The United States’ federal agency, Food and Drug Administration (FDA), has partnered up with four high profile firms to launch a pilot program to apply blockchain technology in the drug supply chain, Reuters reported on June 13.
IBM, Walmart, Big Four auditor KPMG, and Merck are the four big names that the FDA has tapped for the implementation of a Proof-of-Concept (PoC) blockchain network to share and track data on the distribution of prescription drugs.
Blockchain has long been hailed as the holy grail of software technologies in many sectors, including in the medical field. Blockchain has all the tools it needs to efficiently collect, share and track sensitive patient and drugs data is in a standardized, smart and secure way. Blockchain’s immutability, security, transparency, and robustness make it the most reliable candidate for such a critical job. This collaboration between the FDA and the four companies could further kickstart the realization of blockchain’s potential in the medical field.
According to the report, the FDA is hoping to optimize the supply chain of pharma products with the help of blockchain. The initiative aims to speed up the process of tracking inventory. Furthermore, blockchain will also help with the accuracy and integrity of the data shared.