I’m a (Blockchain) Believer
The pharma industry is built on data; distributed ledger technology could transform how we use, share, interact with and benefit from it.
Richard Shute |
Blockchain is beginning to make waves in the pharma industry, but many people still do not understand what it is. Also known as distributed ledger technology, blockchain is essentially a big record book; it acts as a decentralized, digital journal where transactions and data are recorded in a consensus across many computers or nodes. Importantly, this is done in such a way that ledger entries or records cannot be altered retroactively or individually to affect the consensus. As data or transactions are stored in “blocks” that are connected to each other, the term “blockchain” was born.
Blockchain technology is most commonly associated with cryptocurrencies, such as Bitcoin; in fact, blockchain was initially developed to serve as a transaction ledger for cryptocurrencies. In recent years, the sometimes high-profile nature of famous cryptocurrency investors, coupled with instability in cryptocurrency markets, has led to increasing media headlines about the topic, spreading awareness of blockchain technology. The financial services industry has already been experimenting with blockchain, but now other industries, including life sciences and the pharma industry, are beginning to take notice.
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