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Blockchain

Blockchain is an emerging technology which can be defined as a digital, distributed ledger, that records transactions, with identical copies of data maintained on multiple systems controlled by various entities. Its applications lie in cryptocurrency, smart contracts etc.

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    Blockchain market frequently asked questions


    As per Beroe's analysis report, the net global worth of global blockchain market size will scale up to $2312.5 million by 2021 at a CAGR of 61.54 percent.

    Blockchain can easily disrupt all industries. However, most institutions will try to leverage technology to minimize costs and simplify operations. Different industries will also encounter the onset of blockchain test case solutions at an accelerated pace with the technology becoming more prevalent everywhere.

    One primary factor that makes blockchain reliable for most individuals is because it offers a distributed cloud storage facility. The distribution allows storing data on a peer-to-peer network (rather than centralized cloud storage) at multiple locations enhancing the overall data security.

    To complete a transaction successfully, you need to use a virtual cryptocurrency like Bitcoin. As this virtual currency is fully encrypted, can't be counterfeited, and no central authority controls it, it's a perfect choice for performing secured transactions on the public ledger.

    Controlling the exchange of assets in real-time on the blockchain (a public ledger) becomes convenient and helpful due to the presence of distributed asset ledger, which makes tracking the ownership of real-world assets easier since a data piece is always attached to it. The data can only be accessed by a private key that the owners hold.

    Timestamp feature of the blockchain (also called Decentralized notary) comes handy when one needs to validate the state of the wrapped data piece at a given time. If required, it can further be used as a proof of means in a court of law.

    Smart contracts are nothing but computer codes to control digital currency/asset transfer stored on the blockchain which also gets verified and executed through a network of computers within the blockchain. The decentralized exchange allows customers to buy and sell cryptocurrencies without relying on a centralized exchange.

    Following the insights of the blockchain market news, one can conclude that the blockchain technology is showing promising applications across the entire pharmaceutical chain in the form of: - Discovery and development of drugs - For manufacturing of the drugs - In sales and marketing - To streamline and manage the supply chain and distribution

    As per blockchain market news report, smart contracts can creatively influence the blockchain as a service market share owing to its multiple use-cases in the pharmaceutical and the healthcare domain. It's primarily used for: - Automating the contracts and managing different payments - Intellectual Property signed in these sectors along with others - It can also be utilized to influence the blockchain market price

    If we look at the blockchain market trends, smart contracts have multiple use-cases in the pharma sector, especially while dealing with CROs, regulatory agencies, research labs, etc. They can be used to control asset transfers and access electronic records.

    Blockchain market report transcript


    Global Market Outlook on Blockchain

    According to the industry reports, the global blockchain technology market is worth $210.2 million in 2016. It is expected to reach $2,312.5 million in 2021 at a CAGR of 61.54 percent.

    blockchain

    Though blockchain has extraordinary potential to positively disrupt almost all the industries, chances of success are increasing but the near-term success looks improbable. Going forward, reducing costs and simplifying the operations will be a major focus for many institutions, and blockchain will provide a clear way toward achieving these objectives. Industries will get to see acceleration of the emergence of blockchain test case solutions and it will become more prevalent.

    Major Applications of Blockchain

    • Cryptocurrency:It is a virtual currency that uses encryption techniques for secure transactions.Not easy to counterfeit and not issued by any central authority.E.g., Bitcoin.
    • Distributed Cloud Storage: Provides ways to store data on a peer-to-peer network rather than having to rely on a central cloud storage service. Storing data in multiple locations increases the data security.
    • Distributed Asset Ledger: It helps tracking ownership of real world assets through a piece of data attached to it and can be accessed by a private key that is held by the owner. So, controlling exchanges of assets in real-time in public ledger (blockchain) becomes easy and helpful.
    • Decentralized Notary:The timestamp feature of blockchain validates the state of wrapped piece of data at a certain time. Hence, confirms the existence at a stated time that is further provable in a court of law.
    • Smart Contracts:Smart contracts are computer codes that directly controls transfer of digital currencies or assets that are stored on a distributed storage platform (blockchain) and verified and executed by a network of computers in the blockchain.
    • Decentralized Exchanges: It is an open source, peer-to-peer (P2P) cryptocurrency exchange platform. Customers are able to buy and sell cryptocurrencies securely without relying on a centralised exchange.

    Blockchain Applications across Pharmaceutical Value Chain

     Drug Discovery

    • Research lab data and drug formula might be stolen or breached
    • To verify user identity to access confidential data
    • Data storage compliance and auditing requirement

    Drug Development

    • Clinical trial results manipulation
    • Contracts need to be signed with CROs
    • New drug application submissions only through paper to regulatory authorities in certain countries
    • Patient identity verification

    Drug Manufacturing

    • Distributed manufacturing makes track and trace cumbersome
    • Tampering of chemical formulas and improper mix of ingredients
    • Tracking the origins of potential compounds

    SCM and Distribution

    • Difficulty in track and trace of drugs, due to complex drug supply chain
    • Fake, diverted or stolen drugs
    • Third-party required to verify the fulfillment of contract terms

     Sales and Marketing

    • Receipt of payments for drugs sold as per contracts terms
    • Customer RFPs management

    Applications – Smart Contracts

    Smart contracts can be the most used applications of blockchain technology in pharmaceutical and healthcare sectors. It can be extensively used for automation of contracts, various payments made, and Intellectual Property signed in the above sectors as well as in other sectors

    Smart Contract

    • Smart contracts are computer codes that directly controls transfer of digital currencies or assets that are stored on a distributed storage platform (blockchain) and verified and executed by a network of computers in the blockchain
    • Executes a functional implementation of a certain requirement along with showing proof that particular agreements were followed or not
    • Usually the implementations are fairly strict and make the breach of an agreement expensive.E.g., If a drug supply payment is not made on-time, the supply gets locked digitally until the payment is received
    • Applies to almost anything and everything that changes its state over time and have a value attached to it
    • Applications include, communicating with real-world assets, Internet of Things, financial instruments, smart property, etc.

    Benefits

    • Replaces paperwork with automatic execution of the obligations unlike traditional contract
    • Easy to program
    • Gives distributed trustworthy calculations for parties in the contract
    • Represents pieces of a legal agreement
    • Contract outcome can be used for audit trail
    • Real-time updates
    • Lower execution risk
    • Fewer intermediaries
    • Lower cost
    • Templated KPIs and SLAs

    Use Cases for pharma

    • While dealing with Contract Research Organisations (CROs), regulatory agencies, partners, research labs, clinical trials, suppliers, customers and other firms, smart contracts can be used to control asset transfers. It can also be used to access electronic records
    • Smart contracts automatically enforces obligations, hence, no third party is required to track or verify each and every agreement