Blockchain’s distributed ledger technology facilitates the secure transfer of patient medical records. Strengthens healthcare data defenses, manages the medicine supply chain, and helps healthcare unlock genetic codes. By some estimates, 10% of medical goods are either low-quality or false. It is believed that at least 1% of the medicines on the market are fake. Blockchain-based systems can guarantee chain of custody records by tracing every level of the drug supply chain. Functionalities such as private keys and smart contracts can help to better maintain agreements between different parties and strengthen the credibility of pharmaceutical suppliers.
SOME IMPORTANT ROLES OF BLOCKCHAIN IN MEDICAL SUPPLY CHAIN SECURITY
1. Supply Chain Efficiency: Blockchain technology can streamline the medical supply chain by reducing the work done and implementing effective processes. Smart contracts, which are self-executing agreements recorded on the blockchain, can automate tasks such as inventory management, order fulfillment, and payment processing.
2. Transparency and Traceability: Blockchain maintains a complete history of past transactions within the network, which means that the user can track the data with full transparency. Blockchain technology enables the creation of an unchangeable, transparent ledger where all transactions and movements of medical supplies can be recorded. This helps in establishing end-to-end traceability, allowing stakeholders to track the journey of medical supplies from the manufacturer to the end user. It helps in verifying the authenticity and quality of medical products, reducing the risks of counterfeit or substandard goods entering the supply chain.
3. Data security and privacy:This is the method and means to protect personal data, while data privacy deals with how that protected data is used. Data security and privacy in the medical supply chain are crucial to protecting sensitive information and ensuring the integrity and confidentiality of patient data. With the increasing digitization of healthcare and reliance on interconnected systems, it is essential to implement robust measures to safeguard data throughout the supply chain. Blockchain technology ensures the security and privacy of sensitive medical data. Patient records, clinical trial data, and other confidential information can be stored on a blockchain, encrypted, and accessible only to authorized parties. The decentralized nature of blockchain reduces the risk of unauthorized access to data.
4. Product Authentication: Blockchain technology can aid in the discovery of fake products by offering a tamper-proof and transparent record of the entire supply chain, making it simpler to trace and verify the authenticity of products and enabling the prompt identification of any fraudulent activity. Blockchain can be used to verify the authenticity of medical products by recording unique identifiers, such as serial numbers, on the blockchain. These identifiers can be tracked and verified at each step of the supply chain, reducing the risk of counterfeit or substandard products reaching patients.
5. Clinical Trials: Clinical trials are research studies that test a medical,surgical, or behavioral intervention in people. Blockchain can facilitate the management and integrity of clinical trial data. It enables secure and transparent sharing of trial results, patient data, and consent information while ensuring data privacy. This can accelerate medical research and improve the reliability of trial outcomes.
In summary, blockchain technology offers a range of benefits for securing the medical supply chain. It improves transparency, enhances data security, facilitates product authentication, and strengthens the integrity of clinical trials. By leveraging blockchain, the healthcare industry can address critical challenges and build a more efficient and secure ecosystem for the delivery of medical supplies and services.