Victor Ugochukwu · Oct 26, 2020 . 5min read
India’s Red Data Blockchain aims to Eliminate Counterfeit Drugs
With India fighting its battle of forged drugs, blockchain startup Red Data Blockchain aims to eliminate counterfeit medicines.
By Komal Joshi · Sep 17, 2020 . 5min read
According to a blog post, two medical students and tech-entrepreneurs built Red Data Blockchain. Red Data Blockchain is India’s blockchain-based E-pharmacy and medical data storage platform. It allows for secure and immutable data storage.
The manufacture and delivery of synthetic prescription drugs is a global problem. Forged products are creating a lot of harm to economies, industries, customer health, and safety. Moreover, businesses know they will sustain revenue and reputational losses while also acquiring extra expenses for regulations, brand security, and legal advice if a solution to counterfeit drugs is not found.
In the best-case scenarios, these counterfeit drugs can be sugar pills with none of the drugs they can replicate. In the worst cases, the drugs can include large quantities of hazardous substances, such as antifreeze, paint, or fentanyl, which can be disastrous for unsuspecting customers who bought the pills online.
Red Data Blockchain Traces Supply Chain Mechanism
Red Data Blockchain detects counterfeit drugs. It offers the traceability of the entire supply chain mechanism. Thus, allowing everyone to know the source of the medicines they have daily. It builds a platform that can enhance the standards of medicine production. Additionally, it stores the data and shares with the pharmaceutical sector and tracks the medicine supply chain. Red Data Blockchain obtains drugs from manufacturers and trades to the consumers at discounted rates. Moreover, it enables the most precise data of diseases or infections spread in various locations.
According to the blog post, the tracing of the supply chain can stop synthetic drugs. It will enhance the standards of medicine delivery and online consultations. However, Red Data Blockchain enables people to verify a medicine within less than a second by scanning the QR code and getting data about the manufacturer, source, composition, dates of manufacture and expiry, and diagnosis-related details. Thus, this information can be publicly available and doesn’t need any legal formalities as per contradiction.
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Victor Ugochukwu · Oct 22, 2020 . 6min read