PALO ALTO, Calif., May 9, 2020 /PRNewswire-PRWeb/ -- HashCash
Consultants is planning to join hands with pharma companies and
medical goods manufacturers to streamline their medical supply
chain through blockchain technology. The California based firm is in talks with
multiple companies to form a consortium with the united aim to
address the existing supply chain issues and find a blockchain
solution to the same.
"The COVID-19 pandemic has exposed major flaws in the existing
global supply chains, especially with the critical medical goods,
which has made us more vulnerable to the virus. The idea of forming
a consortium with the major players within the medical supply
chain, initiated from the need for a transparent, fast-track, and
organized system for the post-pandemic days. This outbreak has
shown us the pain areas, and now it falls upon us to fix those, to
be better prepared for similar occurrences in the future",
commented Raj Chowdhury, CEO, HashCash Consultants.
He further added, "The consortium for a blockchain-based medical
supply chain will be one of the main focus areas of HashCash post
lockdown. Our team while working remotely is mapping the strategies
to create a blueprint of this initiative to streamline the
post-pandemic healthcare through a unified effort."
Healthcare and Medical Supply Pain Points:
While it is true that healthcare has been focussing on
Blockchain for a while now, however, much of the attention was
given to the management of patient records and clinical data. The
critical medical supply chain was still out of that periphery when
the COVID-19 pandemic hit us.
Nations equipped with the most advanced healthcare systems
suffered major setbacks in containing the situation due to the
depletion of medical supplies and resources. Insufficient supply of
ventilators, test kits, personal protective equipment, etc.
rendered us helpless. What made matters worse was the broken down
and fragmented supply chain management.
The existing supply chain systems lack transparency, trust, and
integrity. Considering a pandemic situation, where time is of the
essence, the current process is too complex and lengthy.
Involvement of multiple third-party intermediaries at different
supply chain junctures, slow and untraceable payment processes,
major dependency on human involvement and substantial
documentation, all have contributed in the medical supply debacle
during the pandemic. Such a lack of trusted coordination between
the participants is what blockchain aims to address.
Blockchain Adoption Makes for an Organized Supply Chain:
Blockchain addresses each of the pain areas through a
well-coordinated and unified approach bringing all the players in a
supply chain under one roof virtually. The DLT network acts as an
open platform for collaborations between the participants, while
the shared immutable ledger offers transparency to the transaction
Everything that gets entered into the ledger can be tracked in
real-time and any changes will need a consensus from the
participants creating a bond of trust. The execution of policies
happens through smart contracts that are fully automated and gets
implemented as soon as all the requirements of met, reducing the
need for human involvement and paperwork.
HashCash wants to form a consortium with pharmaceuticals,
medical goods manufacturers, distributors and other key players to
1. A blockchain mechanism for healthcare facilities to directly
update the concerned organizations of the depletion in medical
2. A way to bring credibility and enhanced quality control in
production units and make sure that they meet the specifications of
the medical equipment
3. Transparency through blockchain-based payment systems, so that
the transactions become instant and transparent to accelerate the
4. Smart contracts to seamlessly execute the otherwise complex
certification and compliances
5. Real-time tracking of the supplies when in transit
6. Traceability to ensure optimal conditions concerning temperature
and humidity are maintained during transit and storage to prevent
damage of drugs and other goods
Although in initial planning stages, the thought behind this
effort is to contribute towards augmented global healthcare for the
upcoming post-pandemic years.
About HashCash Consultants:
HashCash is a global software company. HashCash Blockchain
products enable enterprises to move assets and settle payments
across borders in real-time for Remittances, Trade Finance, Payment
Processing, and more. HashCash runs US-based digital asset
exchange, PayBito & digital asset payment processor,
BillBitcoins. HashCash offers exchange and payment processor
software solutions, ICO Services, and customized use cases.
HashCash propels advancement in technology through Blockchain1o1
programs and its investment arm, Satoshi Angels. HashCash offers
solutions in AI, Big Data, and IoT through its platforms, products
& services. HashCash solves the toughest challenges by
executing innovative digital transformation strategies for clients
around the world.
SOURCE HashCash Consultants