Blockchain technology is no stranger to the healthcare industry and has been playing a major role in the pharmaceutical market as well. To further promote blockchain use in this market, Samsung SDS, the IT branch of the Samsung Group, is set to conduct a series of pilot projects in November to test a medicine distribution platform powered by blockchain.
The primary goal behind this project is to enhance transparency in the process of tracking pharmaceutical drugs.
According to a report from Yankup, the program is dubbed Disruptive innovation technology for tracking drug distribution history,” and will be conducted at the BioPharma Cold Chain Logistics session in Seoul, South Korea.
An official from Samsung SDS has revealed that the program has already received “several” participation applications from pharmaceutical firms, distributors, and even medical institutions in South Korea. The official did not name any of the institutions.
As per Lee Eun-young, a senior researcher at Samsung SDS stated that the pilots will last between three and six months, commenting:
“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.”
The announcement also added that the pilots would also include an IoT-linked temperature history tracking service along with an automatic history management system for incoming and outgoing goods.
Samsung adds that this will “minimize handwritten input,” verify returns and collections with the help of a secure database.
If these pilots are successful, it will be commercialized after ensuring compliance with foreign regulatory compliance in June 2021.
Lee told local media:
“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.”
Samsung and Blockchain
Earlier this year, the nation’s central bank deployed BankSign, a blockchain authentication certificate service develop by Samsung SDS in collaboration with the Korean Federation of Banks, to co-verify and transfer customer authentication data among banks and other financial institutions.
Reports have also surfaced that Samsung is working with virtual reality game Decentraland, to bring blockchain games and non-fungible tokens (NFT) to a mainstream audience.
Samsung backed blockchain provider BLOCKO has also landed a deal with the AERGO protocol to source suitable decentralized apps (DApps) for the Samsung Blockchain Service.