interwork2018-blog

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THE MOST INNOVATIVE THINGS ARE HAPPENING WITH BLOCKCHAIN FOR DSCSA DRUG SERIALIZATION

The Dynamic Duo: Blockchain for DSCSA Drug Serialization

The US Congress has enacted the drug supply chain security act 2013. Since then, technology businesses have aggressively explored all possible permutations and combinations of technology. The objective has been to build solutions to build a highly reliable system that closely works to help companies seamlessly scale without worrying about DSCSA serialization compliance.

The motive behind Blockchain for DSCSA Drug Serialization is to counter increasing time-material costs of supply chain operations, restricted supplies due to the productivity of employees, and excessively increase turnaround time in fulfilling requirements at the bulk level in the pharmaceutical supply chain. Ultimately, a sustainable Solution of Blockchain for DSCSA Drug Serialization has turned out to be the most beneficial one. Let us see how.

Innovations with Blockchain for DSCSA Drugs Serialization

While there are some changes to the Blockchain for Drug Serialization for DSCSA, the most primitive ones are:

A Single Solution, Double Purpose

One of the significant problems is that it is not able to seamlessly integrate with existing technology resources. Blockchain is capable of offering an all-round supply chain management solution instead of just focusing on Blockchain for DSCSA Serialization requirements. If the adoption of Blockchain for DSCSA Drug Serialization is Strategic, it offers the completeness of solutions for long-term stellar growth.

Multi-stakeholder operations

Other solutions just offer convincing answers to one, two, or a maximum of three stakeholders who are the primary supply chain partners. But according to US FDA, DSCSA serialization requires a top-notch level of communication in a highly secured environment for efficiently curbing drug counterfeiting. The dire need for enhancing drug track and trace capability is promoting Blockchain for DSCSA Drug Serialization.

Best use of Decentralized Database

A Blockchain for DSCSA Serialization offers a decentralized database accessible to all supply chain partners enhancing Blockchain-Based Drug Track and Trace. It also comes with an added innovation which lets regulatory bodies and US FDA regulators to conveniently fetch the transacting drug lot database from any timeline during the passage of the lots between any two supply chain partners.

Counterfeit Detection System

The newest innovations in the blockchain for DSCSA drug serialization make blockchain-based drug track and trace solutions highly capable of implementing improve counterfeit detection systems. Any discrepancies or a non-uniformity is in redirected transactions from different stakeholders down the line of all Pharma supply chain critically flagged for scrutiny by supply chain partners and regulatory bodies.

Real-Time Transaction and Notification System

Blockchain-Based Drug Track and Trace has greatly innovated to make life easier for major Pharma supply chain partners in the US market. They are doing so by helping suppliers and partners receive notifications of all transactions anywhere in the supply chain, which they can acknowledge after verification with all serialization relevant data. These notifications capable of driving positive attention of all regulatory bodies and supply chain partners to leave no scope for uncontrolled introduction of counterfeit into the mainstream supply chain.

Seamless Database Migration & Adoption

Innovative use of Blockchain for DSCSA Drug Serialization opens up the unlimited scope of migration and adoption of a new database as per DSCSA serialization standards. According to the DSCSA, all suppliers and partners are expected to maintain a highly active database, including all details like:

What to Expect From the Future?

Supply chain components like third party verification

The localization of a database copy

Integration scenarios like ERP-SCM

Data interoperability

AI-IoT based systems for warehousing, counterfeit, SCM operations

Conclusion

As the essential deadline for DSCSA full completion of serialization infrastructure set up nears, Blockchain-Based Drug Track and Trace will become an inevitable part of US-based pharmaceutical supply chain management business. Businesses that will pay required attention to proper efforts with Blockchain for DSCSA Drug Serialization with the right blockchain-based drug track and track solution will reach excellent benefits with an unbeatable advantage over others. In the future, USFDA takes strict measures and issue sanctions for tightening screws on drug counterfeiting in the upcoming years.

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CAN BLOCKCHAIN BE A GAME – CHANGER IN SMART MOBILITY?

Global Prospects of Blockchain in Smart Mobility

Urban Mobility and intermodal logistics are shaping up the landscape of Blockchain in Smart Mobility. It is expected to be a sheer game-changer as a technology business is having a significant impact on the daily life of millennials and digital businesses. It is giving rise to propositions like convenient carpooling, car-sharing with a single spine Digital Solution.

The disruption is going to transform trends of shorter commute soon. On the other hand, intermodal logistics are on the rise. The businesses are looking to cut costs and overall shipping time. But Urban Mobility will be the next digital disruption led by Blockchains in Smart Mobility.

How can Urban Mobility become ‘Future-Smart’?

Urban Mobility has a dire need of a significant transformation that helps it become future-ready. It should comfortably match the desired levels of minimal carbon footprint, less fuel consumption, and reduce cost. Urban Mobility can only turn smart if there are sustainable ways with milder effects on climate change.

How is Blockchain in Smart Mobility Useful?

Blockchain-Based Solution

There is a massive digital disruption that is going to change how you drive a car and take shorter/frequent commute to nearby places. Blockchain in Smart Mobility is capable of hosting a peer-to-peer platform where you can drive the nearest available vehicle while others may drive yours. It is going to solve a massive problem of traffic jams, increased fuel cost, and the overall cost of a short commute.

Imagine you and your colleague are neighbors and have cars listed on the platform. He is out of town, and your kids need a car. Instead of your car traveling back home from the office, you can book his car sitting idle at his place. While the technology underneath remains unknown, famous entrepreneur Elon Musk has also talked about building a similar concept, and he names it the ‘Uber-killer.’

How are Blockchains Helpful for Urban Mobility?

Enrolment & Approval of Vehicles

Blockchain in Smart Mobility will enable various stakeholders like an insurance company, tax department, and road transport authority to intervene concurrently. If a person wishes to list the vehicle on a platform, they can upload their documents. Those documents can be maintained on a decentralized database while each party can verify the request and authenticate a vehicle for availability. It offers anonymous trust-building and consensus management system. After majority acknowledgment, the vehicle documents undergo approval, and they can be saved as a Smart Contract.

Credential Management of Drivers

Just like vehicle approval. The similar system ca document approval, and listing mechanism can be followed for driver identity management, driving license authenticity, and other related critical documents. If somebody wants to take a car nearby parked, they can upload their license and wait for verification. If the documents are valid, they can be easily saved as critical information in immutable data records as Smart Contracts.

Security

The Decentralized database allows secure and immutable data management. Imagine there is an instance when a particular driver takes a car that is not owned by him. The same database is maintained for every car owner whose car has been availed by others at some point in time. The information can be saved as transactions which are verified and acknowledged every single time.

Where does Blockchain Lack in Urban Mobility?

The most significant concern for people will be the privacy of their short commute data and overall GDPR compliance of the Smart Mobility Solution. The side chain components like payments, real-time location data services remain a question for reliability, performance, and user-friendliness.

Conclusion

Blockchain in Smart Mobility is sure to be the next disruption by 2020. It is high time for responding to climate change, increasingly tight schedules. They create a massive business opportunity within the Urban Mobility space. Hire an Innovative Blockchain Development Company and make the most out of the business proposition before competition saturates the opportunity.

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ROAD TO FUTURE: REVOLUTIONIZING URBAN MOBILITY WITH BLOCKCHAIN

Thinking of Urban mobility… Isn’t driving or traveling from work to home to shop, something millions of us do every day. The driving experience directly renders us to countless problems of the mobility sector including congestion, pollution, inefficiency, and lack of trust. Pheww! This is just a whole plethora of issues… Isn’t it? Well, the future of urban public transportation is going to be increasingly complex, fragmented, and crowded as the importance of shared mobility services like Uber and Lyft grows.

