Blockchain Technology in Pharmaceuticals in Drug Labeling

The pharmaceutical industry is traditionally one of the most conservative and it is significantly important to find an optimization path that fits harmoniously into the current business models of the industry. The blockchain can meet these requirements with proper final vision of the final state of the system with well-completed analytics and feedback. Current investigations are aimed at solving the problems of pharmaceuticals using blockchain technology. With all its optimization potential, the pharmaceutical industry remains one of the largest in terms of market capitalization, where blockchain is able to give really valuable results. Moreover, it is important that this implementation was proceed dynamically and without significant damage to the usual processes and models of the industry. In this paper, the goal was to develop a method for applying the blockchain technology to the current business processes of the pharmaceutical company and explore the possibility of replicating this solution throughout the industry. In order to achieve this goal, the analysis of current blockchain solutions was carried out, the most relevant industry-specific algorithm of consensus was selected, the business processes of the pharmaceutical company were described, the method of applying the blockchain technology in the company's business processes was developed, the economic analysis of the implementation of blockchain solutions was performed on the final cost of the product.