Enhanced Pharmaceutical Supply Chain Management Using Ethereum Blockchain


Authors : Abhijith M S; Achuthan; Akash T M; Alan Babu Manuel; Shyam Krishna K

Volume/Issue : Volume 6 - 2021, Issue 6 - June

Google Scholar : http://bitly.ws/9nMw

Scribd : https://bit.ly/3cMfd3Y

The presence of counterfeit drugs in the healthcare industry is evident with one in ten medical products in developing countries being substandard or falsified. This means that there are a lot of patients unaware that they’re taking medicines that fail to figure as prescribed. This problem of counterfeits arises due to a complex supply chain compounded by the lack of transparency in the products’ end-to-end journey. Supply chain management on its own is a complicated process and the amount of time it takes to settle transactions and regulations causes a lot of overhead. Blockchain technology is perfect for supply chain management as it features a decentralized and immutable digital ledger. Blockchain provides security and its user-friendly features help supply chain management overcome many issues. The inherent features of the blockchain are further enhanced by smart contracts which are computer programs that will automatically execute, control, and record events consistent with the terms written in them. Our solution uses smart contractswritten for the ethereum blockchain to record the drugs through-out their life cycle the supply chain. This will provide how to prove the authenticity of medicines and stop counterfeits from entering the market. Being transparent in nature the regulators (legal dept.) can easily verify the openly available records at any time. The bills are often settled between the participants via the trustless smart contract. All this smoothens the whole processand saves valuable time which may again cut costs. By ensuring minimal delay in transactions and assuring the authenticity of medicine the present pharmaceutical supply chain is often furtherenhanced.

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