Whenever we talk about the big data, a lot of improvement can be watched in the upcoming years. The leading blockchain technology with its offline data storage capability achieves the attention of the companies and consumers. A massive amount of data generated from the various sources such as a laptop, business operations, IoT devices and machine learning based complex applications. Analysing this much amount of data is getting typical for companies causing a significant investment. Thanks to the technology like blockchain which provides the ability to govern these scenarios. The typical scenarios which can cause trouble and their reduction are as follows:
Deficiency of Data Sources
The dormant importance of big data falls under the endeavour to quickly access the data from various platforms. It delivers the qualified and maintained data collection with minimal investment. The extensive understanding is only achieved when an organisation has multiple data sources to reference each other.
There is multiple cloud computing based vendors availing the services to store and connect locations of data storage. The only drawback is that these services are expensive and its complex to distinguish between the validated and manipulated data.
By introducing blockchain technology in such scenarios, various organisations can comfortably exchange data with such awe-inspiring open-source invention. The blockchain interoperability has the ability to correlate the data models and analyse the equitable and wrong from them. It results in the sort of contrast that an organisation can compose its setup for success.
FedEx, a giant in logistics world, has collaborated blockchain in tracking alliance (BITA) with their system to instigate blockchain for assisting clients by solving their queries for enhanced feedback.
Fortifying Intellectual Property
So many companies have faced the situation of the data breaching due to the insecure data storage system in past years. Enterprises always look out for a reliable data storage solution to stay away from data sniffers. It has become easy to achieve this with the help of stupendous blockchain technology. The employment of blockchain for secured data storage has become possible due to the innovative works performed by organisations like Eastman Kodak which has implemented the solution for providing the safety to data storage in their smartphone technology. The implementation of encrypted and fixed ledger assist users in storing their images on the blockchain. They can also acquire a license to stop others for false ownership claiming.
Inaccessibility to Information
Organisations are facing complexity in accessing their data stored at various running remote storage. It can be due to any reason including improper communication. If the firm has set up for multiple branches all over the world, then it would become exorbitant to put all these data sets on a single place.
The blockchain is the solution as it is available everywhere. Every node connected over a network is accessible from all over the world at the same time, no matter whether you are in Africa, Europe, Asia or America. You don't need to invest for the amount of buying the infrastructure.
Walmart is working on providing blockchain solution to its consumers in their supply and distribution management. One can access and track their products from the anywhere including the production unit making it easier to restock the product.
Scenarios like data conflict are easy to monitor in small-scale organisations resulting in fewer consequences. It becomes very hectic in comparing the same situation with big companies where data is generated at every single step of the operation such as airline management.
These scenarios can be handled with unchangeable blockchain technology which allows companies to monitor the every single data emergence source. It eliminates these conflict scenarios by organising data from the sources like the website, gate monitoring or application. A big airline giant named British Airways is implementing the blockchain solution to minimise the conflict in their working routine.
Blockchain presents a highly secure and monetised data analytics by detaching the middle person involved in a transaction. Customers can directly negotiate with companies without any hurdle. Customers have direct control over the data access over the blockchain technology. They get the ability to demand their pricing for data exchange over product consumption.
Blockchain allows to attain the data monetisation with its astounding features:
● The participators involved in the transactions have the accessibility to reach same data. It helps to achieve the data addition, sharing and qualified data analytics.
● A fully explanatory transaction log is created and maintained in a single file of blockchain attaining the inspection of transactions from the beginning, reducing the barriers involved for multiple systems.
● The consumer can directly manage and govern their personal and distinctive information without any third party control over the repository.
All above scenarios explain that blockchain is one of the leading technology with the capability to replace the bug in the traditional system. It is the critical driver for data monetisation generating the new marketplace. It delivers a market where companies and an individual can exchange, sell and assist with data analytics intuition directly to one another.
Bitcoin mining has become a profitable industry for many people in the blockchain cryptocurrency community. Despite the increasing popularity of bitcoin mining around the globe, though, there are quite a few places where it’s illegal. In another recent article, we looked at where bitcoin mining is currently being prohibited. In this article, we’ll look at a few different cases to get a better picture of exactly why more governments are shutting down these operations.
