Easton Pharma In Talks To Develop Blockchain Platform
Easton Pharmaceuticals has initiated talks to develop a blockchain platform and cryptocurrency in order to streamline its supply chain of medicinal / recreational marijuana.
The Canadian diversified specialty pharmaceutical company plans to launch a blockchain-based platform for medicinal marijuana for tracking it from the point of origin to the approved end users, preventing tampering and errors.
The company is yet to reveal the name of its Blockchain technology partner.
The company will enable users to buy, sell and pay for the products with cryptocurrency.
Blockchain is the underlying technology of several cryptocurrencies such as Bitcoin, but has of late, found greater acceptance in fields beyond finance such as pharma, logistics, food and retail, government services and even in distributing aid to refugees.
Blockchain is a digital ledger technology capable of recording transactions and storing data in immutable blocks across a distributed network. The entire history of the supply chain for a product that is assigned a unique identifier is captured, as it moves to the end customer.
Last week, German logistics company DHL and global technology consultant Accenture have developed a blockchain-based working prototype to benefit the logistics industry, particularly for pharmaceutical products.
The use of blockchain technology will eliminate tampering, altering and erasing of product record as data is validated at every stage by stakeholders across the distributed network.
This will be particularly helpful in the pharmaceutical industry as it provides patients with authenticated medications.
In August last year, ten of the largest food producers and retailers, including Nestlé, Tyson Foods, Unilever and Walmart, had announced collaboration with IBM Blockchain to help track food supply chains and improve food safety.
by RTT Staff Writer
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