Beyond the problems with the

Blockchain solutions for Urban Mobility

According to Markets & Markets, more than 60 percent of the world’s population is expected to live in cities by 2020 which directly leads to the evolution of more and more mobility

service offerings. With all these new digital-born, VC-backed TNCs and other disruptive entrants competing with incumbents for a piece of an appetizing cake worth more than $1 trillion for Mobility as a Service (MaaS) globally, the urban mobility sector is going to be much more chaotic. Blockchain solutions for Urban Mobility and Electric Vehicle hold the potential to take the sector by a storm and make a paradigm shift in redefining the customer needs in terms of service, rather than the mode of transport.

Leveraging the True Potential of Blockchain

Currently, the attitude of consumers is the driving force for revenue streams and ownership model in the urban mobility sector. It would be interesting to see how embracing Blockchain Solutions for Urban Mobility and Electric Vehicles with the collaboration of innovations like ride-sharing, autonomous vehicles, the Internet of Things (IoT), and smart contracts hold the potential to solve the most pressing problems of mobility.

Various Blockchain Solutions for Urban Mobility

Empowering Shared Mobility

The 21st century is the age of the shared economy. With the implementation of blockchain, car/bike/moped-sharing, ride-sharing, car-pooling, ride-hailing could run as demand-responsive transit services on a decentralized platform. The blockchain-powered platform would be customer-oriented, i.e. it will establish marketplaces where users’ behavior can be incentivized through tokens which hold an intrinsic value within the context of mobility service.

Safety of Riders

Blockchain can be used to ensure the safety of riders, especially women, in the ridesharing ecosystem as it creates a framework where the stakeholders can access and share relevant records at ease. For instance, on a blockchain-enabled ride-sharing platform any stakeholder can easily check whether a driver has gone through police verification, has pending challans in his name or the vehicle has all necessary documents at a single tap.

Seamless Electric Mobility:

Blockchain Solutions for Electric Vehicles can be a stepping stone in spearheading the EV revolution to revolutionize the landscape of mobility that we see today. A decentralized EV ecosystem would help us make the best use of the current EV charging ecosystem with minimum investment. This will also minimize range anxiety, i.e. non-reliability of EV to cover long distances due to battery discharge and non-availability of charging stations.

Undisputed Payment:

It is very disturbing to see that every day, there are $140 billion tied up in disputes for payments in the transportation industry. The world is not unknown to the applications of blockchain in reducing the cost of financial transactions across sectors. The adoption of blockchain greatly reduces the cost per transaction as there are no intermediaries involved in the payment system, thus making small transactions digitally feasible. An integrated blockchain-enabled vehicle wallet that deploys smart contracts for payment would entitle shareholders to place fast, secure and automated payments for anything related to their mobility needs, including  EV-Charging, Tolling & Road Charging, Repair & Maintenance, etc.

Synchronized Auto Supply chain:

The mainstream adoption of Blockchain in the Mobility Sector can make the entire auto supply chain organized, transparent, and efficient. Blockchain solution for Electric Vehicle would enable us to monitor the entire lifetime of an EV from manufacturing the vehicle in a production plant to disassembling the vehicle in a waste management plant (at the end of the vehicle’s lifespan).

Insurance Claim and Tax Payment:

There is no doubt that claiming insurance upon theft and accident has been one of the major concerns for Vehicle owners. Blockchain and IoT can provide auto owners real-time insurance claim and tax payment ability with its inherent feature of immutability and traceability.

Emerging technologies have always been a center of attention for innovations. Today, Blockchain solutions for Urban Mobility hold the potential to finally empower Mobility as a Service (MaaS). Overall, it will encourage to build a transparent mobility ecosystem and execute transactions at a minimal cost. Moreover, Blockchain solutions for Electric Vehicles would take the urban mobility industry to a whole new level.

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HOW BLOCKCHAIN FOR AEROSPACE OFFERS TRANSPARENT AND SECURE OPERATIONS?

What is a Smart Contract? History of Smart Contracts

Blockchain-based Smart Contracts are verified, autonomous, and immutable data records built across the Blockchain System. Blockchain can hold various data records in the form of smart contracts because of ultimate security and access authentication empowered by multiple hashing and cybersecurity protocols in Public and Private Blockchain.

Proposed by Nich Szabo in 1994, smart contracts have gained attention because of the need for data security compliance and protocols in early 2000. There is a significant bottleneck that creates a hurdle for extensive usage of smart contracts. The niche expertise required to build reliable Smart Contract-based Blockchain Systems is yet to become mainstream.

Most critical use cases of

Blockchain for Aerospace

offering Transparent and Secure Operations

Blockchain for Aerospace in Supply Chain Management

Aerospace and aviation industry is highly operational-intensive. Even manufacturing is an integral part of the nascent aerospace operation. There is an excellent opportunity for new-age entrepreneurs to exploit the power of smart contracts with Blockchain for Aerospace. Blockchain can be used to build complete, end to end supply chain management channels. All the operations and transactions can be tracked in real-time for ultimate growth.

It can be a significant efficiency-enhancement, and productivity power up businesses use Blockchain for Aerospace. Companies pursuing business operations with general digitized systems have a vast scope of improvement here. Human labor is required to feed information into a digital system. Tracking each phase of the business process and transactions can be done in real-time for ultimate growth with Blockchain for Aerospace. Tracking each phase of the business process and monitoring tasks become incredibly convenient with Blockchain-based Supply Chain Management System.

Recently the largest supplier of jet engines in the aviation industry, GE Aviation has built a whole blockchain-powered solution for tracking the entire business process through supply chain management channels. It is a highly reliable system that traces operations at several blocks with the help of Microsoft Azure Cloud platform.

Protecting Intellectual Property with Blockchain for Aerospace

Aerospace is an industry with intense competition, and it extends in the operative dimension of intellectual property as well. Companies perform data-centric research, design-oriented thinking, and fully operational innovative enhancements in jet engines and aircraft designs. There is a strong intent to gain market lead an upper hand in business.

There is critical information like patents, and copyrighted content that needs should be stored with complete safety. They can be easily stored in the form of 99.99% an Immutable smart contract hosted over Blockchain for Aerospace. It is a potential option you can consider. They are super safe, secure, and easy to use blockchain-based systems.

Third-Party Vendor Verification with Blockchain for Aerospace

When quality standards and safety compliances are stringent, it becomes critical to verify third party vendor business profiles and authenticate them for the future. Blockchain for Aerospace let third party vendors anonymously build trust on a decentralized ledger. It is done through blockchain systems that allow new business vendors to connect to your blockchain node.

How is Blockchain Helpful in Aerospace?

It helps in easy verification of business profile and convenient authentication for a future business association. For instance, an aircraft manufacturing company requires top-grade aluminum in bulk. They can open tenders and received bids in the form of smart contracts. Later, they can choose the best bid, verify the profile and authenticate for supply commencement.

Work orders, Business Documents with Blockchain for Aerospace

Aviation business often indulges in vital communication with third-party vendors and alien business entity for personal and shared vested interests. When working on projects with shared stakeholdership and partnerships, Blockchain-based Smart Contracts are highly useful. They can be used to store work orders safely. Business documents like MoUs, agreements and verified, acknowledged business purchase orders could be conveniently stored with Blockchain for Aerospace. They help in cases when a sender seeks payer’s attention, and there exists an easy option for the receiver to authenticate transactions.

