Using Blockchain To Fight Against Counterfeit Medicine

Abstract

Counterfeit drugs have become a global threat that recently have drawn significant attention. Estimated by WHO, more than a million people die because of using fake drugs. If we dig through the reasons behind counterfeit drugs existing in our lives, one of the main reasons is imperfect supply chain. In our current way of drug supply chain management, there are lot of loopholes that allows these fake drugs to be manifested. The present scenario states that there are presumably not enough data being shared among the parties in the supply chain, thus creating an opportunity for these counterfeiting. This results in not only loss of precious life but also billions of dollars are being lost in the process. This thesis went through an in-depth concept of how we can fight against counterfeit drugs specifically using the power of blockchain technology. Also, this thesis consists of how blockchain technology can create a more secure platform for data serialization in the supply chain of medicines and a demo application explaining how it can be implemented in the real world. This thesis will explain how promising this new technology can be and how this can prevent not only counterfeit drugs but also any other kind of products that needs strong authenticity in the supply chain.