HashCash Consultants is planning to join hands with pharma companies and medical goods manufacturers to streamline their medical supply chain through blockchain technology. The California based firm is in talks with multiple companies to form a consortium with the united aim to address the existing supply chain issues and find a blockchain solution to the same.
“The COVID-19 pandemic has exposed major flaws in the existing global supply chains, especially with the critical medical goods, which has made us more vulnerable to the virus. The idea of forming a consortium with the major players within the medical supply chain, initiated from the need for a transparent, fast-track, and organized system for the post-pandemic days. This outbreak has shown us the pain areas, and now it falls upon us to fix those, to be better prepared for similar occurrences in the future”, commented Raj Chowdhury, CEO, HashCash Consultants.
He further added, “The consortium for a blockchain-based medical supply chain will be one of the main focus areas of HashCash post lockdown. Our team while working remotely is mapping the strategies to create a blueprint of this initiative to streamline the post-pandemic healthcare through a unified effort.”
Healthcare and Medical Supply Pain Points:
While it is true that healthcare has been focussing on Blockchain for a while now, however, much of the attention was given to the management of patient records and clinical data. The critical medical supply chain was still out of that periphery when the COVID-19 pandemic hit us.
Nations equipped with the most advanced healthcare systems suffered major setbacks in containing the situation due to the depletion of medical supplies and resources. Insufficient supply of ventilators, test kits, personal protective equipment, etc. rendered us helpless. What made matters worse was the broken down and fragmented supply chain management.
The existing supply chain systems lack transparency, trust, and integrity. Considering a pandemic situation, where time is of the essence, the current process is too complex and lengthy.
Involvement of multiple third-party intermediaries at different supply chain junctures, slow and untraceable payment processes, major dependency on human involvement and substantial documentation, all have contributed in the medical supply debacle during the pandemic. Such a lack of trusted coordination between the participants is what blockchain aims to address.
Blockchain Adoption Makes for an Organized Supply Chain
Blockchain addresses each of the pain areas through a well-coordinated and unified approach bringing all the players in a supply chain under one roof virtually. The DLT network acts as an open platform for collaborations between the participants, while the shared immutable ledger offers transparency to the transaction records.
Everything that gets entered into the ledger can be tracked in real-time and any changes will need a consensus from the participants creating a bond of trust. The execution of policies happens through smart contracts that are fully automated and gets implemented as soon as all the requirements of met, reducing the need for human involvement and paperwork.
HashCash wants to form a consortium with pharmaceuticals, medical goods manufacturers, distributors and other key players to offer:
- A blockchain mechanism for healthcare facilities to directly update the concerned organizations of the depletion in medical resources
- A way to bring credibility and enhanced quality control in production units and make sure that they meet the specifications of the medical equipment
- Transparency through blockchain-based payment systems, so that the transactions become instant and transparent to accelerate the supply process
- Smart contracts to seamlessly execute the otherwise complex certification and compliances
- Real-time tracking of the supplies when in transit
- Traceability to ensure optimal conditions concerning temperature and humidity are maintained during transit and storage to prevent damage of drugs and other goods
Although in the initial planning stages, the thought behind this effort is to contribute towards augmented global healthcare for the upcoming post-pandemic years.
HashCash is a global software company. HashCash Blockchain products enable enterprises to move assets and settle payments across borders in real-time for Remittances, Trade Finance, Payment Processing, and more. HashCash runs US-based digital asset exchange, PayBito & digital asset payment processor, BillBitcoins. HashCash offers exchange and payment processor software solutions, ICO Services, and customized use cases. HashCash propels advancement in technology through Blockchain1o1 programs and its investment arm, Satoshi Angels. HashCash offers solutions in AI, Big Data, and IoT through its platforms, products & services. HashCash solves the toughest challenges by executing innovative digital transformation strategies for clients around the world.