Financial Accounting with Blockchain for Aerospace

Some parts of the aerospace industry and aviation require repeated payments, multi-stakeholder transactions, and real-time verification at several nodes of blockchain. Blockchain for Aerospace is capable of drastically impacting large transactions and their audit with the ease of blockchain-based smart contract systems. They offer effortless connectivity with vendors and highly secured communication and data storage with smart contracts.

Bottom-line

Blockchain is capable of catalyzing a digital disruption in aviation after an unbeaten run in BFSI. Leading blockchain development companies welcome new-age entrepreneurs to work with Blockchain for Aerospace. They should map the most critical use cases in the aerospace industry for successfully countering them. Further, they can use highly scalable, reliable, and super secure Blockchain-based Smart Contract Systems. The capabilities of blockchain are unquestionable. Enterprises need to adopt Blockchain-Powered Digital Solutions to help Blockchain for Aerospace mature by 2020.

Hire innovative Blockchain Development Company and disrupt aerospace business with a mind-blowing business idea.

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BLOCKCHAIN AS A BUSINESS-ENABLER IN THE ELECTRIC VEHICLE (EV) ECOSYSTEM?

Prospects of Blockchain for Electric Vehicle Manufacturers

A paradigm shift in the automobile industry is changing the kind of vehicles people will drive in the future. The alarming scarcity of the increasing fossil fuel usage is adding onto the climate change problem. Recently UNICEF has rolled out a report that we are left with less than 18 months to act for saving the earth from an irreversible climate change and natural loss. Blockchain for EV is undoubtedly capable of turning to rescue.

It is the situation of emergency for global climate and a massive business opportunity for electric vehicle manufacturers to take the lead in a transformation that is about to hit the automobile industry. All major automobile manufacturers have collectively pledged that they will eliminate all vehicle products from their product line by 2030. Countries like Norway, India, UK, and even the most significant pollution contributor, China is looking to bring electric vehicles on the road by 2023.

How can Blockchain for EV be an Enabler for The Manufacturing Business?

360° Supply Chain Management, Cost Reduction, Phase Tracking and Curbing Counterfeits

EV manufacturing is a complicated business process involving a large number of raw materials and will scale from numerous vendors and third-party manufacturers. Blockchain for Electric Vehicle Manufacturers is capable of providing a 360° Supply Chain Management Solution. The transaction management governs immutable data records.

Further, they are maintained on a decentralized database. It can help to scale aggressively. Records are used and documented for future reference and authenticity.

The Blockchain-Based Solution is a must for allowing electric vehicle manufacturing business to be more profitable. Consequently, it reduces complexities, manufacturing budget, and overall human labor cost. The complicated business process will be superimposed on a comprehensive system. It will require a lesser number of people with a well-designed digital system to work.

Keeping data recorded as smart contracts and approving vendors will also enable EV manufacturers to a great extent. They will allow them to track shipments and overall phase of electric vehicle batches through the supply chain management system. The distinct ability of smart contracts also enables EV manufacturers to drastically reduce the possibilities of spare part counterfeiting during manufacturing and servicing.

Battery Performance Monitoring

A significant uncertainty that holds people from buying EVs is resale value. The resale value of any vehicle depends upon its performance. In case of an EV, the costliest component is a battery. A Blockchain-Based System for EV batteries can help in documenting the performance metrics and related data of every car. Blockchain for EV can host smart contracts that are regularly verified and updated for each vehicle that will hold a corresponding published smart contract. Blockchain has a paranormal capability of documenting the history of transactions. It will comprehensively store all battery charging, recharging, maintenance, and repair transactions can be quickly recorded for each car. It will help people asses the real resale value with disruption by Blockchain for EV.

Blockchain for Electric Vehicle Charging & Battery Swapping

It is one of the first uses of Blockchain for EV and has been aggressively implemented on a large scale all across the world. Blockchain for Electric Vehicle Charging & Battery Swapping creates a peer-to-peer network for connecting people to share their electric vehicle charging posts. It helps them when they are out on trips or at far-off locations away from their charging dock.

Blockchain for EV is undoubtedly capable of driving large scale adoption of electric vehicles. The solution has certain shortcomings, but it can handsomely solve the problem of range anxiety and availability of charging posts at far-off places.

Investment in Technology for Stellar Future Growth

Blockchain for electrical manufacturers is bringing them a lot closer to real-time implementation of electric vehicle manufacturing project. Timely investment in numerous technologies with a farsighted approach can help electric vehicle manufacturers gain top positions in the market and aggressively capture the market. It is highly beneficial for a futuristic brand image and an enriched perception in the eyes of the common man.  

Tax Reductions & Government Subsidies

In the US, the overall cost of electric vehicle manufacturing will increase by $5000-$7500 if subsidies are revoked on the same. The dire need for changing the present climatic scenario and emergency of alarming fossil fuel use is compelling governments to provide subsidies. It can be used as an opportunity by EV manufacturers to build more sustainable and cost-effective business models.

Conclusion

Blockchain for EV opens up an all-new world of prospects for electric vehicle manufacturers. Interestingly, it is not going to stop anywhere soon. Blockchains for electrical manufacturers have acknowledged and verified these prospects in the long run from a farsighted approach. Companies like Ford, Volkswagen, BMW, GM are building consortium and collectively looking to adopt Blockchain for Electric Vehicle Manufacturers.

Electric vehicle manufacturers have expressed an explicit intent of aggressively exploiting the power of Blockchain for EV. Consequently, there lays a vibrant proposition built around Blockchain for Electric Vehicle Charging & Battery Swapping. Now leading Blockchain Development Company is gearing up for robust, high-performance, and business-driven solutions for the automobile space of tomorrow.

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THE NEED OF THE HOUR- DRUG SUPPLY CHAIN SECURITY ACT SOFTWARE

Drug Supply Chain Security Act Software

options in 2019

According to statistics, about 60% of US-based firms in supply chain partners have successfully initiated giant strides to go to the adoption of a drug supply chain security and software. As a majority of the pharmaceutical market shifts towards blockchain-based DSCSA software, entities failing to adopt or showing reluctance in adoption of an effective drug supply chain security and the software will face unintentional exclusion. It will also have direct repercussions on business relations, ease of scaling of the pharma supply chain market, and compliance tasks. Yes, it is the need of the hour to start using Drugs Supply Chain Security Act Software by 2020.

Ten Indisputable reasons to buy a

DSCSA Software

No Serialization means no business(Compliance Compulsion)

DSCSA is the second title under DQSA, as acted by US Congress in November 2013. It is important to note that US-based pharma supply chain partners failing to comply with DSCSA will not be permitted to carry out operations in the mainstream. It is also going to cause a significant slowdown in business followed by DSCSA non-compliance penalties, which may extend up to indefinite suspension of operations.

Non-Compliance Causes Penalties (DQSA, DSCSA Serialization)

DSCSA Serialization Compliance has huge liabilities, which the US FDA expects every supply chain partner to fulfill. These include lot-to-package level serialization and acknowledgment of drug lot transactions as and when required alongside accessible data fetching capabilities for regulatory audits and regulatory bodies. Dynamic supply chain businesses looking to scale into markets find it difficult, and DSCSA Software is a must to avoid any penalties.

Single Solution for all Stakeholders

(No hassle, Complete Transparency)

All US-based firms in supply chain partners are advised to adopt a Drug Supply Chain Security Act Software. It can bring all supply chain partners in an ecosystem, including the manufacturers, repackagers, wholesalers, dispensers, third-party logistics partners, and retailers onto a single system for highly transparent compliance solutions. The shared environment is a must for broadcasting communication and counterfeit detection, and consensus a management system is beneficial in such a scenario.

