When seeking more secure technologies and removing an intermediary from the execution of the business plan while reducing the cost to customers, distributed ledger technology could be an option.
Blockchain is just one segment in the DLT’s technical class. Distributed ledger technology is on a P2P (a peer-to-peer) network, eliminating clearinghouse involvement. The P2P network nodes validate the chain, but the detailed data is in the block secured.
Many people have no idea when and how to use DLT technologies. There are a couple of other market applications besides the crypto exchange. Experts believe that DLTs can be game-changers.
Examples to illustrate this idea
Fake drugs are a complicated topic in healthcare. The current supply chain cannot keep counterfeit drugs out of the supply. It is dangerous not to monitor counterfeit medication even though there are fewer such examples in the supply chain in the U.S. Without managing to control the origins of such supply can result in unregulated and unreliable drugs that could be harmful to patients. Besides, such activity might also be dangerous for companies that provide legal drug supply to the healthcare sector.
In this case, DLT technologies could be helpful delivering a cryptographically secured private ledger that can track each drug through traceable and verifiable contracts at a transactional level.
In other words, such technology can track theft, entry of fake drugs, and drugs sold after the expiration date. Besides, it can easily track the movement of medicines and supplies to other countries to their next destination. It would be easy to document the exact use of the drug or recipient. The DLT network can validate any transactions related to the drug supply. This would enable faster control of what kind of drug is entering the drug supply.
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