Using blockchain to monitor the COVID-19 vaccine supply chain
Covid vaccines with an efficiency rate of more than 90% have been announced in recent times. This is also very impressive not only due to the relative short time they take to develop but also because of the effectiveness it has on the virus. This achievement is considered one of the golden stages however the need of using technology to distribute the grace has not begun yet.
One of the challenges is the process of distributing these vaccines so that it becomes global soon. Speaking of such a large expansion, blockchain can play an important role in a smooth distribution.
The main difference between both the vaccines is their condition of being stored. For long-term storage, Moderna requires a minimum temperature of -20°C however these vaccines can be stored under 8°C for a month. On other hand, the Pfizer vaccine requires -70°C for storage. Therefore it is yet another challenging task to keep these vaccines are stored in suitable condition so that it can serve its purpose.
Only once a proper distribution system is made with favorable conditions so that the vaccine can last, the achievement can show results. Blockchain technology is one way which allows many parties to share and manage a decentralised database. Different companies can create and share a source which will be completely transparent so that it is mutually agreed upon.
As early results, Blockchain can be the perfect infrastructure which would suit the supply chain management of these vaccines and cover both the requirements of providing suitable conditions and distributing the vaccines to the right place at the right time.
The Blockchain technology would also help in building trust in the following two ways:
- This technology is has generic standardized protocol and is not owned by someone therefore companies can join the supply chain and share important information according to their convenience
- Existing information in Blockchain cannot be removed or deleted but only amended which means it is immutable. Therefore this system will have a higher level of accountability for the data shared
Another great advantage of this technology is that it is very simple to manage and access. Under access, there are two types of partners, reading access and writing access therefore certain partners can only have the reading access. Those partners who have the latter one can decide which information would be shared with whom and when. Therefore this platform would provide a complete transparent track of each vaccine in real-time, with information and data added.
Blockchain technology can solve some of the unique challenges which a standard supply chain would take a long duration to solve. Partners accountability, accuracy in tracking vaccines, completion in stock management and creating a back up against the potential counterfeit or some of the problems which with Blockchain can be solved smoothly. Blockchain’s greatest advantage is that it has immutability of the storage condition. As it is important to store the vaccines under favorable condition, vaccine distributors would require information to make sure that all storage conditions are met. In Blockchain, the storage temperature data would be recorded on the immutable database providing proof of proper storage. This word to remove the doubt which suppliers and distributors might have regarding the safety of the vaccines and their effectiveness.
Once every vaccine is tracked under the Blockchain system, each link related to the supply chain will be able to access information about the entire process. The health department would also be able to monitor the entire chain. Apart from this the following are a few advantages which would be added to with the use of Blockchain in supply chain management.
- Delivery of shipments on time and their destinations can be easily tracked by manufacturers
- And efficient delivery tracking platform which would include the storage requirements of the vaccine would be provided by distributors
- Hospitals would get a chance to manage their stock and provide favorable conditions beforehand. They would also get guarantees concerning the authentication of the vaccines and their safety.
The barrier to tackle in order to set this operation in motion, ironically, is not a technological one. Many blockchain businesses already have experience incorporating blockchain in cases of supply chain usage. Many solutions to the supply chain and provenance are motivated by incentives for commercial or cost savings. Orbs, for example, has been working on a supply chain solution with a Fortune500 company to allow visibility in the monitoring of counterfeit items, a use case that can potentially save several millions of dollars for businesses.
As quoted by financial express in India Reliance Foundation will help in Covid vaccine supply Management. “In a recent announcement by Nita Ambani, Chairperson & Founder of Reliance Foundation, the company has assured that as soon as the vaccine for Coronavirus is available for masses, Reliance will step forth and volunteer for digital distribution and supply chain of the vaccine.”
“In a recent announcement by Nita Ambani, Chairperson & Founder of Reliance Foundation, the company has assured that as soon as the vaccine for Coronavirus is available for masses, Reliance will step forth and volunteer for digital distribution and supply chain of the vaccine.”
The challenge lies not in technology, but rather in constructing and enlisting all the different players to take part in the solution. In essence, it is more of a political challenge than it is a technical one.
Therefore a vaccine which the entire world needs at present desperately, with a technology like Blockchain, it will be a priceless achievement for the globe.
For any queries related to supply chain management software development on blockchain please contact : https://crypticocean.com/
