Samsung’s blockchain project to manage pharmaceutical data
Samsung SDS, the IT arm of the South Korean multinational business Samsung group will begin testing a blockchain-powered distribution system that will offer better management of pharmaceutical drugs, according to a local news source, Yakup. The pilot project which is called ‘Disruptive innovation technology for tracking drug distribution history’ will be rolled out in November this year.
The pilot will provide an IoT-linked temperature history tracking service along with automatic history management of drugs to minimize handwritten input, verify returns and collections, and secure sales, the report added.
According to the report, some officers from Samsung SDS made claims that “several” pharmaceutical firms, distributors, and even medical institutions in South Korea have already sent in their applications to participate in this pilot.
The report however did not disclose the names of these pharmaceuticals that have applied to the pilots that are said to last between three to six months. Senior researcher at Samsung SDS, Lee Eun-young, said in a statement:
The value of blockchain in the healthcare industry is expected to grow from $176 million in 2018 to $5 billion in 2025, and by 2025, 55% of healthcare solutions are expected to adopt blockchain for commercial purposes.
The announcement was made at the BioPharma Cold Chain Logistics session in Seoul, South Korea.