In many nations, owning and/or trading cryptocurrency has officially been banned. However, these rulings haven’t necessarily led to a shutdown of bitcoin mining. China is one of the few countries that has imposed nation-wide bans on both trading and mining.
Before the bitcoin mining ban was announced earlier this year, China accounted for more than 70% of the world’s bitcoin mining operations. Mining statistics aren’t available post-ban, so it’s difficult to tell the overall impact of the ban as of this writing. There have been a few coordinated raids, including one in April 2018 in Tianjin where 600 mining computers and eight high-power fans were seized.
Chinese officials are formulating strategies on how to shut down mining operations. This was made evident by leaked documents released earlier in 2018. According to an article published by Vice, “In the documents, issued to the local offices of the internet-finance regulator, authorities were instructed to force mining operations out of business using measures linked to electricity pricing, land use, tax and environmental protection.”
Environmental factors are important to consider as a legitimate reason for the bitcoin mining ban in China. While annual carbon emissions growth in China only grew by 1.4% (well short of the projected 2.0%) in 2017, China still accounts for around 30% of global carbon emissions. Considering that bitcoin mining now makes up 0.6% of the world’s total energy consumption, and possibly more in the future, it’s a real concern that the cryptocurrency community must address.
Nonetheless, others say that the reason for the mining ban is simply related to the goal of enforcing a shutdown of all cryptocurrencies in general throughout China. The ability to create a new financial system could be seen as a threat to the current one. Even though this possibility isn’t unique to China, it’s important to consider China’s reaction to these changes now that it’s the world’s top economy by GDP. In reaction to the ban, some bitcoin miners have moved their mining operations overseas to places where both bitcoin trading and mining are legal.
2. USA (Upstate New York)
Even though the United States federal government hasn’t placed a ban on bitcoin mining, some local governments have enacted legislation of their own bans.
For example, Plattsburgh, New York, a 20,000-resident town located about 20 miles from the Canadian border, has placed an 18-month moratorium on bitcoin mining. In the past few years, Plattsburgh had become a hub for bitcoin miners due to cheap electricity prices thanks to hydroelectric power production on the St. Lawrence River.
However, the introduction of bitcoin mining has led to higher electricity costs for all residents. This was because the hydroelectric facility had to produce more than the typical allotted amount of energy to support mining operations. For example, in December 2017 and January 2018, even some residents who didn’t mine saw electric bills rise by $300.
Those who might consider breaking this new law may want to think again – the penalty is set at $1,000/day of illegal mining. In Washington state Chelan County Public Utility District (PUD), there’s also a similar ban in place. One unauthorized bitcoin mining operation with electricity consumption of over 11,000 kWh has been shut down. Prior to authorities pulling the plug, this operation consumed about 20x the electricity of standard households.
As written in a previous article, Malaysia has cracked down on illegal residential-based mining operations. In a coordinated raid, two of the country’s bitcoin mining farms were shut down. These operations were deemed illegal, not because of an overall ban on bitcoin mining, but because the individuals in charge of these operations didn’t have official business permits.
Even though it’s not clear how easy or difficult it is to obtain government permission to run a mining operation in Malaysia, it is clear that complaints from neighbors were an important factor leading to the shutdowns. Neighbors reported that the operations caused power fluctuations and that the tenants were loud and disorderly.
Even Legal Bitcoin Mining Could Lead to Illegal Activities
Many nations or cities don’t have any laws banning mining or even requiring business permits as in the cases detailed above; however, there are many individual operations that have been shut down due to a few different reasons that constituted illegal mining activity.
One such incident occurred in Orenburg, Russia in April 2018. In this case, two individuals were arrested after it was discovered that they had created a bitcoin mining farm within an abandoned rubber factory. They were charged with property damage and a few other crimes. Also, these illegal miners stole 8 million kW/h of electricity valued at around 60 million rubles (~$1 million).
Incidents like this are more common than you might think. For example, in the US, state government officials in both New York and Louisiana unlawfully used government resources to set up mining operations.
Workers at an Australian weather reporting agency also committed similar illegal activities. In all of these cases, it’s important to note that bitcoin mining itself was not illegal. However, the ways in which mining operations went about mining were illegal. If individuals had used their own time, money, and resources to mine, they would most likely face no legal issues.
