HashCash Consultants is a US-based blockchain development company that has added a new accomplishment to its thriving record of awards. The company recently declared its affiliations with an international US-based pharmaceutical firm. HashCash is delivering its blockchain proficiency to simplify medical supply chains and enhance traceability.
How Does Blockchain Technology help in Medical Supply Chains?
Blockchain technology has huge potential across medical supply chains where the origin and traceability of the products are critical. Medical components have expiry dates and can be dangerous if consumed after. Moreover, many medicines have specific storage conditions to remain intact. With the help of blockchain technology, every transaction and data is stored in date and time format which helps to keep track of records. Therefore, the technology is used by various pharma giants to optimize their operations by keeping traces of sources from manufacturing to distribution and more.
HashCash Chief and blockchain pioneer, Mr. Raj Chowdhury asserts, “Blockchain has proved its utility as an indispensable technology implemented across some of the biggest global supply chains. The platform powering Bitcoins ensures transparency and traceability throughout the entire process, offering real-time visibility for informed decision-making.”
Blockchain is Revolutionizing the Medical Industry
Along with the medical supply chain and storage sector, blockchain technology is vastly used in worldwide vaccination drives, especially during the recent worldwide global pandemic. While the world is directed toward avoiding contact with the Covid-19 virus, and isolation, blockchain enthusiasts enhanced the procedure by eliminating mediators and enabling minimum contact for documentation. These were also important to preserve the usefulness of the vaccines.
“Blockchain remains one of the biggest revelations in the current digital revolution. From powering innovations of the future to improving functions in the existing structure, the technology will benefit billions by promoting financial inclusion, equality, and productivity,” quoted Chowdhury. He has previously highlighted the use of blockchain technology in the education system and the reduction of carbon emissions.
Blockchain technology has contributed its potential to several industries that require validation, and documentation for implementing supply chains across the world, including pharma companies. The firms can incorporate the technology to influence better growth and business opportunities by optimizing the process following cost-cutting.