MedBust: Blockchain in Pharmaceutical Supply Chain
Mr. Mohit Kumar1, Mr. Lavish Kumar1, Mr. Jai1
Mr. Yogesh Sharma2
1Student, 2Professor
Computer Science and Engineering,
Maharaja Agrasen Institute of Technology, New Delhi, India
Abstract: Counterfeit drugs are a major and growing concern globally, particularly during pandemics. One of the reasons for this is the inefficiency of the supply chain system in the pharmaceutical industry, which can make it difficult to trace the ownership of drugs from manufacturer to wholesaler, distributor, and pharmacist before it reaches the customer. In this study, we have evaluated different proposed blockchain-based supply chain management systems. The system that uses Hyperledger Fabric ensures data sharing, storage, transparency, and traceability in every stage of the supply chain. Meanwhile, the Ethereum architecture makes use of smart contracts to manage the communication between sender and receiver. The primary aim of the research is to improve the safety of pharmaceutical products and streamline supply chain operations with the most effective architecture.
In addition to the benefits of transparency and traceability that blockchain technology can provide, it can also help to improve the overall efficiency and security of the supply chain. For example, by using smart contracts, automated processes can be put in place for the transfer of ownership and payment for drugs, reducing the need for manual intervention and reducing the risk of errors or fraud. Additionally, by creating a tamper-proof record of all transactions, blockchain technology can provide an auditable trail of the movement of drugs through the supply chain, which can be helpful for regulatory compliance and quality assurance.
Furthermore, blockchain technology can also support the implementation of new business models in the pharmaceutical industry such as digitalized provenance records and tokenization of drugs to provide more transparency, security, and trust for the customer. It's worth noting that implementing blockchain technology in the pharmaceutical supply chain will require collaboration and cooperation between stakeholders in the industry, including manufacturers, wholesalers, distributors, and regulators. With the right approach and collaboration, blockchain technology has the potential to revolutionize the way that the pharmaceutical industry operates, making the supply chain more efficient, secure, and reliable, while also helping to reduce the risk of counterfeit drugs and protect public health.
Keywords – Blockchain, ethereum, decentralization,supply chain in pharmacy.
