Blockchain, Biotech and Real-Time Auditing

Blockchain, Biotech and Real-Time Auditing - In this issue we discuss the benefits of continuous auditing using blockchain

Blockchain, Biotech and Real-Time Auditing

Where can blockchain be implemented in Biotech?

From an industrial standpoint, the twenty-first century has brought about some of the most significant developments in the industry. Mankind has achieved more progress in wealth generation, knowledge manufacturing, and production than in the whole history of the industrial revolution since 1700. With some flashy new technologies, the old biotechnology business has also gained a new branding. It is now producing vaccinations, medications, and life-saving treatments such as insulin, rather than merely bread and curd as we did in the past. Similarly, the banking industry has undergone a significant transformation due to the introduction of blockchain technology. Most people are familiar with blockchain technology as bitcoins, a simple transactional system for trade. Still, few comprehend its application in business or have recently become more apparent to many industry players.

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Why Biotech and Blockchain?

The merger was inevitable as the world moved toward 'Industry 4.0,' where everything is connected, from raw material procurement through sorting, manufacture, labelling, distribution, and consumption. This means that every industry and its minor supporting industry is linked in a single colossal web network that is totally in sync. Here Blockchain comes into the picture. Blockchain is the foundation of the future industry supply chain, particularly biotech. Two things are critical for the biotech industry: Delays in the supply chain pose the greatest danger to research and time. If things don't sync up well, the industry won't be able to perform or even come out with viable products at a fast enough pace to meet the ever-increasing population's demands.

At Servblock we have developed many applications to meet the stringent demands of our clients. From material traceability to manufacturing intelligence. We provide real time auditing tools to ensure complete supply chain compliance

Biotech, Blockchain and Supply Chain Bottlenecks

The supply chain is a dividing line in the biotechnology business, determining success and failure. Whatever occurs at the production site, the entire effort is pointless if the product is not delivered to the intended consumers on time and without problems. On the other hand, the supply chain is challenging to manage when a product is created hundreds of miles away and has different ingredients manufactured by more than one company. A supply chain runs on a networked system, such as blockchain technology, where tampering with data is impossible, and real-time tracking would make the process more efficient. Similarly, one of the difficulties that has inhibited not just the biotechnology industry's confidence in going beyond its current capacity is product tampering. A lengthy, unsecured supply chain like our current one entails tempering and fraudulent products. Blockchain is a decentralised ledger system that assures two things: product integrity from the point of origin to destination and real-time information in supply chain bottlenecks.

Here at Servblock we are relentlessly focused on bringing together all parties in the supply chain—including manufacturers, assemblers and pharmaceutical companies—onto a single, secure data-sharing and collaboration platform creating value for the entire Ecosystem.

Blockchain and Streamlining Biotechnology Manufacturing

Biotechnology is a research-intensive industry that necessitates a continuous flow of information among its various sectors. Some of this information is very confidential and must be validated and protected. Blockchain technology offers a better method to organize and safeguard data. This assures that the data and the manufacture and the flow of the information are not only safeguarded from end to end but also not tampered with. This is primarily due to Blockchain's intrinsic benefit as a ledger for authenticating the information entered onto it.

At Servblock we are providing for the seamless, secure sharing of real-time, actionable supply chain information across all parties. Contact us to see how ServBlock can provide real time auditing across the manufacturing supply chain.