The latest updates from our team of experts. Find out what’s happening here at 6fusion and our take on the industry at large.
Setting Industry Standards for Supply Chain Management
As technology continues to evolve, businesses of different industries are becoming more comfortable exploring options designed to best optimize their processes, and manage their supply chain. An example of this is the pharmaceutical industry.
‘One area in which the ability to record data in a tamper-proof and transparent way is the sprawling and complex pharmaceutical supply chain that encompasses the development, manufacture and distribution of drugs that are used by hospitals, healthcare centres and sold over-the-counter to consumers. The idea of data sharing is not one that many pharmaceutical manufacturers are comfortable with. The industry is heavily reliant on each company having complete control of their intellectual property, and keeping it hidden from their competitors. Many of the executives also equated blockchain with giving regulatory bodies carte blanche to see whatever they wanted. This would not be the case with a permission-based blockchain, where access and visibility can be assigned and data remains anonymous, timestamped and audited. So blockchain could potentially allow data sharing relating to supply chain efficiency without opening up a company’s secrets to the world. Another facet of the need for increased data sharing is the requirement to better harmonise with their partners along the supply chain as part of the FDA’s DSCSA and other regulatory bodies’ guidelines for securing the supply chain.’ (Colm Hebblethwaite, blockchaintechnology-news.com)
The more our particular set of software and services are viewed as the right option for businesses of varying industries to adopt, the better we’ll be able to help empower those businesses to make their particular processes more transparent which can help facilitate positive growth over time.