Decentralized to the core(Same Database, Multiple Copies)

A highly decentralized database which records all supply chain transactions in the form of immutable records or smart contracts is a must. Leading DSCSA software is everything the centralized database for highly transparent supply chain management channels supporting real-time transactions.

Anomaly Detection(100% Counterfeit Tracking)

All leading Drug Supply Chain Security Act Software is enabled with a foolproof and only detection system that offers a hundred percent coverage with counterfeit tracking. Any discrepancies in data or detected anomalies are raised as flag notifications to all supply chain partners and regulatory authorities for convenient checking and immediate tracking and traceability in case of any counterfeit, stolen drugs.

Higher Profitability (No Counterfeits)

It is a great advantage of using a robust DSCSA Software that a reduced number of counterfeit drug lots exponential increases the profitability. Every year a loss of up to $3 billion is reported due to counterfeit drugs that are illegally introduced into the branded supply chain, causing a loss of reputation and profit to pharmaceutical companies.

A lot to package level Serialization (2D bar code carrying its National Drug Code, a unique serial number to that NDC, the lot number, and expiration date )

DSCSA Serialization Compliance requires all medicine packages up to the lowest saleable level to carry an aggregated information label, including all the relevant and prescribed information including GTIN, lot number, expiry date, global drug code. A DSCSA Software helps you manage the inflow and outflow of a highly scalable database as drug lots pass through the supply chain with complete security and ease.

80% Business Accounting Vanishes(Highly Adaptive and DSCSA-Oriented Database Model)

Turn on the best benefits of avoiding by the DSCSA Drug Serialization Compliances that replicate a lot of the internal business tasks that are required for accounting and general business processes for any pharmaceutical supply chain partner. It is a great idea to opt for highly secured, robust DSCSA software that has functionalities which abide by the requirements of information passage across supply chain partners in real-time transactions.

Sustainable Data-Driven Culture(Scope for Analytics, Other Technologies)

Using a DSCSA Software automatically increases the ability to systematically documenting supply chain transactions and all the information on the accounts of drugs that passed through the supply chain. It also includes the logistic and sales and manufacturing business figures, which are documented correctly over A long period. You can conveniently use this data in different views for building a data-driven culture and an increasing scope of analytics that makes a supply chain business be more profitable with an extensive possibility of new-age technology adoption in the future. Using a Drug Supply Chain Security Act Software is bound to keep you on toes with all the technological updates.

Higher productivity (Highly Automated, Regulated Supply Chain Transitions)

When all the information is governed by a single source of truth that keeps on passing from one supply chain to another on a decent realize database, a DSCSA Software is bound to shoot a supply chain business productivity. Automated accounting and anomaly detection for the count to feature store and drugs increases the product of productivity profit exponentially.

Bottomline

DSCSA Serialization can plan shouldn’t be taken as a burden but yardstick to help your business pedal through technologically advanced business processes and compliance with global standards. A leading Drug Supply Chain Security Act Software is of great use solving all problems with blockchain for DSCSA Drug Serialization Solution.

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DRUG SUPPLY CHAIN SECURITY ACT: COMPLIANCE IS NOT AS DIFFICULT AS YOU THINK

DSCSA Compliance, Difficulties, and Solutions

Among a lot of reasons that are presently surfacing around FDA track and trace capability, most primitive ones are misconceptions around the definition of product identification and verification. The other is financial, commercial, and infrastructural gaps between large, small, and mid-size companies.

Verification? Product Identification? Definitions Under DSCSA

There are essential issues in how the modern pharmaceutical industry interprets product identification and verification. It is often misunderstood that verification of product identification means that the manufacturer, repackager, is expected to verify whether they make the product. Or there is an identification on the counterfeit in a particular Pharma supply chain automatically point in time.

As per DSCSA identification and verification definition, the manufacturers and the higher-level partners in a supply chain have been bound to ensure (at any time) that a particular request a product verification helps them verify that the product. It includes an identification number, lot number, and other details that are the same as available on the human-readable label and the one submitted to the USFDA regulators.

Resource & Commercial Gaps Among Companies

The commercial, financial, and business capabilities of a well-established pharmaceutical giant, a mid-scale company, or a freshly approved Pharma company would be different. DSCSA compliance is facing significant hurdles. The large-cap companies are capable of undertaking the serialization process and make the necessary changes in their production facilities. But, they are lacking the right business leadership and the required information for successfully carrying out the compliance process. The mid-scale and small pharmaceutical companies are having significant trouble in building a commercially feasible manufacturing and supply chain model. The focus is on embedding the serialization process via contacted manufacturers or a portion of it that remains in the house.

No Standardization of the Serialization Process

One of the hurdles faced by the DSCSA serialization process is that there is no standardization of the serialization process. New-age startups and well-established companies and their CMOS or CIOs are coming out with consultancy services ‘Serialisation as a Service’ concept consulting the short, less resourceful time to managing to get through these processes. Industry experts and thought leaders have outrightly dishonored the idea of one to one consultancy on a global matter, and it is not advisable.

Benefits of

DSCSA Compliance

and Why Every US Pharma Business Needs It?What Is The Real Solution?

DSCSA Compliance can be best managed with strategized, well-structured intervention of technology product that is capable of foolproof security, safety, and data security compromise concerns. It should be bringing all the primary and secondary stakeholders of a farmer supply chain to a single solution. Standardization of the serialization process and decentralization of information is a must. The centralization of vigilance should tope it and policing efforts. They are more critical for a sustainable, successful stride of DSCSA Compliance with the help of DSCSA Software.

What Makes DSCSA Compliance More Feasible?

There have been various entrant Technology Solutions that are getting on and off the Pharmaceutical Landscape. A completely foolproof, robust Blockchain-Based Serialization Solution, DSCSA Software is all you need. Fortunately, the Blockchain is one Technology that is capable of documenting Transactions on a Decentralized database with 99.99% data immutability at all ends. It is the perfect solution allowing a vast number of private or permissioned vendors to register over a Blockchain Platform voluntarily.

It verifies the profile and makes them a part of a wholly secured, highly transparent Pharma Supply Chain Solution. It is a great Solution that Allows Real-time Transactions and foolproof consensus management across all regulators and the leading supply chain partners. It helps in executing supplies across the pharmaceutical consumer base.

Business Benefits of using a

DSCSA Compliance Software

No FDA penalties

Keeping all Pharmaceutical Supply Chain operations abiding by the Serialization process drastically reduces the chances of ending up FDA sanctions and suspension of Services.

Complete Security

Blockchain day, The Traceability Solutions, and DSCSA Software bring SCM operations a lot closer to the SCM compliance eliminating all possibilities of stolen, counter feet, and low activity Drugs.

Secured Scalability

Expanding wide across more Rx rugs for Manufacturing deep down the consumer base is more affordable and feasible with an end to end Serialization Solution.

Business Beyond Boundaries

The power of Blockchain-Based Private and Formation Registries over the Blockchain Platform to successfully impaneled vendors and officially communicate with other partners in the Supply Chain anywhere across the world.

Bulletproof data security

Blockchain Technology is capable of building a decent life Database with imitable Data records in the form of Smart Contracts. All the product-related information and Realtime Transactions are highly secured.

Reduced Compliance Costs

DSCSA Software Solution is capable of drastically reducing the overall compliance cost, which in turn causes higher profitability in the long run.

Eight Times Better Fault Tolerance

Blockchain-Based DSCSA Software enables suppliers and partners and regulators to identify notice, red flag, quarantine that are passed into the Supply Chain just with the help of a click.

