Samsung Announces Blockchain-Based Medicine Project

South Korean tech giant Samsung announced that they will conduct a series of test pilots of a blockchain-based medicine distribution management project, according to Cointelegraph.

The project aims to guarantee transparency in the tracking of pharmaceutical drugs. The programme’s official name is “Disruptive innovation technology for tracking drug distribution history”. It was announced by the Samsung IT division, Yankup, at a meeting in Seoul, South Korea.

Moreover, officials from Samsung have said that a number of hopeful participants in the project, including pharmaceutical firms, pharmaceutical distributors, and a number of South Korean medical institutions, have approached the company.

Lee Eun-young has stated that the pilots will begin in November 2020 and will last between three and six months. The Samsung pilots will consist of an IoT-linked temperature history tracking service. This will also include automatic history management for incoming and outgoing goods. If the pilots prove successful, the project could see full implementation among South Korean and foreign participants in June 2021.

AMB Crypto purports the value of blockchain in the medical industry is likely to grow to $5 billion by 2025. A further 55% of healthcare solutions could adopt blockchain technology into their systems in times to come for commercial purposes.

Brazil has recently announced that they would be including a blockchain technology-based system in their country’s fight against Covid-19. The project will track and monitor people who have been inoculated against the virus. It will also subsequently track their medical histories and other relevant information.

It is evident that the global Covid-19 pandemic has allowed for the increased popularity of blockchain-based solutions to the medical problems facing the global community today, and Samsung plans to take a lead in this regard.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.