Ethereum Blockchain To Be The Next Revolution in The Pharma Industry
The words Blockchain, Cryptocurrency and Bitcoin are often heard in conversations today. However, Blockchain is a complex term that goes beyond just cryptocurrency. While people are still understanding the scope of the word Blockchain, the Ethereum Network is buzzing with a lot of Internet of Things (IoT) startups and big players like Samsung and IBM. The Pharma industry is also now adopting Blockchain Technology.
Ethereum is great for those industries where any sort of human error or bath faith are major risks, including smart contracts. It is also potent in ensuring that digital assets aren’t misused or illegally tampered with. Therefore, Ethereum seems to be the logical blockchain platform for Innoplexus, a major AI and Big Data Innovator in the Pharma Industry to develop their iPlexus platform.
iPlexus is a platform that uses AI and machine learning technologies to provide pharmaceutical researchers with a broad database of searchable information. Innoplexus founder Gunjan Bhardwaj talked about the importance of Blockchain and AI for Innoplexus. She said,
Innoplexus has always been about driving innovation for the benefit of the patient. AI, blockchain, and other technologies are only valuable insofar as they solve real problems, and in pharma, solving these problems often means saving lives.
The iPlexus allows Pharma researchers to upload both their published and unpublished findings to the database and provides a shareable license for access. Innoplexus is now using the Ethereum Blockchain Technology to strengthen the security of this system.
When a user uploads a file to the system, they receive a unique hashcode, authorship Id and immutable timestamp. The iPlexus platform receives metadata which means that only critical information about the files is provided and the entire information will be available to an individual only after they purchase the license. Ethereum is also responsible for handles the storing of the license transfer transaction to ensure immutability.
iPlexus has been continuously developing over the past three years and in the company’s quest for better technology, the Ethereum Blockchain comes as an answer. It’s ability in licensing transactions, control over digital assets and the strong protection against hacking make it an ideal tool for applications in the pharmaceutical and other industries.
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