Blockchain technology in pharmaceutical supply chain : Ensuring transparency, traceability, and security
Year: 2024
Type: article
Abstract: Transparency, traceability, and security are three major challenges that blockchain technology has addressed in the pharmaceutical supply chain, making it a disruptive solution. The incorporation of blockchain technology to produce an immutable, decentralized ledger that documents the full path taken by pharmaceutical products from producer to end-user is examined in this abstract. The solution ensures tamper-resistant records by utilizing smart contracts and cryptography concepts, hence mitigating the risk of counterfeit medications. Transparency is improved via real-time supply chain visibility, which gives stakeholders the ability to monitor batch information and confirm product authenticity. Blockchain’s decentralized structure improves security by reducing the possibility of fraud and unauthorized access. By means of blockchain implementation, the pharmaceutical business may create a strong, dependable, and effective supply chain ecosystem, thereby promoting safer and more dependable medicine access for patients across the globe.
DOI: 10.47974/jsms-1266
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: bronze
OpenAlex ID: W4393333662