Overview
The new realities of the COVID-19 outbreak have accelerated technological innovation and increased technology adoption in many ways.
As the medical world works to control the new contagion, the benefits of blockchain technologies could make it an integral tool in both the vaccine discovery process and in worldwide distribution of the vaccine.
How can the security and verifiability of blockchain help expedite mass production, monitoring and distribution of a vaccine in such an urgent timeframe?
Collaborative Development
The world is coming together to tackle the novel coronavirus. Especially on such a global scale, blockchain technologies can act as a single reference point to share and distribute the large amount of data that is identified every moment.
With blockchain, researchers and doctors from around the world can collaborate on the path toward an effective vaccine without jeopardizing a competitive advantage; the immutability of blockchain helps maintain authenticity, acting as a ledger of truth.
Mass Production and Distribution
A ledger such as blockchain can help ensure more efficient supply chains. By recording the manufacturing process and being able to trace each stage of the production and distribution chain, blockchain technologies enable facilities around the world to streamline processes, adjust workflows based on supply chain disruptions and more.
A blockchain-enabled supply chain will also be more equitable. As an openly verifiable platform with no single source of control, blockchain can help in the distribution of a vaccine to those who need it more, not to those who control or fund a vaccine.
Quality Control and Waste Reduction
The transit and storage of vaccines often leads to a percentage of loss — from supply chain losses, spoilage or other distribution issues.
As a real-time digital ledger, blockchain can allow the health care industry to decrease the wastage percentage. Tracking each source and stakeholder within the supply chain, as well as each vial of vaccine, will enable doctors and distributors to minimize risks and problems.
From controlling the temperature to ensuring the number of necessary syringes or rubber stoppers, the up-to-the-second information provided by blockchain technologies will be critical in ensuring that every patient in need will have access to a vaccine.
From end to end, blockchain may soon be a key component in getting vaccines into the hands of health care workers and at-risk populations.