Medical Suppliers Opt for a Blockchain-Driven Supply Chain to Ease Fight Against COVID-19

Many medical suppliers are considering employing blockchain technology to meet the increasing demand for medical equipment amidst the COVID-19.

The lockdowns and ban on international travel imposed by many governments all around the world in an attempt to restrain the coronavirus pandemic have impacted the freight industry enormously.

The medical industry saw a need to revise the model of export and import of emergency medical supplies in order to maintain a constant level in store. With the increased demand for medical supplies comes the need for speed in vetting new suppliers as well as a streamlined identification and verification process for new vendors, which apparently blockchain technology could satisfy.

Coinidol.com, a world blockchain news outlet, reported that shipment of counterfeit medical equipment was on the rise amid the coronavirus pandemic, and countries were innovating ways of tackling such issues. Blockchain-powered verification technology, therefore, comes in handy during this time.

In the US, Northwell Health Group just demonstrated the need for a digital, fast, and transparent supply chain. The company joined IBM’s Rapid Supplier Connect, a platform that simplifies supplies of critical goods and services using blockchain technology.

Blockchain can benefit the entire healthcare industry

As of now, many industries have been exploring the potential of blockchain technology due to the transparency and traceability it offers. Healthcare is not an exception.

The exploration of this innovation started back in 2017. The technology’s potential is seen to be applied in clinical health data exchange and interoperability, claims adjudication and billing management, medical research, cybersecurity, and healthcare IoT, among others.

Although the concept of blockchain is still hard to grasp by many people, its applicability is increasing across industries. The medical field just saw a regenerated need for the technology in recent years and many are opting for it to keep up with the fight against coronavirus pandemic. It is believed that these use cases will create more awareness about the technology as well as remove the hype about blockchain.