Exploring the Proof of Work Based Block Chain Algorithm for Pharmaceutical Industry Supply Chain Innovation

Abstract

Block chain technology offers numerous promising opportunities for improving supply chain management. This article provides a brief outline of how Block chain technology is being utilized in the supply chain industry. The article is proposed to explain how the Block chain might help suppliers, manufacturers, regulators, quality assurance labs, and logistics operators by cooperating on a shared ledger, as well as to establish provenance for speciality products at the package level and to reduce income leakage to pharmaceuticals. A Block chain-based pharmacy supply chain management track and trace system could tackle this growing illegal economy by tracking medicine through suppliers, manufacturers, wholesale distributors, pharmacies, hospitals, regulators, and logistics. In this paper it is proposed to display proof of work (PoW) based Block chain algorithm to stop counterfeit medications entering a pharmaceutical supply chain and to enhance transparency, traceability, and security highlighting the merit of PoW algorithm.