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Blockchain to Provide Authenticity of Medical Supply chain to counter COVID19 Challenges
We know the supply of PPE is already less and there is more demand for the PPE both by Doctors and General Public.
Considering the Quality norms, it is high time to ensure that only Qualified masks are getting supplied into the Market. But are the current technology solutions are able to provide that ?
The answer is No and here we need a robust foolproof system to track the quality and Authenticity of Masks and Other PPE that is being supplied to markets.
Here comes A blockchain solution named ‘Rapid Supplier Connect’ to address this by leveraging both the IBM blockchain network and Chainyard’s Trust Your Supplier identity platform.
To explain in brief, Rapid Supplier Connect is a blockchain-enabled platform where potential buyers can find the authorized and Trustworthy suppliers and trade with them, the entire flow will be taking place on an immutable Blockchain ledger
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Blockchain is being leveraged to connect buyers with non-traditional suppliers producing masks and other PPE needed to combat COVID-19.
Shortages of personal protective equipment, or PPE, used by health care professionals are posing a tremendous challenge to the United States health care system as a result of the coronavirus pandemic.
According to the Centers for Disease Control and Prevention, PPE helps protect health care personnel from potentially infectious patients and materials. The CDC recently released a guide on strategies to optimize supplies of PPE. In addition to these guidelines, technology solutions are being implemented to enable more trustworthy information and accelerated discovery, resilience and adaptation to meet current medical supply demands.
For example, technology giant IBM launched its Rapid Supplier Connect solution on April 27, which leverages blockchain to help government agencies and health care organizations identify new, non-traditional suppliers that have pivoted to address the shortage of equipment, devices, and supplies needed for COVID-19 relief efforts.
Built upon the IBM Blockchain network powered by Hyperledger Fabric, Rapid Supplier Connect is intended to link buyers with non-traditional suppliers such as apparel or home goods companies that are now making masks, gowns and other items for health care facilities and personnel.
IBM’s global blockchain lead for health care and life sciences, Mark Treshock, told Cointelegraph that Rapid Supplier Connect was designed just three weeks ago to address the challenges of connecting health care facilities in need of equipment with companies that are now manufacturing these products. He added:
“The mission of Rapid Supplier Connect is to bring two parties together, reducing the friction and time it normally takes to conduct business. Blockchain is applied here to enable companies to move forward fast and efficiently.”
According to Treshock, Rapid Supplier Connect is available at no cost until Aug. 31, 2020 to qualified buyers and suppliers located in the U.S and Canada.
Suppliers and buyers currently joining the network include hospitals and other organizations such as Northwell Health — New York’s largest health care provider — and The Worldwide Supply Chain Federation, which is onboarding more than 200 American suppliers from its 3,000 global community members. Media conglomerate Thomson Reuters is also part of the network and will provide access to its Clear customer due diligence tool to offer buyers real-time and comprehensive data to vet suppliers and identify potential fraud risks.
Solving supply chain challenges with blockchain
The Rapid Supplier Connect platform also addresses the challenges of identifying new suppliers, efficiently onboarding them, and evaluating their inventory availability in real time. Once this information has been sorted, buyers such as hospitals and pharmacies can begin purchasing items at scale from non-traditional suppliers.
According to Treshock, Rapid Supplier Connect leverages both the IBM blockchain network and Chainyard’s Trust Your Supplier identity platform. Combined, these two systems work to validate and confirm information about suppliers:
“Rapid Supplier Connect focuses on validating and confirming information about suppliers, like whether or not the company is trustworthy and if a buyer would want to transact with them. Trust is built into every transaction, as everything is recorded on the IBM Blockchain, which is a private, permissioned network.”
Treshock explained that a supplier wanting to join the Rapid Supplier Connect network would first need to create a profile that resembles a digital passport or wallet, including financial information, FDA certifications and other documents and identity points. Once the profile has been created and validated by the Trust Your Supplier system, all the information is loaded onto IBM’s immutable blockchain network. Treshock added:
“Immutability is what we leverage here. As identity points are validated, confidence is gained in suppliers. A buyer can then come onto our platform, search for suppliers that make masks for instance, and get a series of suppliers to connect with.”
Suppliers can also upload their inventory directly onto the network, allowing interested buyers access to request that information. “Identity documents are not open to anyone on the platform, everything must be requested first,” Treshock pointed out.
