The pharmaceutical industry with Blockchain technology
According to the US Food & Drug Administration, it has recently unveiled a new pilot program in order to start testing with the blockchain technology. This will help the pharmaceutical industry to fight counterfeit pharmaceuticals.
There has also been governmental entities through partnering with other companies such as IBM, Merck and Walmart. According to the FDA it has chosen to work with Walmart, IBM, Merck, in order to expand the government agencies to implement pilot programs in order to fight counterfeiting activities. The groups working on these developments on the blockchain-based applications are happy to bring verification to the supply and distribution of prescriptions drugs.
The FDA stands as one of the most blockchain friendly governmental agencies in the United States. This pilot program has lead other Food and Drugs companies like the US National archives and Records Administration.
The project has been approved under the US Drug Supply Chain Security Act(DSCSA). There have been a lot of focus on the laws surrounding the use of opioids and has put corporations in violations of drugs distribution. The blockchain technology can is used to provide legal authorities to bring a better verification processes.
The Goals of the Blockchain FDA project
One of the first things the FDA is aiming to do with the blockchain technology is to reduce the time it takes to both track and trace prescription drugs. This will provide more reliable distribution of information to purchasers. Which could be information such as temperature for drugs distribution phase, the information will be stored on the network themselves.
The FDA has partnered with these well known companies for many different reasons. IBM is already well invested in the blockchain technology and Walmart has been chosen to work with, because of its strong supply-side logistics system. While Merck is one of the biggest pharmaceutical companies world-wide.
Distributed ledger technology systems are expected to be adopted by US government agencies around the world. Which will open the door to legal clarifications in the cryptocurrency industry.