The Potential of Blockchain for the Pharmaceutical Industry
Blockchain’s capabilities will impact all industries and business value will therefore increase, according to Gartner’s latest Trend Insight Report on “Blockchain-Based Transformation”. Gartner predicts that the business value added by blockchain will grow to over $360 billion USD by 2026 and expects it to reach more than 3 trillion USD by 2030.
As Marc Gardette, Cloud Strategy Director at Microsoft, pointed out at the recent Serialization Innovation Summit in Paris, Blockchain can act as a ‘trust machine’ between different (supply chain) partners to exchange information in a secure and trustworthy way. Through Blockchain technology, each transaction on the pharmaceutical supply chain that is recorded in the blockchain database is digitally signed and mathematically guaranteed to be genuine and tamper-proof and can be shared with everyone in real time.
Blockchain Technology for the Pharma and Life Sciences Industries
Current and upcoming track&trace legislations bring new challenges in terms of data sharing and connectivity between the various players in the pharmaceutical supply chain. With embedded security through consortium Blockchain mechanisms such as identity management, PKI and encryption, Blockchain presents unprecedented opportunities to secure entire supply chains. Therefore, it has a huge potential for the pharmaceutical industry confirmed Mr Gardette in a recent interview.
A Groundbreaking New Blockchain Solution for end-to-end Traceability throughout the entire Supply Chain
Adents, frontrunner in new technologies for the pharmaceutical supply chain, together with its partner Microsoft, launched NovaTrack. Combining Blockchain, A.I., IoT and serialization functionalities, NovaTrack allows for comprehensive visibility throughout product distribution chains and life cycles. Based on a ‘Blockchain as a Service’ approach, NovaTrack will allow each supply chain participant to run Blockchain nodes either on premises or via the Cloud. The solution comes with embedded security features to ensure that only trusted participants are members of the Blockchain. Artificial Intelligence through Microsoft Machine Learning and Business Intelligence Services gives the ability to collect and analyze data to transform it into actionable business insights.
Want to learn more about NovaTrack? Get in touch with our experts!