Cost-Effective SCM

The high efficient DSCSA Compliance Software enables companies to focus on cutting costs department wise.

Higher Productivity

The Highly Secured and process includes resource utilization rates and makes the human resource capital way more efficient than ever before.

Conclusion

Forceful intrusions of Technology in Pharmaceutical Traceability and Serialization can make DSCSA Compliance way more comfortable than it looks from the outside. Highly robust, new-age Blockchain-Based DSCSA Software eliminates the hassles of building and managing a Technology Platform. Now you can Setup Serialization Solutions with leading Blockchain Development Companies that are making efforts towards standardizing the process Drug Serialization on a Global Scale.

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ALL YOU NEED TO KNOW ABOUT THE DRUG SUPPLY CHAIN SECURITY ACT. USFDA VISION AND PROJECTED MILESTONES

The Drug Supply Chain Security Act

(DSCSA)

The act called the ‘Drug Supply Chain Security Act (DSCSA)’ is the second title of the Drug Quality Security Act (DQSA) that was enacted by the US Congress on November 27, 2013. The main objective behind DSCSA has been the adoption of operational measures and building an interoperable single solution to identify and trace prescription drugs that fall under the scope of DSCSA.

Moreover, the DSCSA also has provisions to establish standardized procedures for national Pharmaceutical Industry licenses for all Pharma Supply Chain Partners like Wholesale Distributors, Third-Party Logistics Providers, and other Intermediaries.

USFDA vision behind the Drug Supply Chain and Security Act (DSCSA)

The core vision behind DSCSA is to build a highly transparent and accountable system. The system is envisioned to help USFDA enhance the ability to protect the consumer from exposure to ineffective, stolen, counterfeit, and contaminated drugs that are otherwise harmful if consumed. Every year there is a lot of loss of life and commercial board and in terms of loss of profit and hampered brand reputation to global pharmaceutical manufacturers.

Drug counterfeiting is one of the major driving forces behind the drafting and enactment of the drug supply chain security act (DSCSA). It is seen as a countermeasure against the counterfeiting that has led to USFDA envisioning a highly transparent, real-time system. The system creates a complete track and trace routine of all medicines that are introduced in a genuine Pharma Supply Chain. It facilitates figuring out stolen, counterfeit, or less effective drugs that were introduced into the Supply Chain and had a high chance of reaching the consumers.

The end-vision is to achieve complete visibility of the Pharma Supply Chain with ultimate tracking and tracing capabilities to eliminate the drug counterfeits by 2023.

Milestones

The Drug Supply Chain Security Act has identified the accountable Pharma Supply Chain Partners that need to be a part of the single-spine, electronic, interoperable system. The system hosts real-time transactions of medicine lots as they are transferred from one supply chain partner to another. For successful implementation of the same, the USFDA has preset annual deadlines corresponding to several roles and responsibilities. It is mandatory for each Pharma Supply Chain Partner who wishes to operate within the US Pharmaceutical Market.

Defined Deadlines

January 1, 2015 – Manufacturers

All the medicines that are introduced into the Pharma supply chain by manufacturers on/after January 1, 2015, should have a lot number printed on the packaging of Rx drugs.

November 27, 2017 – Manufacturers

The deadline wines US-based pharmaceutical manufacturers to print GTIN, Serial Number, Lot Number, Expiry Date (in a human-readable format), and GST Datamatrix.

NOTE: This deadline has been revised to November 2018 for serialization requirement enforcement.

November 27, 2018 – Repackagers

The date binds drug Repackagers for serialization of repackaged medicines. It is compulsory to do it before passing the lots further into the supply chain.

November 27, 2019 – Wholesalers

The sellers need to be completely compliant with the serialization, authentication, and verification requirements. This deadline demanded the wholesalers to register themselves on electronic systems to initiate and acknowledge drug lot transactions in real-time.

November 27, 2020– Dispensers

The deadline holds 3PL Partners, and that dispenses to abide by the requirements of Digital Track and Trace capability is on our singles five digital solutions for the growth and dictation and verification

November 27, 2023: Complete Pharma Supply Chain under the Drug Supply Chain Security Act

2023 is the year by which the USFDA has directed the full implementation of Track and Trace enabled interoperable electronic system or Software real-time transaction system. USFDA looks to achieve outright unit-level traceability Including aggregation through the supply chain and complete transaction management and data fetching.

[interwork2018-blog]

WATCH OUT: DRUG SUPPLY CHAIN SECURITY ACT IS HERE FOR FDA DRUG TRACK AND TRACE. HOW TO KEEP UP WITH THE US PHARMACEUTICAL SERIALIZATION AND TRACEABILITY?

US Pharmaceutical Serialization and Traceability

Status in 2019

The drug supply chain security act, as enacted by the US Congress in 2013, is now maturing into its latter half with a critical goal approaching in 2023. Presently, it is looking for transformational DSCSA compliance changes for US drug market wholesalers. USFDA registered wholesalers are looking for serialization, and verification requirements are due on 27 November 2019.

The manufacturers, repackagers are already on a well-directed path for lot-to-package level pharmaceutical serialization and traceability. The upcoming four years will see some significant changes, integration scenarios, and updates of USFDA DSCSA compliance software. It will help build a highly automated, secured, seamless supply chain.

Critical Steps for

Pharmaceutical Serialization and Traceability

to enhance FDA Drug Track and Trace Capability

(read more about guidelines & deadlines)

Manufacturers

Manufacturers will always have a requirement of GTIN, Serial Number, Lot Number, Expiry Date (in a human-readable format), and GST Datamatrix. Traditional pharma businesses can look to sourcing these requirements cost-effectively. Established ones can always look into building a better cost-effective facility with a dedicated in-house facility.

Pharmaceutical serialization and traceability can only be sustainably achieved with a localized copy of the database. It should be maintained at the manufacturer’s office. It should be verifiable with a decentralized database for printing GTIN, serial number, Lot number, expiry date, and GST data matrix. All this information has to be channeled on a large scale for the packaging and labeling of various prescribed drugs.

Repackagers

All repackagers and white label service beneficiaries are required for drugmakers. There should be just not be passed into the market without serialization. Pharmaceutical Serialization and Traceability can die a miserable death if medicines manufactured at other vendors’ facilities do not get serialized. It is crucial before officially making the first move into before the supply chain, followed by regulatory compliance acknowledgment.

There should be a system of checks, balances, and re-verification to ensure FDA Drug Track and Trace. It is highly advisable to keep a frequently updated secondary database for following up. It should be maintaining a consensus between data flow is drug packages transit.

Wholesalers

Wholesalers have a huge responsibility and verification of transit data packages, the receipt, and checking for many levels. A wholesaler should try to build a dedicated in the house IoT-automation based warehousing system, which taps in continuous data streams.

It will be helpful in automated serialization, authentication based on a barcode, and data received from the actual digital supply chain, and further verification while down the lane distribution.

The inclusion of IoT-based, who has a network of devices, will reduce the human intervention and possibilities of errors. Automation is expected to reduce the overall idle time; shelf-life is critical, challenging to handle the ones that increase the cost of logistics and warehousing due to temperature.

Dispensers

Logistic partner screen tries to infiltrate a culture of the tools that are bumper-to-bumper driving trucks reducing Airdrie again fuel consumption to a great extent. It is known for increasing the overall cost-effectiveness by 31%. The last mile deliveries and end-logistics can be delegated with delivery-tracking and management systems.

Complete supply chain

Pharmaceutical serialization and traceability facilitates FDA Drug Track and Trace. It will increase seamless communication facilities. It is going to be a transitional phase in pharmaceutical serialization and traceability. It will help the FDA maintain and enhance FDA track and trace it through a digital system.

