Through a pilot program, the South Korean company evaluates all the possibilities offered by the blockchain. On this occasion, Samsung will implement measures based on Blockchain technology to guarantee transparency in the area of medicine.
The evaluation of this new project, they explained in a report, will begin in November of this year. It will be focused on the distribution of medicines and everything related to the process of monitoring them.
The information was provided by the IT arm of the Samsung company, who also explained the central objectives of these pilot programs. Likewise, it should be taken into account that the pharmaceutical industry is one of the most interested and prepared for the application of Blockchain technology.
Samsung will implement programs based on Blockchain technology
The pilot programs, called “Disruptive innovation technology to track drug distribution history”, As said, they will start in November. In parallel, the officials of the branch of the company in charge of the Blockchain area, assure that they have received several additional requests.
The fact that the firm Samsung will implement Blockchain technology for these types of programs is a great advance. This taking into account the technological capacity of the South Korean giant.
Among the companies that have requested the services of Samsung’s Blockchain technology, there are distributors and medical institutions in that country. For their part, the officials in charge of Blockchain technology at Samsung, affirmed that the set of pilot programs will be implemented for a period of between 3 and 6 months.
Compliance with regulations and innovation in the area
Another fact worth mentioning is that the application of Blockchain technology by Samsung in the pharmaceutical area brings an important development. According to the claims of Lee Eun-young, a senior researcher at the company, quoted in CoinTelegraph, business innovation is a given.
“Through the drug distribution history management service, it is possible to comply with regulations and innovate the business. All this through the implementation of specific product history management, real-time distribution history tracking and immediate reporting capabilitiesEun-young pointed out.
Regarding innovation, the company explains in the report that the pilot programs “minimize handwritten input”. This means that monitoring processes and other services will be simplified, which will become more accurate and transparent.
Increasing investments in the pharmaceutical industry
As mentioned above, the pharmaceutical industry is one of the most active in investing in the blockchain. For this reason, it is not surprising that the programs with Blockchain technology that Samsung will implement are mainly in this and not in another area.
It should be taken into account that the growth of Blockchain technology in this branch is exponential. In the same way, are future projections. To get an idea, in 2018, investments were about $ 176.80 million US dollars and, by 2025, that figure will rise to $ 5.61 billion US dollars.
Likewise, it is important to note that by 2025, 55% of healthcare solutions are expected to adopt Blockchain for commercial purposes.
Some of the advantages of the Blockchain
The blockchain has great advantages when it comes to being applied to commercial processes. In the case of the pharmaceutical industry, as Samsung does, Blockchain technology highlights the following points:
- Improved drug traceability: each station during the distribution transit of each pharmaceutical product, can be closely followed thanks to Blockchain.
- Data security: Thanks to the strict inviolability of the Blockchain, all the blocks of the network are interconnected, which would allow detecting and neutralizing any modification by third parties.
- Efficient tracking: Blockchain network technology, allows the tracking of prescription emissions and the final sale of drugs. With this, you can efficiently control the fate of them.
Many companies start with the blockchain
There is an increasing number of companies in the health area, which are already using Blockchain technology. Recently an alliance between the manufacturer Bayern China with VeChain was known.
The alliance between these two firms consists of Bayern China using the blockchain to verify the tracking of clinical trials for drugs. It is an initiative similar to the one that Samsung will implement with dedicated Blockchain technology in several companies starting in November.
The arrival of the SARS-CoV-2 virus, which causes COVID-19, has given a gigantic boost to the application of Blockchain in medicine. The big pharmaceutical companies of China and other parts of the world, in search of quick solutions to the virus, are accelerating the application of this new technology.
At the same time, it must be taken into account that the Blockchain is not only taking large ground in the pharmaceutical area. Likewise, important proposals are developed in various branches of the economy and commerce.
Data to take into consideration
- For 2018, investments in Blockchain in the health area were $ 176.80 million dollars. By 2025, they will reach about $ 5.6 billion USD.
- It is estimated that, by 2025, 55% of business healthcare solutions will apply Blockchain technology.
- Blockchain offers great advantages to pharmaceutical companies, such as efficiently tracking the issuance of prescriptions and the final destination of each drug.
- The appearance of the new coronavirus at the beginning of the year accelerated the implementation of Blockchain technology in processes related to medicine.