Blockchain: The new frontier for supply chain risk management
For all the times you’ve been to a grocery store, have you ever wondered which farms those fruits and vegetables originated? What about the last time you went to a pharmacy? Have you ever stopped to think about the true quality and safety of those drugs, and how and where they were formulated?
Thanks to blockchain technologies, supply chain teams can now track the safety and traceability of products and data across the entire supply chain in ways—and at speeds—once unimaginable.
That is the impetus behind a new blockchain pilot project currently being explored by the U.S. Food and Drug Administration in the pharmaceutical industry, which is more broadly seeking how to incorporate blockchain into pharmaceutical supply chains. As part of this effort, the FDA in early June selected four organizations—IBM, KPMG, Merck, and Walmart—to take part in the pilot project.