Why Big Pharma Is Betting on Blockchain

Blockchains are fascinating. I am exploring this space for “electronic medical records”. However, there are certain caveats to the EMR space via practical implementations. An immutable record would invite an overactive scrutiny. I foresee blockchains limited to bringing about efficiences in the supply chains alone.

To fix some of these supply chain vulnerabilities, the industry is turning to blockchain technology. With a blockchain — which can make it cheaper, easier, and faster to verify what is true when a business process spans organizations with competing interests — companies can safely work together in a shared, permanent ledger. They can do this without giving up control of or even revealing their data, as mathematical proof of data can stand in as a trustworthy proxy for actual data.

Instead of being owned and managed by a single company that everyone must trust, the ledger is governed by all members of a network. Because this makes it possible to delegate the work of checks and balances to cryptography and code, blockchains can reduce friction, expose fraud, and assure product authenticity with new speed.

Why Big Pharma Is Betting on Blockchain

I am still skeptical of the claims made by HBR because it seems like a “plant” in the ongoing pandemic crisis and the response by different organisations. However, it still doesn’t dilute the key message, and it is a welcome sign that hospitals are increasingly looking at it.