PharmaSync: Optimizing Security and Transparency in Pharmaceutical Supply Chains using Decentralized Hybrid Blockchain
6th International Blockchain Olympiad, Amsterdam, Netherlands, 2023
The pharmaceutical industry depends on a complicated supply chain involving numerous participants to ensure seamless medication delivery to patients. However, this supply chain faces challenges, including privacy breaches, drug counterfeiting, emergency shortages, compliance issues, and product recalls, all of which impact patient safety and stakeholder trust.
We propose PharmaSync, a blockchain-based solution that guarantees transparency for the public while protecting trade secrets of pharmaceutical companies. PharmaSync utilizes advanced technologies such as zero-knowledge proof algorithms to ensure privacy, decentralized identity management for fine-grained access control, and IoT integration to monitor cold chain parameters like temperature and humidity. Additionally, it incorporates compliance verification using smart contracts and NFTs, and an optimized recall management system to swiftly trace and address defective products.
Through these features, PharmaSync enhances traceability, prevents counterfeiting, improves product recall processes, and fosters regulatory compliance while streamlining supply chain operations. The solution aims to raise patient safety standards, strengthen trust, and boost the overall efficiency of the pharmaceutical supply chain.
Figure 1: Technical Architecture.
Figure 2: Solution Overview.