The pharmaceuticals sector is a vast industry that is profoundly affected by counterfeits which leads to losses in billions of dollars. However, a paper published by Nirupama Bulusu a researcher from Portland State University (PSU) together with a doctorate student Naif Alzahrani from PSU computer science school depicts how blockchain technology can be used to fight counterfeits once and for all. The paper dubbed A new product anti-counterfeiting blockchain employs the use of a decentralised dynamic consensus protocol to get rid of counterfeiting. Nirupama Bulusu also doubles up as a professor of computer science at the Maseeh College of Engineering and Computer Science.
How the Blockchain Solution Works To Get Rid Of Counterfeits
According to Nirupama Bulusu, to get rid of the counterfeits issue, they developed their solution to take care of record keeping when it comes to transactions. Through blockchain technology, stakeholders in the pharmaceuticals area can record their operations in a new and more secure way. Blockchain would help curb counterfeits by leveraging its decentralised nature and initiating product checking mechanism. Further on, blockchain technology will help get rid of centralized anti-counterfeits systems currently in place by using its block mechanism to create and store all transactional records on its block of chains. With the information on the blocks, it would be easy for stakeholders, in this case, sellers to not only track but also verify products without a hassle. In addition to the above, storing the data on the blocks enables easy modification. To modify any string of data, only authorised users with specific keys can do so on the blockchain network. Tracking is made possible since all products are tagged with digital product tags. The tags include data such as name, expiration date and product serial number. Through all the above it’s easy for one to verify any data stored on the network.
Furthermore, Bulusu blockchain can be used by both large and small enterprises. The latter can easily track product history through their phones step by step with ease. Moreover, they are assured of the authenticity of their history and data stored on blocks since it’s harder to modify or even enter fake details on the system.
Besides Bulusu blockchain solutions, other blockchain systems being developed to fight counterfeits are under the hands of IBM and Seagate. On the other hand, Overstock.com’s has invested in a subsidiary under Medici Ventures which is set to develop a blockchain based platform for wine trading.