A Portland State University researcher in collaboration with a doctoral student has come up with a Blockchain protocol that aims at preventing counterfeit pharmaceuticals from reaching the market. This is according to a 15th of April published press release.
PSU Researcher Develops New Blockchain Protocol
Nirupama Bulusu, the PSU researcher credited with coming up with the Blockchain protocol, is also a Maseeh College of Engineering and Computer Science professor lecturing in computer science. In this project the professor partnered with Naif Alzahrani, a doctoral student in computer science at the University, to publish a Blockchain protocol that would prevent the flooding of the market with counterfeit pharmaceutical products.
The Blockchain protocol which has been described as a product anti-counterfeiting blockchain that utilizes a fully decentralized dynamic consensus protocol has been officially published in the Concurrency and Computation: Practice and Experience journal.
This new Blockchain protocol utilizes Blockchain technology in the recording of transactions in a new, highly secure manner that aims at curbing the influx of counterfeit pharmaceuticals by decentralization and checking the products.
Protocol Compatible To All Supply Chain Sizes
Transactional records are saved throughout the process by the Blockchain protocol, creating a trail of information. This stored information can only modified or added onto by users who have a specific key. Through this protocol, sellers will purportedly be able to effectively track and verify their products without the need to count on centralised systems that are not as secure.
Bulusu has stated that the main motivation for the development of the protocol was the high influx of fake pharmaceuticals which affect the most vulnerable of populations across the globe. She added that they were looking to develop a solution that is fool proof. The protocol has been coupled with digital product tags such as the product’s name, serial number and date of expiration.
Most systems dealing with anti-counterfeiting are centralized meaning they are prone to mistakes. Machines and humans can be manipulated to let counterfeit goods go through to the market. Bulusu said that the protocol has the potential of disrupting and disabling the illegal supply networks adding that the protocol is applicable to any size of supply chain. She stated that the main benefits of Blockchain technology was the virtual inability of the information stored therein to be modified by any unauthorised parties making authentication of information easier.
Blockchain Technology Used In Various Industries To Verify Authenticity
Blockchain technology has been widely adopted by various industries to curb counterfeiting. One such case is the recent announcement by IBM and Seagate where the two firms reported the creation of a joint Blockchain based initiative to curb the counterfeiting of hard drives. According to the announcement, the initiative will be utilizing IBM’s Blockchain Platform to enable manufacturers, business people and integrators amply verify and authenticate the genuineness of their hard disk drives.
VinX, a technology company based in Israel, is looking into developing a digital wine futures platform that is token based. The platform will allow for the trading of wine futures on the Blockchain and provide a secure supply chain.