Just when you thought the reach of blockchain networks was confined to a certain type of organizations only, two biopharmaceutical giants Pfizer and Genentech have announced that they will build solutions on the Ethereum Blockchain. Considering how convenient this technology makes encrypted information transfer, it should come as no surprise that these organizations have decided to resort to Ethereum-powered Mediledger platform for their confidentiality protection needs.
Reason for Compliance
The Mediledger blockchain is immensely reliable in determining records of entry and exit of supplies and can instantly identify which entries belong to an unspecified timeframe thanks to its timestamp technology. For pharmaceutical industries there is no bigger shame and disappointment than to supply incorrect pills, which is becoming more and more of a threat considering how the industry is growing and the need for medication is rising.
This efficient Ethereum-based system has not only shown positive results in the experiment conducted by LinkLab, but has also shown that data compilation and protection will be at an all-time high, ensuring maximum transparency to customers and suppliers.
Major Benefits for Pfizer and The Pharma Industry
The following are the benefits Pfizer and Genentech plan on deriving in the near future:
- These efficient records will allow instant determination of goods counterfeited and will promote enhanced security as far as copyright issues are concerned.
- Identification of expired and defective supplies will be easier than ever considering the consistency of the Ethereum network.
- Confidentiality in web space will not be compromised.
It is being estimated that the two research facilities and producers might be looking to Ethereum for their information sharing and topographical needs as well, but it has not been confirmed as of yet. What you can definitely be sure of is that with the biopharmaceutical field opening up to cryptocurrencies and blockchain networks the days when they become a regular part of daily routines are not far away.