Blockchain to track and secure the supply chain of medicine more effectively? That’s the idea of Chronicled, a San Francisco-based company specialising in blockchain In November 2016, they launched CryptoSeal, a solution that combines NFC technology (Near-Field Communication) with blockchain, and could revolutionise the supply chain in the pharmaceutical sector.
a digital version of The wax seal
The concept is simple (or so it seems). It consists of a NFC chip that contains information saved and checked through blockchain, a transparent, secure technology for transmitting information which works without a central control body. Embedded in medications and products, this chip ensures accurate and very reliable monitoring.
-> To find out more about blockchain technology, read our interview with Alexandre Stachtchenko, co-founder/Managing Director of Blockchain France and Chairman of la Chaintech.
CryptoSeal can adapt to the specific requirements of the pharmaceutical market and its supply chain, particularly regarding packaging formats. But it is also possible to imagine the solution being used for art, electronics and – more unexpectedly -forensics.
In the International Business Times, Ryan Orr, CEO of Chronicled, compared the solution to the wax seal: “You can think of the CryptoSeal like the old system of the King’s Signet Ring stamping a wax seal on a letter.”
“On its own each component, from the cryptographic chips to the tamper evident seals and blockchain registration, is necessary but insufficient to solve the problem. Together the three technologies create a strong solution.”
When blockchain adresses business issues
Blockchain technology is already being used to curb trade of conflict diamonds, help fight slavery in the fishing industry, and reduce food waste. Implementing blockchain in the pharmaceutical sector would help fight against counterfeiting. Newsweek reports that, according to an Interpol investigation, almost 20.7m fake and illicit pills were on the market in 2015, thus endangering consumers’ health.
With connected objects, artificial intelligence, telemedicine, business intelligence, and open innovation, the healthcare sector has embarked on the digital transformation. With blockchain, the digital wave has become a tsunami, and billions of patients all over the globe could benefit from the advances brought by new technologies.