On June 13, IBM, KPMG, Merck and Walmart announced that they have been selected by the FDA to evaluate the use of blockchain for identifying, tracking and tracing prescription drugs.
The U.S. Drug Supply Chain Security Act was created to better monitor prescription drugs and vaccines in the country. The program is intended to assist drug supply chain stakeholders in developing interoperable systems.
Blockchain is one technology that is being tested. The four companies will create a shared permissioned blockchain network that allows real-time monitoring of prescription medicines.
The new blockchain is intended to reduce the time needed to track and trace inventory, allow timely retrieval of reliable distribution information, increase accuracy of shared data, and help determine the integrity of the products.
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