Pro tips for all pharma supply chain partners:

Please keep a secondary database

Always maintain them frequently update consignment details

Be an active partner on your supply chain digital platform

Act accordingly and get the knowledge to hold request that all levels

Conclusion

Pharmaceutical serialization and Traceability endeavors with drug supplies and security act are entirely directed for enabling FDA track and trace. It will reduce the counterfeits, stolen, low activity drug introduction into the supply chain. It requires a reliable DSCSA compliance software that brings a single solution for pharma supply chain partners and regulators to a single platform. Upcoming years will seek technology adoption. There will be essential urgency among US pharmaceutical businesses to choose a technology partner for further compliance, integration, and management.

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ALL YOU NEED TO KNOW ABOUT THE DRUG SUPPLY CHAIN SECURITY ACT. USFDA VISION AND PROJECTED MILESTONES

The Drug Supply Chain Security Act

(DSCSA)

The act called ‘drug supply chain security act (DSCSA)’ is the second title of the drug quality security act (DQSA) that was enacted by the US Congress on November 27, 2013. The main objective behind DSCSA has been the adoption of operational measures and building an interoperable single solution to identify and trace prescription drugs that fall under the scope of DSCSA.

Moreover, the DSCSA also has provisions to establish standardized procedures for national pharmaceutical industry licenses for all Pharma Supply Chain Partners like Wholesale Distributors, Third-Party Logistics Providers, and other intermediaries.

USFDA vision behind the drug supply chain and security act (DSCSA)

The core vision behind DSCSA is to build a highly transparent and accountable system. The system is envisioned to help USFDA enhance the ability to protect the consumer from exposure to ineffective, stolen, counterfeit, and contaminated drugs that are otherwise harmful if consumed. Every year there is a lot of loss of life and commercial board and in terms of loss of profit and hampered brand reputation to global pharmaceutical manufacturers.

Drug counterfeiting is one of the major driving forces behind the drafting and enactment of the drug supply chain security act (DSCSA). It is seen as a countermeasure against the counterfeiting that has led to USFDA envisioning a highly transparent, real-time system. The system creates a complete track and trace routine of all medicines that are introduced in a genuine Pharma Supply Chain. It facilitates figuring out stolen, counterfeit, or less effective drugs that were introduced into the supply chain and had a high chance of reaching the consumers.

The end-vision is to achieve complete visibility of the Pharma Supply Chain with ultimate tracking and tracing capabilities to eliminate the drug counterfeits by 2023.

Milestones

The drug supply chain security act has identified the accountable Pharma Supply Chain Partners that need to be a part of the single-spine, electronic, interoperable system. The system hosts real-time transactions of medicine lots as they are transferred from one supply chain partner to another. For successful implementation of the same, the USFDA has preset annual deadlines corresponding to several roles and responsibilities. It is mandatory for each Pharma Supply Chain Partner who wishes to operate within the US pharmaceutical market.

Defined DeadlinesJanuary 1, 2015 – manufacturers

All the medicines that are introduced into the Pharma supply chain by manufacturers on/after January 1, 2015, should have a lot number printed on the packaging of Rx drugs.

November 27, 2017 – manufacturers

The deadline wines US-based pharmaceutical manufacturers to print GTIN, Serial Number, Lot Number, Expiry Date (in a human-readable format), and GST Datamatrix.

NOTE: This deadline has been revised to November 2018 for serialization requirement enforcement.

November 27, 2018 – Repackagers

The date binds drug Repackagers for serialization of repackaged medicines. It is compulsory to do it before passing the lots further into the supply chain.

November 27, 2019 – wholesalers

The sellers need to be completely compliant with the serialization, authentication, and verification requirements. This deadline demanded the wholesalers to register themselves on electronic systems to initiate and acknowledge drug lot transactions in real-time.

November 27, 2020– Dispensers

The deadline holds 3PL Partners, and that dispenses to abide by the requirements of Digital Track and Trace capability is on our singles five digital solutions for the growth and dictation and verification

November 27, 2023:  complete Pharma supply chain under the

drug supply chain security act

2023 is the year by which the USFDA has directed the full implementation of Track and Trace enabled an interoperable electronic system for real-time transaction system. USFDA looks to achieve outright unit-level traceability Including aggregation through the supply chain and complete transaction management and data fetching.

[interwork2018-blog]

REVOLUTIONIZING LIFE SCIENCES THE BLOCKCHAIN WAY

Life sciences and Healthcare have harnessed the potential of the latest technologies in a more pronounced manner when compared to other sectors. As Global healthcare spending is expected to reach $10.059 trillion by 2022, a strategic transformation is required at the core of life sciences to sustain the increasing pressure.

The pace with which the ecosystem is growing, it requires a technology framework to enhance interoperability, trust, and collaboration between the stakeholders. Blockchain for life sciences exudes a lot of potentials to address the range of functions that need to be addressed to establish a patient value-driven system.

The challenges are scattered across the ecosystem that includes the biotechnology organizations, pharmaceuticals, drug discovery, and clinical trial systems. Let us see how the disruption is just around the corner.

Secure data sharing to support interoperability with

Blockchain for Life Sciences

The blockchain offers inherent provenance advantages. This aspect is fortifying the security standards of medicinal and genomic data. It is supposed to act as a protection of the intellectual property owned by the biotechnology firms.

Clinical genomics firms like Medicinal Genomics have been using blockchain for securing proof of existence for strains of medicinal cannabis. The blockchain acts as a digital notary where the patents, genetic information, supply-chain of genetic data and more is maintained. It brings interoperability to the Laboratory Information Management System (LIMS) and the network of stakeholders. As the data remains decentralized yet encrypted, it becomes useable across the landscape without the risk of being misused.

Eliminating the distrust

Genomics research and drug research is a very data sensitive territory. But all the research data is lying in silos and the researchers do not have access to this data. Using the shared ledger, researchers across the globe are trying to build a decentralized repository of research data. Only the trusted parties will have access to this data.

As the ledger will be inherently protected against manipulation, the research data would be available without any central control.

Meeting Compliance Standards

The advanced private blockchains can act as a compliance tool also. With data privacy as a top concern for biotech and pharma organizations, using a public blockchain may not be a suitable option always.

Implementation of private blockchains is more like a centralized ecosystem where smart contracts can be used to meet compliance standards. As blockchain is secure, it can maintain the compliance data without any potential risks of being misused by the stakeholders.

Even after being centralized, private blockchains are an appropriate way to restrict data access because as it will be a single source of truth where data is not at risk of being hacked.

Control Counterfeits with

Blockchain for Life Sciences

In the latest review by the World Health Organization, 10-30% of the drugs sold in developing countries are drug counterfeits due to which the pharmaceutical sector is booking heavy losses and bad name. The fake drug market has grown into a $200 Billion business. The market has not spared the developed countries also where almost 1% of the drugs in the market are discovered as counterfeits.

Blockchain conjoins with the pharma industry of the life science to track and trace the drugs from the source of manufacturing to the consumer’s doorstep. With this end to end traceability over the distributed ledger, the counterfeits can be eliminated.

Because of the pressing needs of adherence to the Drug Supply Chain Security Act (DSCSA), the stakeholders need an impenetrable track and trace framework that will maintain the unique serialization of single packages of drugs packed.

To conclude

With the explosive growth of the life sciences ecosystem, the nature of the administration of the established process creates a dire need of Blockchain for Life Sciences. The way this disruptive technology works, it is about to plug in the most painful soft spots of the life sciences sector.