Although there are still quite a few areas where bitcoin mining is illegal, it seems as if the banning trend is slowing down. As long as miners proceed in a way that doesn’t negatively affect the lives of those around them, it wouldn’t be surprising to see these governments reverse the bans they’ve put in place.
This article is first seen at Coincentral
The article is written by Delton Rhodes
The Bitcoin blockchain is a peer-to-peer payment system that records transactions on an immutable decentralized ledger. The creation of cryptocurrencies, such as bitcoin, represent only one particular use case for Blockchain Technology. The daily fluctuations of bitcoin and other cryptocurrency prices attract quite a bit of media attention. However, there are many uses for blockchain technology outside of cryptocurrencies.
Blockchain technology is versatile because implementation and usage are possible across various industries, including financial services, real estate, healthcare, entertainment, and agriculture. Blockchain technology can also reduce costs and improve the efficiency of transactions by eliminating third-party intermediaries across a range of industries.
Blockchain technology can improve trade financing. For example, some large, international banks, such as UBS and Bank of Montreal, are part of a consortium that is testing the use of a private blockchain developed by IBM to verify transactions and automatically release payments as goods ship from a warehouse to a mode of transportation to their destination. The project, called Batavia, is reportedly in the final stages of testing.
There are several other groups testing the use of blockchain for trade finance. HSBC and ING recently completed a live trade finance transaction on a blockchain overseen by the consortium R3. In particular, HSBC issued a letter of credit to ING on a blockchain to facilitate a transaction by agricultural giant Cargill.
Financial Instrument Record-keeping
Depository Trust & Clearing Corporation Depository Trust & Clearing Corporation (DTCC) is testing the use of blockchain technology to help manage credit derivatives records. Credit derivatives, such as credit default swaps, are used to hedge the credit risk in loans and bonds.
The blockchain should reduce the costs and complexity of managing these financial instruments. DTCC’s platform will keep track of a credit derivative over the life of the instrument it is hedging and then share relevant information electronically to all interested parties.
Stock brokerage firms are paid commissions to facilitate the buying and selling of stocks and other investments. A public blockchain can potentially eliminate the need for a centralized broker by keeping track of who owns which investment security while also facilitating trades among investors.
This would reduce trading costs for investors. In addition, several established stock exchanges, such as NASDAQ, are exploring how to use blockchain technology to facilitate and record transactions privately.
Real Estate Transactions
The real estate industry is yet another area that is ripe for transformation by dApp development. The process of buying and selling homes is very complicated, with intermediaries like real estate agents, house inspectors, title companies, banks, and attorneys that complicate things. The use of blockchain in real estate can potentially reduce paperwork, the need for attorneys and other third parties, reduce fraud, speed transactions, lower costs, and help democratize real estate.
Healthcare Records Management
The sharing of medical information among relevant parties could be more easily accomplished through the blockchain and possibly lead to better medical care for patients. For example, a patient’s medical records could be shared among patients, doctors, specialists, hospitals, clinics, labs, insurance companies and other relevant parties.
The fact that records cannot be lost or changed in error is another big plus to having patient records on the blockchain.
Creative Content Management
It is often difficult to locate the owners or copyright holders of creative content. This is problematic for producers who wish to license content and for royalty payments to the rightful owner. Blockchain can be used to keep tabs on who created specific content, who has used the content in new creations, and who is owed royalties. The blockchain could reduce the need for various centralized organizations that currently monitor the owners and/or writers of creative content.
Bitcoin was the first widely-recognized use of blockchain technology. However, there are many uses for blockchain that do not involve bitcoin or other cryptocurrencies. Blockchain technology is useful in various industries, including financial services, real estate, healthcare, entertainment, and agriculture.
Blockchain is being called the hottest thing in business right now.
You may know it from the cryptocurrency Bitcoin, but it's since expanded much further than that. Just about every industry is interested in how it can be applied to their work. The energy and financial sectors especially are major industries that are already using this technology.
But did you know that pharma manufacturers are actually the most likely to move ahead with using blockchain in the near future?
Especially if you're not familiar with the concept, it can be hard to visualize or understand how it can be used. However, there are use cases in the industry that many companies are acting on.
So how can the pharmaceutical industry benefit? Keep reading to find out five uses of the blockchain in pharma manufacturing.
