The Revolutionizing Role of Blockchain Technology in the Pharma Industry

Blockchain is a decentralised database system that is used to record information and transfer data in a way that makes it difficult or impossible to hack, or cheat. It uses a block system to form a chain of data and if someone intended to hack the system, they would have to tamper the chain one block at a time, which makes it extremely difficult to hack. 

Blockchain was first established for cryptocurrencies like Bitcoin and Ethereum, these allowed for the transfer of data with proof of ownership, and a timestamp without going through the bank. With the increase in the popularity of cryptocurrency, blockchain has become even more valuable and is now being adopted by a lot of industries, especially the pharmaceutical one. This is driven by the demand for a better and more efficient method of healthcare that would not be plagued by the obvious faults of the traditional system of healthcare, like data breaches and system failures.

There are a lot of ways that blockchain technology is revolutionizing healthcare and in this article we will be sharing some of these:

  • Securing of Health Information and Data

This is one of the most popular and important uses of blockchain. It is used to secure important medical information belonging not just to patients, but also to medical staff. Security of data is one of the huge problems in the pharma industry as a lot of people out there seek to steal this information and use it for fraudulent purposes or sell it to those who could use it. Health information is worth a lot of money on the black market. 

Blockchain however increases the safety and security of this information with its ability to keep the identity of the owners anonymous and it is almost unhackable. 

  • Easy Access to Information

It’s no news that it takes a really long time for professionals to access the medical records of patients thereby taking a longer time to make a diagnosis and treat patients effectively. This process can be very stressful to both the staff and their resources, therefore reducing the quality of healthcare offered to patients. With the introduction of blockchain to pharma, this process has been made a little easier as medical data and history can be accessed in a matter of seconds with little to no stress. Diagnosis of illnesses could be made a little bit faster and it becomes easier to offer treatment. This could be done at any time and from anywhere in the world.

  • It Improves the Validity of the Supply Chain

Blockchain can serve as the link between the supply chain. They can act as a system of verification between the lab, manufacturers and distributors. It allows suppliers to verify products much easier and the ledgers help to track these supplies from the very first supply or even to the retailer.

Conclusion

Blockchain technology will change the face of pharma, as its adoption continues to increase. It will help to improve the quality of service offered to patients.

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