What could it offer this sector?
The Internet is revolutionizing the chemical-pharmaceutical field, just as it is revolutionizing all other sectors, at a very high speed, which forces companies to keep up with competitors in the continuous process of innovation. Information technology, before the advent of blockchain, had managed to automate various procedures; however, some controls related to transactions have always been very much linked to human intervention.
One of the areas that suffered from this lack of automation is the “Internet of Value“, i.e., the set of all those applications allowing for the exchange of (virtual) currencies or objects (concept of value). After the advent of blockchain in 2008, about 10 years ago, not only did virtual currency solutions gain benefits, but also all those applications aiming at ascertaining the authenticity, security and consistency of data, as the control-related cost has since drastically decreased.
One of the main problems related to the pharmaceutical industry is the increase in the production of counterfeit medicines, a growing phenomenon which not only puts the health of customers at risk, but which creates great losses for companies in the sector.
Thanks to the implementation of blockchain technology, it is possible to track pharmaceutical products, thus making the authenticity checkexecutable in real time with each new change made to the product. The blockchain network is also shared by all the actors along the supply chain, and each one of them contributes to powering it.
In Holonix, we are experimenting with this technology in one of the European research projects where we have the role of technology partner.
Within the ManuSquare Project (G.A. 761145 | https://www.manusquare.eu/), the goal is the creation of a common platformfor all the actors of the supply chain involved in the whole production process: from the creation of a new idea, to the manufacturing of the new product.
Our specific role within the project is to manage the innovation processand the integration of all our partners’ software components.
Thanks to the use of the blockchain, we can guarantee the authenticity of the dataand therefore strengthen the controls, carrying them out in an effective and efficient way.
Holonix wants to increase its know-how on blockchain for future implementations within its products.
In the IoT field, in which we have been working for years, we aim to integrate blockchain technology into our solutions to allow for a greater control over sensitive data such as contracts, asset trading and controls over generated data.
The success in the field of virtual currencies gave visibility to the blockchain technology.