The supply of COVID-19 vaccines is a trending issue that needs to be tackled with utmost transparency. The vaccine is high in demand and there are bound to be some barriers in its supply. But prudent decision makers have employed blockchain technology to monitor the supply chain of the COVID-19 vaccine. Recently, two organizations have announced the development and 90% perfection of COVID-19 vaccines. Now the biggest challenge they are facing is the distribution of this vaccine and experts are certain that blockchain can play a prominent role.
According to Reuters, a couple of British hospitals have announced they are using blockchain technology to track the storage and supply of COVID-19 vaccines. The organizations behind these hospitals said this was among the first such initiatives in the world. In central England’s Warwick and Stratford-upon-Avon, two hospitals are reportedly expanding their utilization of a distributed ledger (blockchain technology) in tasks related to everything from tracking chemotherapy drugs and vaccines to monitoring the refrigerators housing the COVID-19 vaccines.
A company monitoring vaccines for Britain’s National Health Service (NHS) said that blockchain technology will boost the data sharing and record-keeping process across the supply chains. The same statement was released by a Texas-based ledger Hedera that is owned by firms including IBM and Google. It was said the logistical hurdles pose a prominent risk to the timely distribution of COVID-19 vaccines but the blockchain technology will add transparency in this process which will not only speed up the distribution but also ensure that no fraudulent activities are taking place regarding the COVID-19 vaccine.
Blockchain is a unique technology that allows multiple parties to easily manage and share a database. This database will be decentralized which will add to its transparency. The technology will also allow these parties to create and share a transparent supply chain that can be mutually agreed upon without any dispute. The best aspect of blockchain technology is ownership. It is not owned by anyone and offers a generic standardized protocol using which all participants can join and share relevant data. The information stored on the blockchain is immutable and cannot be deleted and this boosts the level of accountability and transparency.
Experts believe this technology has the ability to solve some of the prevalent challenges related to standard supply chain management. These challenges include accuracy in tracking items, complications in stock management, participants’ accountability, fighting potential counterfeits, and more. Despite the announcements, the duration of effective delivery of the vaccines to the people still remains unclear. We hope that it reaches every person in the world so we all can stay safe from this disease.