| | March 202319CIOReviewspreadsheet under their control. Hence, no one can corrupt the spreadsheet since no one centrally owns it.Blockchain functions similarly. All the transactions done in blockchain networks are called "blocks." Stored transactions or blocks are encrypted via unique, unchangeable hashes. Once a new transaction occurs and all the members of the network provide their "consensus," then only a new block is added to the network. In reality, a block is just a data type with a unique identifier. Each block has a reference to its previous block. Hence, from any block, you can traverse the whole history of previous transactions in the network. This chain of blocks is called a "blockchain." Because it contains a chain of transactions, blockchain is also known as a ledger. Each member always has the latest copy of the ledger. Hence, no one can corrupt the ledger or falsify the entries.All parties under one roofBlockchain is used in the supply chain to address some of the known vulnerabilities of this space, as I already mentioned at the beginning. One big challenge in implementing blockchain is bringing all different parties under one network and protocol. If all the parties agree to use the same blockchain network, then only successful vulnerability prevention is possible. For complete traceability, each party must add the transaction to the network when the item passes through them. Once all the transactions are recorded in the blockchain, it is easy for the organization to check the authenticity of the transaction. However, once implemented, blockchain is an affordable and very scalable option to prevent these vulnerabilities. A simple mobile app or web browser that can read a barcode can do the job. Organizations don't have to invest a lot at the field level. All of the efforts go into building the network on the backend and connecting all of the parties.We are not far In recent years, big pharma companies have been exploring blockchain for their supply chain challenges. However, most of the initiatives are in the early stages. As supply chain challenges grow, big pharma must consider robust technical solutions. Another important factor is the Drug Supply Chain Security Act (DSCSA), an act by the US Congress passed on November 27, 2013. It outlines steps to build an electronic, interoperable system to identify and trace certain prescription drugs as they are distributed in the United States. This act gives pharmaceutical companies ten years to develop a robust and transparent traceability system for packaging and distribution. This period will end in 2023. Blockchain technology is an obvious contender to achieve robust and transparent end-to-end traceability.A few names are worth mentioning here. MediLedger Network is a blockchain focused on pharma supply chains. MediLedger has pharma leaders such as Gilead, Pfizer, Amgen, Genentech, AmerisourceBergen, and McKesson among its members. They have already launched a blockchain-based verification system that makes it easier to verify that a returned drug is authentic.IBM is also investing a lot in blockchain for innovative solutions. Since 2016, they have been working on developing an enterprise-grade blockchain platform. In 2020, IBM, KPMG LLP, Merck & Co., Inc., and Walmart Inc. completed a United States Food and Drug Administration (USFDA) pilot program. This programme demonstrated how blockchain technology can be used to help meet the Drug Supply Chain Security Act (DSCSA) requirements to verify, track, and trace prescription medicines and vaccines distributed within the United States.Blockchain as a technology has a lot to offer. A shared interest and a commitment to transparency can lead to many amazing solutions that we cannot even imagine today. Blockchain technology is an obvious contender to achieve robust and transparent end-to-end traceability
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