Packaging, supply & logistics
Blockchain has the potential to become an indispensable solution to support product authenticity.
Blockchain is not a completely new
phenomenon. Since the advent of Bitcoin and other cryptocurrencies, we have all become familiar with the term and, to a lesser extent, the distributed ledger technology (DLT) that underlies it. What industries across the globe have struggled with, however, is how to incorporate that technology in a way that brings clear and obvious benefits to supply chain partners and end users.
In the context of digital currencies, permissioned blockchains can provide an append-only audit trail and enable smart contracts for supply-chain events, but immutability complicates error correction, and privacy/GDPR and data quality remain key constraints. Its use of distributed decentralised data sharing among a group of authorised users within a specified network means that the individual units – blocks – of transaction information are connected with other blocks that create a chain of tamper-evident data with a high degree of integrity.
As the data record is decentralised, there is no single central record that can be manipulated, tampered with or corrupted. That is why blockchain provides such great potential for better security, transparency and trust in supply chain data. To tamper with a single unit of data is virtually impossible because each one is connected to the previous one, and they are all heavily encrypted and carry timestamps. This limits the vulnerability of a blockchain record to cyberattacks and, therefore, improves data privacy.
A smarter future The reliable and tamper-resistant record that DLT technology supports, and the way that it facilitates comprehensive recording and tracking
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of transactions and movements of healthcare products from manufacturers to end users, gives blockchain the potential to become an indispensable solution to support product authenticity, quality and integrity, but that is not its only benefit. There is much more scope to use its data record to improve cost-efficiency and speed.
After all, the blockchain record can readily support the automation of key processes such as inventory management and procurement, as well as logistics, thereby reducing the administrative burden and further improving patient safety. It also underpins the concept of smart contracts, which are becoming ever more prevalent.
These self-executing contracts are based on predetermined criteria, enabling tasks to be performed automatically when certain conditions are met – such as payments and shipments, and the confirmation of an item’s legitimacy to ensure compliance requirements are met. No doubt blockchain will become a familiar feature in the supply chain in the years ahead, but there are still some issues to iron out. For example, the use of decentralised data is one of the major strengths of DLT, and the data is secured with strong encryption, but questions remain about guarantees of data privacy and confidentiality. Also, any errors made in an immutable blockchain system would create their own challenges.
The roles of blockchain and other key advances in smart packaging are not carved in stone, but their capacity to positively impact traceability, security, product integrity, patient safety and regulatory compliance means that they will continue to attract significant investment of time and money as supply chain optimisation remains firmly at the top of the industry’s agenda. ●
www.medicaldevice-developments.com
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