1. Supply Chain Integrity
If you work in pharmaceuticals, you know it's a complex industry. There are billions invested in developing new drugs, then getting them approved and distributed. Additionally, there are the watchdog agencies looking over companies' shoulders.
After all of this investment, you pass on your products to other "links" in the supply chain. There are repackagers, hospitals, wholesalers, and pharmacies. Throughout this process, there's no way to trace or detect counterfeit products.
Blockchain is an electronic ledger that records transactions chronologically. Its ideal use in the pharma supply chain is to have a public ledger of products and transactions. Every single link or user in the chain will know exactly what, when, where, and how.
Old-style centralized solutions are expensive due to the large data sets in the industry. With the numbers that most pharma manufacturers work with, blockchain is a cheaper, cost-effective option.
2. Inventory Management
The pharmaceutical and medicine manufacturing industry can greatly benefit from using blockchain for managing inventory. The current problem faced by the industry is efficiently anticipating the demand for pharmaceuticals.
Supply chain managers try, but there's no perfect way to know demand. This is because it's based on being able to have a snapshot of the supply chain.
A system that's based on blockchain means manufacturers can know and anticipate when demand will rise. This leads to better management of the inventory, shorter hold periods, and more profit. The products flow more efficiently and money is saved.
Blockchain technology's main features are being able to track and trace. The visibility into inventory that it provides will become invaluable. Even more so when as both the pharma company and its inventory gets larger and larger.
3. Drug Safety in Pharma Manufacturing
As said above, pharma manufacturers suffer from not having visibility. This is especially apparent when it comes to being able -- or not being able -- to authenticate products.
The modern drug distribution chain is a large, complex process. So far, there's not been a large-scale adaptation of digital technologies and systems to secure that process. Unlike industries like finance, the drugs industry is lagging behind on using blockchain technology for tracing and security.
Before a drug actually reaches a patient, there are many transfer points where ownership changes. This makes it easy for inauthentic products to slip into the chain. There are a number of ways that blockchain can be used to combat this.
For example, a drug could be fitted with a barcode. When it changes hands, it's scanned and entered into the blockchain. This way a secure digital block that can't be tampered with is visible to manufacturers.
Even patients themselves can authenticate and track the progress of their drugs. Authorised bodies like doctors can as well. The record that blockchain creates is an irrefutable, real-time snapshot of the journey.
5. Public Safety
Blockchain's real-time aspect is a major positive feature of the technology. It can be used to increase public safety by being an efficient delivery system for safe medicines to consumers. Manufacturers can give retailers such as pharmacies the ability to track products as they move.
The pharma industry sometimes suffers from a lack of public trust. Using blockchain to transform the pharma supply chain can impact the entire consumer population for the better. Communities and patients can be provided with a transparent process that keeps them safe.
Recalls are another major area that can benefit from this technology. They can be expensive and cause bad publicity for manufacturers. However, companies can use blockchain to manage recalls efficiently and quickly.
The public will be informed and there's less room for errors.
Blockchain for the Pharma Manufacturing Industry
Blockchain has gone through a period of testing and now many industries are ready to put it into practice. Hopefully, at least one of these use cases is relevant to you or has sparked some ideas on how to use blockchain. It's expected that all major pharma manufacturing companies will start to use it in some way in the near future.
We develop software for any proposed blockchain application you can think of. We can offer you new ideas and business opportunities to help you utilize this groundbreaking technology. Have a look at our blockchain solutions now to see how they can take your pharma company to the next level.
Did you know that every year 1.6 billion counterfeit pharmaceuticals are sold? This number only includes Asia, South-East Asia, and Africa. The amount goes up from 10 to 30 percent in developing countries depending on the market.
You might think this number can't be this high but it is. The worse part is that these counterfeit pharmaceuticals are dangerous to people. Some of them are even made with rat poison.
The only way we can stop this is by changing the current pharmaceutical supply chain. How can we change something so big? The key to changing the pharmaceutical industry is blockchain.
Yes, you read that right. Don't have a clue how this technology can change pharma supply chain? We've you covered.
Ready to learn more?
Pharmaceutical Supply Chain: The Basics
Before we discuss blockchain opportunities, we'll go over pharmaceuticals supply chain basics. What is pharma supply chain?
