockchain Technology in Pharma?
Blockchain technology is a decentralized ledger with blocks of data that show when data has been added to the chain. Data entered into a blockchain cannot be modified or erased once it has been created, resulting in an easily auditable and tamper-resistant chain of data.
Because blockchain(Blockchain Pharma Conference) ledgers are encrypted, the data they store is extremely safe. This is why blockchain is so useful in the medical profession, as many advancements are limited by their ability to protect patient data.
Benefits of Blockchain Technology
The decentralized nature of blockchain technology can provide unparalleled transparency and security to the pharmaceutical supply chain, removing the possibility of tampering, counterfeiting, or drug product diversion.
Pharmaceutical behemoths have embraced blockchain technology to combat medicine counterfeiting and improve supply chain security.
Lack of modernization and the involvement of middlemen are problems in the management of existing pharmaceutical supply chains.
According to Global Data, a data and analytics organization, blockchain technology can aid in the modernization and digitization of the supply chain, despite its high implementation costs and restricted storage capacity.
Through the secure transfer of huge data and its analysis across a vast network, blockchain technology, along with artificial intelligence, machine learning, and other digital technologies, can enhance the research and development process.
Using the application of blockchain technology can improve the manufacturing of very complicated customized products, technological transfer between academics and industry, and patient data management.
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