Chronicled develops intelligent supply chain solutions
MediLedger - Security for supply chains in the pharmaceutical industry
MediLedger is a project that addresses the sensitive problems of supply chain management in the pharmaceutical industry. A drug traceability law is expected to come into force in the United States shortly. The project is nearing completion and could be the solution for global trade.
The MediLedger project was launched in 2017 by Chronicled and The LinkLab. Chronicled, based in San Francisco, is a technology company that uses blockchain and IoT to deliver intelligent and secure supply chain solutions. It is a founding member of the Trusted IoT Alliance, whose mission is to develop open source tools and standards that connect IoT and blockchain ecosystems.
The MediLedger project aims to ensure compliance with the Drug Supply Chain Security Act (DSCSA) to prove. The laws of the DSCSA will gradually come into effect on a staggered schedule. The pharmaceutical industry needs to put in place an interoperable system for managing the ownership and distribution of prescription drugs in the United States. Supply chain management for pharmaceutical products is not only a problem in the USA. Expired, relabeled, counterfeit, illegal and ineffective drugs and vaccines are a global problem.
To address this problem, it is necessary to create a transparent and uniform platform on which each individual unit and its transport route are noted. In Chronicled's view, blockchain may be the most suitable technology to enable this interoperable system. You deliberately opted for an authorized Ethereum Enterprise setup and a zero knowledge consensus for your blockchain. Other enterprise blockchains such as Hyperledger Fabric or R3 Corda are less public. Fabric uses private channels between which the parties can exchange information. Corda, on the other hand, only stores the transaction data and histories on the nodes of the companies that were also involved. However, MediLedger intends that everyone really has the opportunity to see the entire process.
The main advantages of the project
MediLedger aims to provide customers with a system that can function as a consortium for drug manufacturers, distributors and sellers. By using it, customers receive advantages such as:
- Lower drug costs: By using MediLedger, the price of drugs can be regulated and thus reduced considerably.
- Counterfeit Prevention: Another important application of this platform is in the containment of counterfeit medicines. This prevents dangerous or ineffective counterfeits from spreading down the supply chain.
- More efficient sales: By using MediLedger, customers can optimize and automate their entire business processes.
- Traceability: By using the blockchain, it is able to improve compliance with the track and trace regulations currently in force in the USA.
- Safety: Another underrated aspect of this platform is its ability to improve patient safety and regulate patient drug delivery. It prevents delivery bottlenecks or incorrectly delivered drugs.
MediLedger Roadmap and new partnerships
Chronicled has begun designing a protocol to improve the complex chargeback process. They are currently working on finalizing the design in the course of the 1st and 2nd quarter of 2019. The participants in the working group would like to put the network to a test phase so that any costly mistakes can be avoided. The development plan provides for the test phase to be initiated after completion in the second quarter. The test phase is expected to be carried out in the 2nd and 3rd quarter.
The project is also making significant strides in building a decentralized blockchain network for the pharmaceutical industry. The network should be on the right track by Q2 2019. Then the protocol meets the DSCSA requirements for verifying salable drug returns. In the first tests, request and response times of less than 400 milliseconds were measured. The blockchain solution is completely operational and could be used and integrated commercially this year.
Leading companies from the pharmaceutical and life sciences industries have joined the MediLedger Project Contracting and Chargebacks working group. These are:
- AmericaSource Bergen Corporation
- McKesson Corporation
- Pfizer Inc.
- Premier Inc.
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