Pharmaceuticals supply chain is the process to deliver prescription medicines to the patients. These methods start at the manufacturing site till the medicines end on the hands of the patient. You know this process is very complex and involves a lot of people.
This opens supply chain to many problems. Some of them are drug counterfeiting, miscommunication, data protection, among other issues.
New technology is being developed to solve these issues. Experts say that the real solution to supply chain problems lies in the blockchain.
Blockchain Opportunities in The Pharmaceutical Industry
Blockchain has given the pharmaceutical industry opportunities to improve. Some of the developments are tracking systems for clinical trials to security protection. The advantages of this technology can even apply to their supply chain.
Yes, you read that right supply chain from start to finish. Here are some of the blockchain opportunities available for the pharmaceuticals supply chain:
1. Stop Counterfeit Pharmaceutical
Counterfeiting of pharmaceuticals is one of the biggest problems in the industry. It represents an estimated loss of 200 billion to the pharmaceutical industry.
The problem is that there are many people involved in the supply chain process. This makes it challenging to control the complete process. Blockchain solves this by establishing a drug tracking system from start to finish.
Pharmaceutical companies can put in place a program that tracks supply chain integrity. Using these programs will allow companies to prevent losing any drugs.
They'll be able to know what's the deficiency in the supply chain process and in what phase. The company can use this information to make adjustments protecting their supply chain.
2. Enhancing Data and Processes
Using blockchain can help pharmaceutical companies to enhance their relationships. This technology will give them control over the operations and bring in more players.
Blockchain can enhance data collection and transfer between distributors, manufacturers, developers, among others. This will provide transparency to the process. Regulators and patients have been asking for this improvement for a long time.
Also, this technology can enhance the process because of its flexibility. Using blockchain can speed and improve the process. Providing control and communication to the operation including sharing data and procedure improvements.
3. Ensuring Integrity of Pharmaceuticals
The integrity of pharmaceuticals is a priority for any pharmaceutical company. Yet, maintaining and protecting it is more complicated than you think.
Blockchain can help maintain the integrity through controlling temperature and conditions. Keeping pharmaceuticals in the best condition possible while complying with the regulations.
Regulators say that temperature control is the biggest problem in cold chain supply. This technology will be helping maintain cold chain monitoring standards.
4. Beginning to End Supply Chain Management
Blockchain can provide pharmaceutical companies the option to establish their own centralized systems. Many of these companies have a wide network of facilities around the world.
This makes it challenging to control and promote synergy among their operations. Using this technology, they can keep an eye on the complete process from start to finish. They can manage the clinical trials, manufacturing, and distribution process.
In other words, make adjustments from the start and adapt the process to their objectives. Also, this helps companies establish collaborations among their network without having to outsource.
Sometimes companies can manufacture the prescription pharmaceutical at another facility abroad. But, they don't have a system to manage the process from their other locations. Blockchain would provide them with the possibility to do this type of operation.
5. Supplier Management
Supplier management can be a huge headache in any industry. Pharmaceutical companies are no exception. Using blockchain can help these companies manage their suppliers.
They can establish standards and procedures for these suppliers to follow. The system can provide options for placing requests to their suppliers. They could send order and processing information through the system.
We know that not all suppliers work the same way. Blockchain systems can give pharmaceutical companies the protection against tampering of records. These systems would help the companies keep the patients safe.
In the long run, this technology can be a great tool to prevent any recalls of the pharmaceuticals. Companies can put patients first and lose less money due to production irregularities.
Can Blockchain Change Pharmaceuticals Supply Chain?
Yes, blockchain can change the pharmaceutical supply chain. This technology has infinite potential to take this industry to the next level. Blockchain solutions will create transparency in the industry.
Regulators and patients have been asking for this for a long time. Pharma supply chain can be more efficient if they use blockchain technology. Staying ahead of the curve is tough in this industry.
Yet, we're confident that developing technology for your company will be the key. To make sure you get the technology you need, your team should make an assessment. This analysis will include your operations and future plans for the company.
Using this analysis as your guide, you'll be able to know what type of systems you need to develop. This way you'll ask your blockchain developers for real solutions for your company. This technology will help you take your company to the next level.
Are you looking for a pharmaceuticals supply chain solution? We can help!
Contact us for more information about our services.