[interwork2018-blog]

SECURE YOUR IOT DATA USING BLOCKCHAIN

Disruptive technologies like IoT are aggressively proliferating each sphere of human lives. Today the world is connected with more than 23 billion IoT devices that are incessantly generating Data. With further adoption of IoT, the number of connected devices will meteorically rise over 60 billion by the end of 2025.

This massive wave of connected IoT devices comes with the cost of Data Security and Privacy.

The widening web of IoT devices stands protected by weak credentials and login details that leave it vulnerable to password hacking and brute-forcing attacks. The Mirai malware attack of 2016, Wirex and Reaper malware attack in 2017 are a strong indicator that the security of IoT networks needs further fortification. Blockchain for IoT is being recommended by the protagonists.

Why is an IoT network susceptible to Data attacks? Can

Blockchain for IOT

really work?

A cloud of fear looms over the IoT ecosystem with the success of IoT DDOS attacks and the inefficient security aspects of the centralized model of IoT networks. The current IoT network connects, identifies and authenticates the devices through cloud servers which suffer to the central vulnerability of security attacks.

Security of the Data generated by billions of IoT devices remains the prime bottleneck of the IoT ecosystem.

Could Blockchain for IoT solve the security crises?

Data privacy and security continues to be the biggest soft spot for IoT networks. The IoT ecosystems are constantly harnessing, transmitting, storing and processing Data but the land sphere still remains unregulated.

Despite dedicated compliance and privacy rules, sensitive Data is passing through IoT networks into wrong hands. Let us take a look at how Blockchain for IoT can circumvent the rising Data Security challenges.

Decentralized approach

Blockchain Technology makes use of a distributed ledger to record the data and transactions of a network. With the decentralized approach, the Blockchain for IoT at core eliminates the need for a centralized authority to keep a track of data and its authenticity. Such a structure supports data decentralization which ensures there is no intermediary who can manipulate the data or no hacks or attacks can tamper the data in Blockchain for IoT.

Cryptographic security

In addition, Blockchain for IoT uses cryptography algorithms to secure each transaction and data that is stored on the distributed ledger. Every block stores a hash of the previous block which means if anything is altered, the hash of all the blocks in the chain need to be changed which is not feasible.

Blockchain for IoT

networks protects Data

Conjoining Blockchain and Internet Of Things seems to be potentially solving the security challenges. The aspects of the disruptive technology of Blockchain for IoT which includes decentralization, immutability, and autonomy, make it an ideal solution for the security loopholes in the existing centralized system.

Device Data Management

The Internet of Things networks is expected to generate 500 zettabytes of data per year. The Blockchain for IoT will help manage the chaos of multiple transactions, tracking the data and in coordinating the data. Thus the technology can implement an automated decentralized data management at multiple levels of the IoT network.

Privacy and security

With cryptography and immutable record maintenance on a Blockchain, all the historical Data of the IoT networks can be stored in a highly secure manner. As no centralized body is required to maintain privacy and security, Blockchain is an obvious solution for multiple layer Security of Data.

Implementation of Blockchain

The IoT networks can harness the potential of Blockchain at two levels:

The connected devices are integrated to transfer data and the data is finally stored in a Blockchain layer.

OR

The information transactions are made using Blockchain Technology to ensure even the messages are encrypted and Data Security is taken care of entirely.

Conclusion

If the Data Security aspect of the IoT ecosystems is taken care of, the IoT penetration in our lives will expedite in a trustless manner. The implementation of Blockchain technology in IoT network has multifold advantages like scalability, security, privacy, and transparency, yet the Data Privacy remains the most sensitive challenge that Blockchain promises to overcome.

[interwork2018-blog]

Organizations have started to explore the possibility of adopting Blockchain Based Enterprise Applications for their business and it is now starting to become a part of their overall Digital Transformation Strategy. Want to explore more, kindly visit https://www.interwork.biz/ or write to us at sales@interwork.biz or call us at +91-120-4211755

[interwork2018-blog]

THE MAGIC BLEND OF THREE – BLOCKCHAIN, AI AND IOT

While IoT, Blockchain and AI hold an individual capacity to shake up some industries, together with the three technologies are about to strike the 4th industrial revolution.

Once IoT takes hold, the extraction of new data will fasten. The technology benefits will be improved business processes and innovative products and services in relevance to consumer preferences. As rapidly as IoT is reaching there, it requires a lot of support to transform into a sustainable ecosystem.

By 2021, 20.4 billion IoT devices will be connected, leading to the generation of data of tremendous volume. The potential of an entire IoT network will remain underutilized unless the data is analyzed and its security is ensured. Just building and adopting network of IoT-enabled devices is not a self-sufficient system. To propagate and to realize business value out of the same, intelligent predictive algorithms (Artificial Intelligence), tracking and tracing of the entire value chain and Data Security (Blockchain).

Technology dimensions of IoT, AI, and Blockchain intersect at multiple levels to disrupt the digital spheres of our lives in an organized manner.

How are Blockchain, IoT and AI converging?

All three technologies are indeed transformative and their confluence is inevitable.

Role of Blockchain

Blockchain is going to act as an enabling technology for building decentralized databases. The impenetrable security offered by the cryptographic protocols will ensure IoT networks can be trusted without sacrificing security and transparency.

Role of Artificial Intelligence

Making use of Machine learning algorithms in an IoT network promises to build IoT networks that are self-corrective inherently. The outcome of each iteration of data analysis (data generated by connected IoT devices) will be used to modify the way the network functions. Thus rendering an IoT ecosystem sophisticated thinking capability.

The convergence of Blockchain, IoT and AI is still in its nascent stages but some of the pilot projects have fortified the fact that the three technologies can do wonders together. With Blockchain offering speed and security, IoT ecosystems will be able to circumvent the vulnerabilities of a digitally connected world.

How can multiple industries benefit with these three?

Auto Insurance Industry Use Case:

The industry has a plethora of auto parts settlement issues. Bringing AI, IoT, and blockchain together to this land sphere is expected to manage the challenges in a smart manner. The implementation of sensors on the auto parts can lead to continuous tracking of the performance of parts. Using AI the performance parameters can analyze to trap the defective parts. Once the parts are identified, they can be recalled from the market with quick settlements using smart contracts.

Usage-based Insurance Premium Use Case:

Innovative ideas have been dropping in from multiple spheres. A very potential use-case of the three technologies working together is usage-based insurance premium case. The IoT sensors installed in the cars will collect real-time data about the drivers driving habits. The analysis of this data can help AI algorithms determine a driver’s safe driving performance and hence his auto-insurance premiums. Not only will it lead to fewer disputes but will also reduce the burden of manual underwriting process which involves both time and cost.

Real-time Safety Management

Safety management at work premises has always been a challenge for organizations. Fujitsu implemented an innovative way to track real-time safety issues in 2017 with the use of IoT sensors. These IoT sensors record heat data to identify heat stress. In case of any issue with the workers’ health, if this data correlates with the hazardous work situation, the insurance payment to the workers is initiated instantly using smart contracts.

To wrap

The sustenance of an IoT network is highly driven by the kind of support it will receive from the AI and Blockchain. Once these technologies join hand, they can leverage the strength of each other and fortify a secure and transparent network of smart connected devices. The convergence of Blockchain, IoT, and AI is inevitable and the results will be impactful for the fourth industrial revolution.

[interwork2018-blog]

ARE ENTERPRISES ACROSS VERTICALS READY YET TO ADOPT BLOCKCHAIN BASED ENTERPRISE APPLICATIONS?

