Listen Up all Pharma Professionals! This is why the BlockRx project uses the Blockchain!
For those of you that are Blockchain experts, you can stop reading here. For the rest of you, please read on.
The BlockRx project was formed to use Blockchain technology to solve the problems those of us in the pharma/biotech/healthcare industry face; such as integrity of the supply chain, clinical trials, medication lifecycle development and regulatory submissions.
So, what is the Blockchain and why is it so important to our industry?
The Blockchain is, in essence, a ledger. A way to record transactions that are immutable in order to increase auditability, traceability, and transparency in the work that we engage in. So, it is just a database you are saying to yourselves? This is not quite true either as it is a distributed ledger; which means that it is housed on computer systems all around the world or involves person to person (known as peer to peer) interaction. One person records a transaction and another validates that transaction. Great, now all of our secrets are sitting on my uncle’s laptop in Montana. If he were a miner (transaction validator) and could defeat NSA level encryption then yes, but the system itself is designed to require so much computing power to cause a malicious act or to try and identify what is in a block (each block having a little bit of data) that it is not practical to do this. Additionally, organizations can create private Blockchains that reside on their internal systems. This increases transaction speed and adds another layer of security. (For those of you that like history, the Blockchain was originally designed to keep track of Bitcoin, cryptocurrency, transactions much like your bank keeps track of your banking transactions.)
With the ability to create a permanent audit trial that is housed on a wide range of systems that is unalterable, the Blockchain brings to our industry another way to demonstrate that we are working in good faith to protect public health and safety, while bringing lifesaving medications to market. Additionally, the efficiencies that it brings to transactions and approvals could improve internal efficiency and in time the speed of regulatory approval saving time, money, and ensuring that cures are brought to the public faster.
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