Benefits of Blockchain in Vaccine Development
Benefits of Blockchain in Vaccine Development:- Covid-19 have created an environment where many pharma and biotech companies have agreed to partner and pool their efforts towards defeating the spread of the virus, rather than compete with each other. Finding a coronavirus vaccine is key, but finding a way to distribute it on a global scale will be equally crucial as it would require a manufacturing and supply chain capacity, at an unprecedented level. The success would lie in leveraging tools and capabilities at a humongous level of coordination, never seen before in the fight against pandemics.
Blockchain, for those who are not familiar with the term, is a hierarchical chain of blocks where a number of transactional records are stored. Each block of the blockchain is secured through a cryptography technique that ensures integrity of the transaction. Hash value is used to secure each block. Also each block appends the hash value of the previous block which creates a cryptographically secure chain of blocks. Once a block is mined and validated by all nodes in the network and appended to the chain it cannot be altered or manipulated. Therefore the data integrity is maintained and it ensures temper resistance. Thus blockchain can securely store user data in a distributed fashion omitting any centralised party. So no user needs to trust any centralised third party blindly. Since each transaction is digitally signed by the user, the authentication of the data is ensured. The ID of the user can be kept confidential.
The process of developing vaccines is lengthy and expensive, often associated with high failure rates and that in itself is the major deterrent for pharma companies to undertake clinical trials. Patient recruitment, retention, and monitoring come at very high costs and are complicated by tracking supplies, administration and adherence to the trial requirements. A digital technology based ecosystem is needed to economise the cost, expedite the lifecycle
by tracking and accelerating supplies, anonymizing real-world data collection and consent management process, and sharing case records and diagnostic parameters without actually disclosing the personal identity. The data needs to be accessible not only to the patient and the scientist conducting the trial, but also be available on a shared platform to scientists in other countries to infer results of efficacy and safety as time-stamped, tamper-proof evidence.
Blockchains will do all the needful
Supply chain information systems with real-time tracking capability on parameters such as the geographical area from where the vaccine will be sourced, vaccine storage levels, temperature control, stock-outs, quantities of ancillary supplies are crucial to calculate the wastage rate, which at the staggering scale of 10 billion units, could be the key in ensuring or denying access to the vaccine in very large segments of the population. The end-to-end visibility of the products by bringing the suppliers and manufacturers together on a single platform, would reduce the over-expensive, blanket recalls of defective products by providing a reliable way to pinpoint the exact affected product immediately ensuring swift action.
Benefits of Blockchain in Vaccine Development
Despite the numerous advantages to using blockchain for the various stages of vaccine development and deployment enunciated above, a number of barriers exist. The lack of knowledge and thorough understanding of the functioning of the blockchain is the biggest stumbling block; trouble replacing or adapting existing legacy systems; regulatory and legal concerns like data privacy issues, intellectual property, and enforceability of contracts, costs, uncertain return on investment are other impediments; and overcoming lack of trust: causing skepticism about the widespread adoption of blockchains. We have reached an important juncture in technology evolution where the right tools, resources and optimism are present; if leveraged correctly, we can build a first-ever solution through blockchains to save human lives around the globe.
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