Chronicled and The LinkLab Announce The MediLedger Project, a Revolutionary Blockchain-backed System to Safeguard the Pharmaceutical Industry
SAN FRANCISCO, Sept. 21, 2017 /PRNewswire/ -- Chronicled, Inc. and The LinkLab LLC today announced The MediLedger Project, a joint venture that will explore and develop blockchain solutions for the pharmaceutical industry. The project is primarily aimed at demonstrating compliance with the Drug Supply Chain Security Act (DSCSA), utilizing innovative capabilities found with blockchain technology to track and trace prescription medicines. The project seeks to demonstrate the ability to prevent counterfeit medicines from entering the supply chain. The DSCSA requires the industry to adopt an "interoperable system" to manage records of ownership and transfer of prescription drugs in the United States, and they feel strongly that blockchain technology could be best suited to do this.
Blockchain offers a number of unique advantages over older technologies. Every time an asset is registered, verified, or transferred on a blockchain, a distributed network of validation "nodes" come to consensus, making it exceedingly difficult for malicious actors to fabricate or tamper with the event logs. Therefore, it is much more secure than existing central database solutions, which are vulnerable to hacking and data addition or deletion by a central administrator, and allows for a level of data provenance that has not been possible within current frameworks. The MediLedger Project aims to leverage this capability to create an interoperable system in which multiple parties, including manufacturers, wholesale distributors, hospitals, and pharmacies can register, verify, and transfer pharmaceutical products with absolute trust in their authenticity and provenance. This represents a major step forward in regulatory transparency and consumer safety and signifies an important step forward in the application of blockchain technology to the biopharmaceutical industry.
"Traditional, centralized databases are like castles with moats," said Chronicled CEO Ryan Orr. "You can fortify them as much as you want, but a hacker will always find a clever way to sneak inside the castle. Blockchain introduces a whole new paradigm. It's a distributed network, data is cryptographically secured, a breach in one node has no effect on the whole, and the consensus mechanism prevents malicious actors from tampering the system. That's one of the things that's really revolutionary about this technology."
The MediLedger Project has aspirations beyond helping to enable pharmaceutical companies to achieve DSCSA compliance. The participants hope to use their system to help fundamentally move the industry forward in improving drug security and preventing the production and trafficking of counterfeit and illicit drugs globally. By year end, they plan to have demonstrated, through a series of milestones, the advantages of a blockchain system as the best way forward for this significant use case.
The project has formed a working group of pharmaceutical industry leaders, which include Genentech, a member of the Roche Group, Pfizer, AmerisourceBergen, and McKesson Corporation. The working group defined the industry requirements for the blockchain pilot, both for a prototype system and for an industry operating model. The group has met the first hurdle: building a prototype system for the registration and verification of medicines on the blockchain while keeping all business information private from other participants. The next effort will be focused on developing business models and operating requirements.
"The immediate goal for us is to show that blockchain is the best solution for this need," said Susanne Somerville, co-Founder of The LinkLab. "We are aiming to have done that by the end of the year. After that, the sky's the limit."
About Chronicled
Based in San Francisco, Chronicled is a technology company leveraging blockchain and IoT to power smart, secure supply chain solutions. Chronicled secures IoT device identities, data, and event logs and automates IoT-dependent business logic through smart contracts. Chronicled is also a founding member of the Trusted IoT Alliance, with the mission of creating open source tools and standards to connect IoT and blockchain ecosystems to deliver business value.
About The LinkLab
The LinkLab is a unique supply chain consulting group founded to provide life science companies guidance and support to meet world-wide serialization regulations. With deadlines fast approaching, we work to provide companies with innovative approaches to ensure gaps are identified, timelines are met, and business value is realized. The LinkLab formed from observing the Pharma industry's progression in establishing electronic management of prescription medicines and seeing a need for improvements. With experience going back to 2008 in planning for California's ePedigree law, The LinkLab principals have, for the last four years, focused on projects which support the packaging, distribution, and commercial requirements of serializing prescription medicines. To learn more, visit http://www.thelinklab.com/.
SOURCE Chronicled
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