Dr. Amy Abernethy, Principal Deputy Commissioner of the United States Food and Drug Administration (FDA), reveals that her office is looking into ways of incorporating blockchain technology in the review methodology for medical products.
According to Dr. Abernethy, the FDA is actively looking to modernize and streamline the communication channels between manufacturers, suppliers, and the administration. One possible solution, which will ease the communication process, will be the employment of blockchain technology.
The FDA has also set its sights on other technological developments like Artificial Intelligence (AI) and application programming interfaces (APIs).
One of the main benefits blockchain technology can bring to the table is the security and improved traceability of products. The way the blockchain works means that the information stored about a given product is secure, and cannot be altered by people without the necessary permissions. Thus, this technology can boost trustworthiness and real-time data about the location of products.
Blockchain technology is taking the world by a storm
Blockchain is introducing a revolution in numerous industries across the globe. The medical industry is just one example of the way blockchain is entering industries.
There are undeniable benefits coming with the use of blockchain technology, and many industry leaders are beginning to recognize this.
Not only that, but blockchain studies are also becoming more popular, as the technology is in high demand. Many universities have started offering higher education courses on blockchain, distributed ledgers, smart contracts, and cryptocurrencies, as the need for trained professionals in the field is increasing.
The fact that the FDA, one of the central authorities in the United States, has decided to look into the benefits of blockchain speaks volumes. In addition, if the FDA goes through with its plans and adopts blockchain into their methodology, this will be proof that significant benefits are coming with this technology.
Once government institutions become adopting this new technology, it is bound to become a mainstream tool. This would not be surprising, considering the added value blockchains and distributed ledgers bring to administration.