Blockchain technology is accelerating digital transformation in many industries. The pharmaceutical industry is no exception. Like many other industries, it suffers from a lack of transparency, traceability issues, and trust between suppliers and buyers of medicines and equipment.
The use of blockchain in the pharmaceutical industry
The main application of distributed ledger technology in drug manufacturing is to create a secure and reliable way to exchange information between different organizations: packers, distributors, clinical centers, wholesalers, and even individual pharmacies.
Blockchain can improve the interaction between all participants of this entire chain. Because stakeholders can authenticate records on the blockchain themselves, they do not need any single clearinghouse of information.
Organizations do not need to share their internal data (including confidential ones), and blockchain records can easily replace the large amount of documentation required in pharmaceuticals at all stages of work: from creating a drug to getting it on the shelf in a pharmacy.
An important factor for ensuring the reliability of production.
Blockchain can help ensure that there is a reliable and accurate database that is shared across the pharmaceutical production and supply chain.
With blockchain, barriers between stakeholders can be overcome by providing all parties with the same and accurate view of the supply chain in real time. This is an important factor for ensuring the reliability of production.
Blockchain technology has several significant advantages when implemented in the pharmaceutical industry:
1. Security: The data added to the blockchain cannot be changed. All transactions are encrypted and tied to the previous block. Thus, it becomes easier to track transactions and fraud attempts are eliminated.
2. Transparency: The database is open to the public, which makes blockchain systems transparent. There is no need to request evaluation or verification of information from third parties.
3. Traceability: makes it easier to trace the origin of a product.
4. Efficiency and speed: blockchain platforms facilitate and speed up any financial transactions.
5. Automation: Operations can be automated using “smart contracts” that reduce human intervention and dependency on third parties to verify that all participants are complying with the terms of the contracts.
Thanks to the blockchain, information about medicines becomes more transparent and available to all interested parties in almost real time. The main advantage of blockchain is that it does not require any single central owner of all information.
This means that detailed data on already created and upcoming drugs can be available to all interested parties, which eliminates any problems with the trust and security of data and systems.
GBLedger is a unique and unparalleled blockchain platform for developing industry solutions that redefines transactional applications and makes them more performant, scalable and transparent.
With its help, it is possible to implement a variety of solutions in various business areas.
The platform supports business transactions of the main technological, financial, trade and production processes, and also allows you to create digital products, services and payment instruments, solving the problems of accounting for mutual settlements between an unlimited number of system participants with guaranteed confirmation.
Betting tokenization: a new tool for efficient work of bookmakers
Bets on sports, political, cultural, financial, weather and other events are as old as the world. Bookmakers that accepted bets on gladiator fights, horse races and the outcome of athletes’ competitions at the Olympics appeared as early as 776 BC.
Several thousand years have passed, but the desire of people to organize disputes and make money on it has not disappeared anywhere. Only the technologies and methods of accepting bets have changed.
And the next round of this evolution is the blockchain, which can once again change the work of bookmakers.
On March 25, 2014, the Dogecoin community successfully raised 67.8 million Dogecoins (roughly $55,000 at the time) to sponsor NASCAR driver Josh Wise.
This was the first time that a digital asset was used to sponsor a participant in a significant sporting event. Although Wise did not win the race, cryptocurrencies made headlines again, sparking a lot of interest in the blockchain industry.
Sports bookmakers have realized the potential of digital tokens to facilitate transactions and use them in betting.
What is a staking token?
A digital token is an asset that allows the owner to make transactions on the blockchain. Transactions with such tokens range from buying team merchandise, betting on sports results, to participating in player transfer markets.
Besides the economic aspect, sports betting tokenization brings another great benefit: the ability for fans to interact with their favorite teams and players. Sports tokens have greater appeal because fans feel closer to sports personalities or companies.
Thus, the main advantage of tokenization is the involvement of fans. The tokenized solution provides a convenient bridge to bridge the gap between fans, players and clubs, creating an invaluable sense of community that leads to greater engagement.
There is a simple and logical explanation why betting is so popular. People in general are very competitive by nature, besides we like to play games.
Another factor is the satisfaction of being “right,” whether in an argument or a prediction. People bet because it combines our natural desire to win.
Bookmakers often face many risks and need to protect their income. They must consider transaction fees, potential penalties, claims and chargebacks, and human error.
This makes betting a costly business and in order to remain profitable bookmakers are forced to lower the odds they provide for betting. This results in less winnings for players, which in turn reduces customer satisfaction.
Second, the players. They are forced to bet on lower multipliers and win less money due to the risks bookmakers have to take into account.
In fact, in the conditions of the traditional betting market, players have no choice: they either agree to the established conditions, which are more or less the same for different bookmakers, or they do not play at all.
Another problem that players face is the relatively small selection of events to bet on. The bookmakers control the event pools and will not add anything that they think is unpopular.
Local and relatively small events usually seem to be of interest to local bettors but are overlooked by traditional bookies due to the added cost of creating an event that needs to be covered.