Although the general users of blockchain consider it as a medium of transacting cryptocurrencies, it is the enterprise sphere who is harnessing the potential of the underlying technology. According to PwC’s 2018 Global Blockchain Survey, around 84% of the 600 executives across different business verticals said that their organizations are actively involved in the blockchain technology andBlockchain Based Enterprise Applications.

Enterprises are aggressively moving towards the adoption of disruptive technology. A peer-to-peer decentralized blockchain model promises to bring trust, security, compliance, and automation of the business processes. The CTOs and CIOs no longer question whether blockchain is a worthy investment. They have easy access to enterprise-ready Blockchain Solutions making the adoption quick.

Nevertheless, the enterprises are proactively exploring new ways of using blockchain solutions in place of the legacy systems. As per PwC, 2018 witnessed the noise settlement in blockchain space and the technology established its stance on how it can lead the path of new age enterprise operational model. In the light of new consortium partnerships between enterprises and blockchain startups in early 2019, the technology market for enterprises is emerging aggressively.

What are Blockchain Based Enterprise Applications capable of achieving?

The particular appeal of enterprise-grade blockchain solutions are that it opens collaboration opportunities between the ente2rprises. As the Blockchain Based Enterprise Applications offer unified standards for collaboration between varied operations, the interoperability has significantly enhanced. This adoption is benefiting every stakeholder in the due course. Let us explore the other reasons that are underpinning the adoption:

Surviving on a system with a Single Point Failure

The enterprises have been using centralized security network and management systems that are the prime pain points. The centralized system performance and security has been charred by attacks and usage spikes time and again. Addressing the concern, the enterprise peer-to-peer decentralized models use a distributed approach where multiple nodes operate the network so that there is no single point of failure.

Addressing security concerns

Blockchain found it’s first ever use case in the financial industry because of its capacity to keep the transactions transparent, secure, and irrevocable. The organizations have been trying to keep their data discreet but every now and then hackers tamper the data.

By the utilization of Blockchain Based Enterprise Applications, data security is enhanced as the data is decentralized thus reducing the tampering risk.

What could be driving a large scale adoption?

Blockchain is exhibiting an enormous impact on Enterprise transactions. The technology is all set to prevail as it circumvents all the Security and Transactional risks for the Enterprises. There is more to it though:

Middleman Elimination

Blockchain frameworks bring forward a Peer-to-Peer Decentralized Model to the enterprises eliminating the role of middleman leading to cost-optimization of supply chains and business processes.

Enterprises have become more confident about Blockchain as the projects are moving from pilot phase to production phase.Fortune 500 companies from varied business verticals like Finance, Healthcare, Real Estate, and Supply Chain are done testing Blockchain and are making use of Enterprise Solutions to exchange data make transactions.

Ready to use dApps

The Decentralized Applications (dApps) that make use of the Blockchain Technology are gaining traction in the enterprise space. These applications help establish a secure and distributed system where the smart contracts are used for transactional execution. These are open source applications that execute on the p2p network and are resistant to downtimes.

dApps protect the identity of the employees in the enterprise ecosystem and can be used to verify the contracts for freelancers or contract-based workers.

The Future of Blockchain Based Enterprise Applications

The inherent advantages of Blockchain-based Solutions like Decentralization, Security, and Anonymity are improving the interoperability among the Enterprises. Although not all enterprise blockchain solutions are decentralized, even the centralized solution offers the highest Security and Transparency.

Some of the potential use cases where the technology is expected to bring disruption are the loyalty/reward management, healthcare sector, information exchange between servers and applications, conducting quick KYC and more. Effectively these use cases target to lower the operational cost and speed of the enterprise system.

The future of Blockchain Based Enterprise Applications revolves around private solutions instead of public chains. With an aim to enhance the transaction performance within the organization, enterprises are pulling up their socks to embrace the disruption. The blockchain space is devoid of opportunistic ICO projects and speculative use cases and is edging towards the massive enterprise adoption. As more successful Blockchain Based Enterprise Applications see the light of the day, legacy solution users are joining the bandwagon.

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ROLE OF BLOCKCHAIN BASED SMART CONTRACTS IN LIFE SCIENCES

The healthcare system costs are bloating rapidly than the average annual income. The annual health care cost per person in 2017 translated to $10,739 which is leading to healthcare bankruptcies. According to the latest reports by academic researchers around 66.5 percent of the bankruptcies filed in 2018 were related to medical issues. On an average 530,000 American households file bankruptcy due to the increasing cost of medical care.

The current life science ecosystem is plagued with the existence of middlemen who add no value to the chain but magnify the health care costs.

The Pharmacy Benefit Managers and will Smart Contracts take their role

The role of PBM’s between pharmaceuticals is rapidly being considered dubious in lowering the cost of prescription drugs. Pharmacy Benefit Managers are required to negotiate the drug costs with the manufacturers and make it accessible to the patients at lower prices. Governing bodies, drug companies, and the consumers have questioned the existence of this layer of middlemen which is extracting outsized profits. Drug companies have reported the PMB’s to be skimming as much as $1 out of every $5 dollar spent on a prescription drug.

The transparency of cost is missing between the drug manufacturer and the consumer.

Establishment of Blockchain-based Supply Chain promises to deflect the role PBM’s are playing currently in the ecosystem. The smart contracts built at the source of manufacturing will have the details of the actual drug ensuring the end cost of the drug is only at the points that render value to the supply chain.

How will Smart contracts act as a low-cost middle man?

The blockchain framework has proven its mettle in cutting costs across multiple industries. Although for the life sciences it is still in infancy, by the model is promising enough. Let us look at how Smart Contracts will make the ecosystem transparent thus controlling the price inflation of drugs:

Smart Contracts can be used by multiple parties to establish different terms in a transparent manner.

Utilization of Smart Contracts brings automation to the system thus creating trustless platforms between pharmacists and drug consumers

Smart Contracts expedite the execution of contracts which translates into monetary gains

Practical use cases of Smart Contracts in life sciences

     Drug pricing contracts

The drug manufacturers and the health payers can come together at some terms, conditions and drug pricing that can be digitized over the smart token to render immutability. As the smart contract will make the contract data immune to hacks it will eliminate the unauthorized access or alteration of drug pricing.

    Clinical Trials and smart contracts

Blockchain finds its use case in maintaining visibility across the entire clinical trial supply chain. The accountability challenges in the clinical trials are spread across the supply chain. The issues plague aspects like drug safety and clinical management also.

With blockchain, the events can be tracked in a chronological order by tracking the smart contracts. The document flow can be tracked using the smart contracts so that highest degree of data authenticity can be maintained. Using smart contracts, blockchain offers improved communication between the medical practitioners and patients in case of clinical trials. The data can be stored anonymously and shared also without any challenges.

    Single Source of truth

Utilization of smart contracts will give the desired boost to the trust in the healthcare ecosystem. As the efficiency of the process of claims and health data security will be advanced, the health care receivers will entrust the ecosystem again. Thus it will help establish a single source of truth for all the healthcare data that will trigger Smart Contract if a condition in the contract is met.

To wrap

The introduction of smart contracts promises the stakeholders a trustworthy execution of the contracts must faster than they are executed today. Such technology support will ensure higher efficiency in operations leading to lower healthcare costs.

[interwork2018-blog]

Traditionally Healthcare & Life Sciences vertical has always been slow in adopting newer technologies but when it comes to Blockchain for Healthcare and Life Sciences, they are finding value in it and are eager to adopt it. Want to explore more, kindly visit https://bit.ly/2HIzDeU or write to us at sales@interwork.biz or call us at +91-120-4211755.