Blockchain Based Pharmaceutical Supply Chain and its Challenges: A Review and Proposed Solution

Abstract

In the modern era, pharmaceutical supply chains evolving into intricate and automated networks that hold significant potential for several benefits to its stakeholders. However, one of the main challenges lies in maintaining data origin traceability throughout this complex supply chain network. Conventional supply networks typically rely on centralized third-party intermediaries, which can cause transparency, accountability, and auditability issues. To address these challenges, some businesses are leveraging blockchain technology and smart contracts, implementing them on the Ethereum blockchain. While blockchain can provide immutability for data and records within the network, it does not entirely resolve issues related to the credibility of involved entities, the accountability of the trading process, and the complete traceability of items in the supply chain. The healthcare industry often grapples with issues concerning data privacy, transparency, and authenticity of the information. This paper delves into a solution for enhancing the tracking of healthcare products by utilizing the Ethereum blockchain alongside smart contracts and decentralized off-chain storage. The implementation of a smart contract serves to ensure the origin of data, eliminates intermediary parties, and furnishes all involved parties with a dependable and immutable record of every transaction.