Blood bank supply chain using blockchain tech.
Blockchain’s success in establishing trust by utilizing an immutable database with permissioned access makes it an ideal solution for blood supply chain networks. The technology instills accuracy and transparency, insulating the information with high-security defense mechanisms.
PALO ALTO, Calif. (PRWEB)
September 17, 2022
Blood donation and transfusion are critical components in the medical supply chain system of any nation. Statistics suggest a person requires blood every 2 seconds, and one in seven entrants to the hospital needs a blood transfusion. HashCash Chief Raj Chowdhury highlights how blockchain’s potential in streamlining supply chain operations can be applied to improving the operational efficiency of blood banks in nations around the world.
Donors make the largest contribution to blood unit collections across most countries. The accumulated blood reaches patients through complex blood supply chain networks, often spanning thousands of miles. The units are further categorized and segregated into medical components such as red blood cells, plasma, or platelets. Traceability and provenance- knowing the source, condition, and location of products in real-time is of vital importance for supply chains. It is even more crucial for blood supply networks, as human lives are at stake.
The HashCash CEO, also a blockchain pioneer, states, “blockchain’s success in establishing trust by utilizing an immutable database with permissioned access makes it an ideal solution for blood supply chain networks. The technology instills accuracy and transparency, insulating the information with high-security defense mechanisms.”
The underlying architecture behind cryptocurrencies has been successfully integrated across multiple nations. The Canadian Blood Services has been working to implement blockchain technology into its existing architecture. The Indian government has set up a blockchain division to build a “Bloodchain”- ensuring safe and accurate blood delivery from donors to recipients. The National AIDS Control Organization(NACO) reported that 2234 HIV contractions had occurred due to defective blood transfusions within the last 16 months, amounting to a total of 14000 new infections in the last 7 years.
“Blockchain consensus safeguards the accuracy of data transactions, and the same updated ledger is shared throughout the entire network, offering real-time visibility to all the stakeholders in the blood cycle- blood banks, testing centers, donors, hospitals, and patients across a single platform,” remarked Chowdhury, who had previously highlighted blockchain’s groundbreaking role in sustainable energy management and education systems.
The Chowdhury-led Hashcash Consultants is a worldwide leader winning top awards in blockchain innovation. The US-based company has been globally acclaimed for its white label solutions for crypto exchanges and crypto payment processors, deploying products in more than 26 nations including Vietnam, US, and Singapore. HashCash declared plans to enter the Metaverse segment by next year.
The shortage of blood supply is a global crisis, resulting in the loss of human lives around the world. Blockchain proves to be a promising solution, accelerating intermediate processes and securing the network with safe accurate data and real-time visibility.
Raj Chowdhury is the Managing Director of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to Economic Times, Business World, and CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
Share article on social media or email: