Pharmaceutical Company Merck has used a patent mainly based on the Blockchain Technology which permits to verify products along with its supply chain. The patent was released the last Thursday and submitted way back in 2016, the patent application indicates a process with the help of which blockchain can be used to store details of an object. For instance, get regular updates of a specific product when it moves from the origin. Thus, a distributed network will be helpful to store the details along with verifying the originality of the product.
The main purpose behind developing the system is to remove fake goods. Mercy is presently handling all the methods of removing fake goods which move through its systems and the suggested patent will further help to work more efficiently.
Secure and Distributed Storage
At the time of filing the patent, Merck declares that system “enables a secure, reliable storage of the reading results with very high data integrity, such that it is essentially impossible to manipulate or erase or otherwise tamper with or lose much data.”
Merck states, Moreover the stored data can be gained access only where blockchain is available. Thus, it permits a secure and distributed storage and access to the stored reading results. For instance, for integrity verification purposes such as checking if a supplier of a product being marked with a composite security marking, as mentioned herein, was, in fact, the creator of the product, or not.
Merck’s work is almost similar to various other firms which are looking to combine Blockchain Technology in their systems in the near future.
Great Effort is required
Nissan Kulatilaka, who is the Associate Director of Applied Technology at Merck believes that healthcare will be the second largest industry in the world to adopt Blockchain Technology after the financial services sector. However, the sector will require some time to adopt this technology.
Also, Great efforts are required to make changes in healthcare industry. However, Kulatilaka believes that we will view Blockchain implemented in Pharmaceutical industry in the upcoming 5 years.
