SAN FRANCISCO, March 12, 2018 /PRNewswire/ -- Chronicled, Inc. today published its end-of-year report for The MediLedger Project, an exploration and development of blockchain solutions for the pharmaceutical industry.
MediLedger, which is primarily aimed at demonstrating compliance with the Drug Supply Chain Security Act (DSCSA), utilizes the innovative capabilities of blockchain technology to track and trace prescription medicines. The project also seeks to demonstrate an ability to prevent counterfeit medicines from entering the supply chain. The DSCSA, which has a number of staggered effective dates, requires the Pharma industry to adopt an "interoperable system" to manage records of ownership and transfers of prescription drugs in the United States. Chronicled believes that blockchain may be the technology best suited to enable this interoperable system.
Over the past several months, the MediLedger Project has developed a blockchain-based system for tracking legal change of ownership of prescription medicines. Its year-end report draws a number of encouraging conclusions. First, the Project's blockchain-based system appears to fully meet the requirements set forth by DSCSA and is capable of acting as the interoperable system for the pharmaceutical supply chain prescribed in the Act. In addition, MediLedger has proven that it can meet the data privacy requirements of the pharmaceutical industry itself. In particular, it can guarantee that all supply chain handshake transactions posted to the blockchain are fully obfuscated, ensuring that no business intelligence is leaked. This will allow nodes in the blockchain system to be hosted by numerous unique parties while both safeguarding sensitive transactions and ensuring the immutability of each supply chain handshake transaction.
Additionally, MediLedger has proven its ability to verify the origin of serialized global trade identifiers (SGTINs) and to trace the provenance of drugs to their original manufacturers. Since each transaction forward in the supply chain can reconfirm the integrity of a specific product, the movement of products without an authentic pedigree can be prevented. This functionality has the potential to expedite investigations and recalls, making illicit drug movement detectable and greatly strengthening safety capabilities in the industry.
The trust established by a blockchain system is applicable to countless business scenarios, allowing for compounding benefits to industry if such a platform is established. "Our vision for an industrial blockchain ecosystem would have an open architecture, allowing a free, competitive market with appropriate governance," said Chronicled executive Susanne Somerville. "The blockchain has the capability to bring trust and automation to the baseline business logic of the industry. We are excited to be working with such a strong group of partners through the MediLedger Project."
The MediLedger Project (mediledger.com) was established in 2017 to bring Pharmaceutical Manufacturers and Wholesale Distributors together to explore the potential of blockchain technology to track and trace prescription medicines. Its specific scope was to evaluate blockchain's application to ensure compliance with DSCSA in the United States. The benefits of the system may well be applicable in other geographies where problems with counterfeits and illicit trade may be more aggravated. In 2018 the MediLedger Project plans to continue to advance the concept and implementation of a pharmaceutical blockchain ecosystem for the industry and companies that have not joined the working group already are encouraged to do so.
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.