In this series, participants from the 16 November 2016, Pharma Blockchain Bootcamp, lend their insights into the future of distributed ledger technology.
Reid H. Graves
Sr. Consultant, Enterprise System Partners (ESP)
1. What is blockchain in your terms?
Blockchain is a new innovative technology that can be programmed to track and trace Life Science products through the supply chain, including changes of ownership amongst trading partners. It can do so in a secure, trustworthy, and efficient manner.
2. How will it change the way the world works?
Due to its flexibility, we can’t imagine all the ways it will eventually be used. The possibilities are enormous. In the short-term, it can be used to ensure immutable records are shared in a distributed ledger system that is interoperable for all trading partners within the Life Sciences and Healthcare industry. This will aid in securing our end-to- end supply chains and combating counterfeit medications.
3. What type of standards/open source bases will need to exist for your view to be realized?
Many of the data elements (both Master Data and Transactional Data) needed for a blockchain are already stored in ERP/DRP systems serving the industry today. Building prototypes, pilots and proof-of-concept systems will be needed to flush out the capabilities, strengths, and weaknesses of a block chain solution. If we get started soon, we can direct the outcome. If we wait, it will be imposed upon us.