Portland State University (PSU) researchers have developed a protocol based on Blockchain Technology that could purportedly prevent counterfeit pharmaceuticals from filling the market, as stated by a press release published on April 15.
Nirupama Bulusu, a PSU researcher and professor of computer science at the Maseeh College of Engineering and Computer Science collaborates with Naif Alzahrani, a PSU computer science doctoral student, to publish a work titled as “A new product anti-counterfeiting blockchain using a truly decentralized dynamic consensus protocol.”
The researchers elaborate in the paper over a new blockchain-based method to record transactions, that is focussed at the fight against fake pharmaceuticals by product checking and decentralization. The paper proposes a blockchain-based chain of information that could only be accessed or modified by users possessing a specific key.
Reportedly, Bulusu stated that the protocol is derived as the counterfeit pharmaceutical crisis are harming the most vulnerable international populations. Bulusu adds:
“This protocol could potentially disrupt and disable illicit supply networks.“
Widely adopted in order to fight counterfeiting in various industries, Blockchain technology has been adopted by the likes of IBM and Overstock.com. In amongst its various blockchain projects, IBM and data storage firm Seagate have collaborated to fight counterfeit hard drives using blockchain technology.
Reportedly, IBM’s Blockchain Platform will be employed in the project to aid manufacturers, integrators, and business partners better authenticate the provenance of hard disk drives.
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