US Researchers Develop Blockchain Protocol to Fight Counterfeit Pharmaceuticals
Ana Alexandre's original article for cointelegraph.com reduced by 54%
Portland State University researchers have made a blockchain protocol to prevent counterfeit pharmaceuticals from filling the market, according to a press release published on April 15.PSU researcher and professor of computer science at the Maseeh College of Engineering and Computer Science, Nirupama Bulusu, in collaboration with PSU computer science doctoral student Naif Alzahrani published a work dubbed "A new product anti-counterfeiting blockchain using a truly decentralized dynamic consensus protocol." In the paper, the researchers described a new blockchain-based method to record transactions geared to facilitate the fight against fake pharmaceuticals by product checking and decentralization. Bulusu reportedly stated that the decision to create the protocol was due to the fact that the counterfeit pharmaceutical crisis harms the most vulnerable international populations. Blockchain technology has been widely adopted in order to fight counterfeiting in various industries.
Recently, IBM and data storage firm Seagate announced a joint initiative to fight counterfeit hard drives using blockchain technology. The project will reportedly use IBM's Blockchain Platform to help manufacturers, integrators, and business partners better authenticate the provenance of hard disk drives. VinX plans to develop a token-based digital wine futures platform based on the Bordeaux futures model, that will enable the trade of wine futures on a blockchain platform.
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