Copy link
Increase text size
Decrease text size
Link copied

Drug tracking via blockchain catching on, illegal narcotics next?


Sun, 23 Jun 2019, 14:09 pm UTC

There have been several collaborative efforts of late to address the problem of drugs supplies in the US and several parts of the world. One of the more significant of these partnerships is the one involving Walmart, IBM, the US Food and Drug Administration (FDA), KPMG, and Merck. The goal is to improve the tracking capabilities with regards to drugs and this is not the only one of its kind.

Walmart has been tinkering with blockchain technology for some time now, mostly for making its retail supplies easy to track, Cointelegraph notes. It has been working with IBM on this and many projects, and the latest one has to do with keeping tabs on drugs. It is worth noting that the retail giant has a track record of not following through beyond the initial test phases of such projects, though.

One factor that might contribute to this particular pursuit becoming a success is the involvement of the FDA. This project falls under the Drug Supply Chain Security Act (DSCSA) and one of the mandates is to create "an electronic, interoperable system to identify and trace certain prescription drugs." The target is 2023 and it is expected that blockchain will play a role in the formation of the system.

Another initiative with the same goal in mind is that which involves the FDA and MediLedger. The intent is still the same, with using blockchain to track the supply of prescription drugs as the main target. This will then help reduce the rates of counterfeit drugs getting added to the supply, the alteration of data, and theft.

In projects like these, the level of involvement of blockchain can differ quite a bit. In some initiatives, only one or two aspects of the network will be used. In others, such as those involving the FDA, the full distributed ledger technology aspect is employed.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,412.98 (+0.73%)
  • Ethereum (ETH) $162.86 (+1.41%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $321.96 (+2.70%)
  • Bitcoin SV (BSV) $269.01 (+1.12%)
  • Bitcoin (BTC) $8,412.98 (+0.73%)
Jan 24, 2020 (Friday)
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Japan ruling party lawmakers to propose digital yen in February: Report
Hackers becoming more sophisticated as crypto exchanges bolster security measures: Chainalysis
Crypto Technicals: XRP/USD slips below 21-EMA, more weakness to follow
Tether launches new stablecoin backed by physical gold
Crypto exchange ErisX partners with Etale to offer new trading features
World Economic Forum launches blockchain-based supply chain traceability platform
Crypto Technicals: LTC/USD holds above 51 mark, finds strong support at daily cloud
Liechtenstein's Financial Market Authority approves ethereum-based real estate tokenized fund
Greece to extradite alleged BTC-e operator Alexander Vinnik to France after supreme court ruling
Agribusiness blockchain initiative Covantis selects ConsenSys as technology partner
Crypto exchange Binance invests in blockchain startup Numbers
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
World Economic Forum creates framework to help central banks design and deploy CBDC
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.