Posted 7 months ago | by Ben Armstrong

Samsung's Coming Blockchain Pilots May Boost Open Medicine Monitoring

Blockchain is a breakthrough innovation to store and share data, and more and more industries are starting to implement it in various fields to provide transparency, security, and accessibility.

Over the past few years, the medical industry has used blockchain to increase its efficiency in data accessibility, supply chain management, drug tracking, and more tasks.

In November, Samsung SDS will be introducing a range of pilot projects to assess blockchain control of delivery of medicines. These tests target accountability in the pharmaceutical drug monitoring process.

An official announcement was made at the BioPharma Cold Chain Logistics session in Seoul, with the IT branch of Samsung Group, Yankup revealing the pilot programs will be dubbed “Disruptive innovation technology for tracking drug distribution history.”

The Medical Industry can Benefit from Blockchain

As the focal point of sensitive information, data security is an extremely important factor, especially when cyber attacks against medical institutions are growing. Blockchain may become an unmatched method of patient data security and business systems.

Samsung SDS executives also revealed that "several" pilot applications for participation were received from undisclosed pharmaceutical manufacturers, suppliers and even from South Korean medical institutions.

The pilots will last between three and six months, according to Lee Eun-young, a senior researcher in Samsung SDS.

She noted,

"Through the drug distribution history management service, it is possible to comply with regulations and innovate business by implementing product-specific history management, real-time distribution history tracking, and automatic reporting functions."

More Coming Soon from Samsung

During the official release, the IT branch in Samsung said that the pilots will be made up of the input and output automating history management system for the IoT-related temperature historical tracking services.

This was selected "to minimize handwritten input," inspect returns and data collections with a stable database support.

If these pilot projects are successful, the business development team will implement the commercial strategy in June next year after domestic and foreign enforcement. In her separate statement with local media

Eun-young noted,

“The value of blockchain in the healthcare industry is expected to grow from $176.80 million in 2018 to $5.61 billion in 2025, and by 2025, 55% of healthcare solutions are expected to adopt blockchain for commercial purposes.”

Recent announcement showed that South Korea's fourth-largest city Daegu is targeting blockchain and artificial intelligence education, with its investment plan of over $6 million.

Articles on Bitboy may contain affiliate links that help us to remain profitable. It might come as a surprise, but all these great articles aren’t cheap to produce. If you don’t mind helping us out, please click on the links!