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VIANT, GSK COLLABORATE FOR BLOCKCHAIN SUPPLY CHAIN TRACKING: Blockchain startup Viant announced a new collaboration with pharmaceutical giant GlaxoSmithKline (GSK), Microsoft, and others to develop blockchain-based supply chain tracking solutions. Together they’re looking to accelerate the growth of Viant’s Ethereum-based blockchain supply chain platform in the pharmaceutical sector by using the distributed ledger technology to track intellectual property (IP) licenses as well as ensure that products are produced, transported, and stored in proper conditions.
Blockchain could be particularly useful for pharmaceutical supply chain tracking, bringing greater transparency to a complex, interconnected production process with numerous stakeholders. That’s because blockchain is a distributed ledger — no one stakeholder controls the network and records are immutable and confirmed by the stakeholders in the network. In big pharma, Viant sees its blockchain-based solution helping GSK license its technologies to researchers around the world while ensuring that they’re using that IP properly.
Beyond licensing, it can help GSK or other pharmaceutical firms track production. For instance, GSK could require manufacturing facilities to label products on a shared blockchain, which would create visibility into production all the way through to delivery. This can accomplish a few goals:
- Preventing mislabeling. Mislabeling of drugs has led to costly recalls and creates liability risks for pharmaceutical companies.
- Combating counterfeit medications. Counterfeit medication is a major problem that companies face in distributing drugs in the developing world. The World Health Organization estimates that 10% of medications are counterfeit. These counterfeit Read More Here