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Blockchain Could Curb Medical Scandals

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jedijazz Member Level  Monday, 07/23/18 03:38:02 PM
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Blockchain Could Curb Medical Scandals
Date : 07/23/2018 @ 1:22PM
Source : InvestorsHub NewsWire
Stock : Bitcoin (BTCUSD)
Quote : 7760.10 358.70 (4.85%) @ 3:36PM
Blockchain Could Curb Medical Scandals

Bitcoin Global News (BGN) EPAZ

July 23, 2018 -- ADVFN Crypto NewsWire -- The Chinese government recently completed an investigation into a major vaccine manufacturer. The report found that Changsheng Biotechnology created false data regarding its rabies vaccine production. The Chinese blockchain technology community has voiced the ability of blockchain prevent issues like these. And further, the concept of the immutable ledger can be applied to many other “right to know” situations.

Supports have been using popular Chinese social media platforms to push for blockchain adoption in the pharmaceutical industry, so that every step of a vaccine's production and distribution can be tracked on a public, digital ledger. One of the best-known of the country's crypto investors, Li Xiaolai, published an article on his own WeChat channel arguing that vaccine production and distribution is a public endeavor, even though the companies producing the product are private.

Blockchain Builds Accountability

The entire vaccine supply chain should be open to all and a distributed ledger should be employed to record several vital data points to maintain accountability and fairness:

Who produces the vaccine

Who is in charge of quality assurance

What medical facilities received the vaccine

What price it was sold for

Who has received shots of the vaccine

"In fact, the token-less blockchain technology has got pretty good prototypes so far. But given people's misunderstanding of blockchain as something just for speculation, ... it's hard to put those applications into usage whether for government agencies or non-profit organizations.” - Li Xiaolai

Tip Of Iceberg

Another article on Chinese social media totalling the improper business practices of Changsheng Biotechnology, but within a day the piece was blocked on all social media due to sensitive information it included. Authorities claimed it was to prevent potential widespread public panic.

But here again, blockchain technology has countered the event. The article was written into a transaction on the ethereum public blockchain by anonymous coders, creating a permanent version of the information. News of blockchain working for social good will certainly help in adoption across all industries.

By: BGN Editorial Staff



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