This content has been authored by Ashwani Kumar, Vice President, Technology at Coforge (Formerly known as NIIT Technologies), an Indian MNC serving clients across the globe in IT solutions.
Featuring among one of the most unfortunate and malice practices of the modern age, counterfeit drugs open the can of worms of the pharmaceutical industry. Counterfeit drugs not only represent an inordinate amount of black money made through illicit means but also bring forth large scale health hazards for genuine patients. Great healthcare, infrastructure and availability of medicines at affordable prices are some pressing issues that every nation in the world is striving towards.
Healthcare, just like education, is a basic right of every person. However, the greed of some people to make filthy money at the cost of human lives has poisoned the system. But with the advancement of technology, is it not possible to tackle and resolve this burning issue of counterfeit drugs using blockchain technology?
Well, quite a few tech companies are working in this field, for instance, Coforge, where Ashwani Kumar is the VP, technology. They have developed innovative applications that resolve the issue of counterfeit drugs to a large extent. We will talk more about what Coforge is doing in the latter half of this article. But first, let us briefly understand what blockchain technology is.
Well, quite a few tech companies are working in this field, for instance, Coforge, where Ashwani Kumar is the VP, technology. They have developed innovative applications that resolve the issue of counterfeit drugs to a large extent. We will talk more about what Coforge is doing in the latter half of this article. But first, let us briefly understand what blockchain technology is.
Understanding The Fundamentals of Blockchain Technology
This technology has been overtly spoken about in recent times. However, it remains to be established if its wide-scale implementation potential has been fully unveiled. As a matter of fact, a whole bunch of people consider blockchain technology synonymous with cryptocurrency or simply, Bitcoin. Only after understanding the underlying algorithms and working behind blockchain technology, could one begin to grasp the scope and potential that it holds.For the uninitiated, the simple way to understand blockchain technology is the following: A huge amount of data (transactions) are stored in blocks that are connected to each other via a chain that is the distributed ledger making the entire technology decentralised.
Since the proof of every single transaction on the blockchain is stored publicly, it becomes nigh impossible to edit or delete these entries. Each block gets its own hash code which is available to thousands of computers globally. Therefore, if a hacker were to invade the space to commit fraud, he has to change the hash codes of every block while every computer on the server will be notified of the same. That is the essence of blockchain technology that makes it so secure and transparent. Such relevant characteristics of any modern technology can find application in any field. That is why the question arises if blockchain technology can tackle the issue of counterfeit drugs? The short answer is yes!
Since the proof of every single transaction on the blockchain is stored publicly, it becomes nigh impossible to edit or delete these entries. Each block gets its own hash code which is available to thousands of computers globally. Therefore, if a hacker were to invade the space to commit fraud, he has to change the hash codes of every block while every computer on the server will be notified of the same. That is the essence of blockchain technology that makes it so secure and transparent. Such relevant characteristics of any modern technology can find application in any field. That is why the question arises if blockchain technology can tackle the issue of counterfeit drugs? The short answer is yes!
Modern Technology As A Weapon Against Eliminating Counterfeit Drugs
With the issue of counterfeit drugs, fraud could happen at any stage right from manufacturing to distribution. Hence, comprehensive monitoring systems are needed to keep track of every aspect, starting from raw materials, manufacturing, to warehouses, carrying and forwarding agents, retailers, pharmacies and the consumers. For that, there are dedicated services by large IT firms like Coforge, which we had mentioned earlier.Ashwani Kumar has the domain expertise of years and the company has invested its resources in developing effective strategies to, ideally, eradicate counterfeit drugs. The application achieves this by recognising fake content of the QR code or barcode that is used extensively at every phase of the industry.
The dashboard preview of the application pinpoints the offenders where the fraud has been committed. The customers are not mere spectators but also have the power to report such instances. The insights to the suspected activity are classified by region, category or product type in the form of visual graphs and charts. Using the in-house developed application based on blockchain technology, the users could track their orders to ensure the authenticity of the medicine.
In inference, there is sufficient evidence available in the form of companies like Coforge, to ascertain that blockchain technology could prove to be an effective weapon against the menace of counterfeit drugs. In an ideal scenario, more companies will come forward using this technology to resolve such grave issues of our times.
In inference, there is sufficient evidence available in the form of companies like Coforge, to ascertain that blockchain technology could prove to be an effective weapon against the menace of counterfeit drugs. In an ideal scenario, more companies will come forward using this technology to resolve such grave issues of our times.
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