The latest Blockchain initiative by IBM announced today. IBM collaborates with KPMG Merck and Walmart with the aim of building a drug supply chain blockchain pilot.
IBM stands as the Technology partner, Merck is obviously the drug company, Walmart, having pharmacies and clinics becomes the drug distributor and KPMG brings the in-depth understanding of the compliance issues. These four companies together are coming forward to bring a solution which can help tracking certain drugs as they move through a supply chain.
The concept suggests a unique identifier for each drug package which can be tracked through the supply chain from manufacturer to pharmacy to consumer. Though simple in the way it sounds but the company’s protocol hardly allows the sharing of data with one another. This blockchain will consist of a definite record of each transaction as the drug will begin to move along the supply chain, providing authorities and participants with an easy audit trail.
The pilot is part of a set of programs which is conducted by multiple stakeholders at the DFA’s request. This aims at finding solutions to help comply with the U.S. Drug Supply Chain Security Act. IBM expects this blockchain pilot to show that it can build a blockchain network or platform on the top of which other companies can build applications. According to sources, this network would consist of the ability of exchanging information about these pharmaceutical shipments in ways which ensures proper privacy as well as its accuracy.
IBM has addressed this blockchain platform very practically with several real-world which includes one to track leafy green from field to store with Walmart as well as a shipping supply chain with Maersk to track shipping containers while it would move throughout the world.
Treshock believes that Walmart food blockchain is specifically applicable here and that it could be utilised as a template of sorts for building the drug supply blockchain.