Will blockchain technology revolutionize excipient supply chain management?

Shireesh Apte, Nikolai Petrovsky

Research output: Contribution to journalEditorial

63 Citations (Scopus)
7 Downloads (Pure)

Abstract

A ‘blockchain’ is a distributed public consensus system that maintains an immutable record of transactions on the web, incapable of being
falsified after the event. The cryptography behind the protocol is based on asymmetric encryption modulo mathematics where the 'key' for encrypting 1 a message or transaction is different from the 'key' to decrypt it. The algorithm accomplishes this by splitting the key into a private and a public key that are mathematically linked trapdoor functions. By calculating modulus functions of mutually known starting numbers, only the sender and recipient can encrypt and decrypt messages using their own different private keys, while the transaction itself can be verified publicly by using the 'public key'. Since it requires no 'central authority' as a 'book-keeper', transactions are faster depending upon the number of nodes that mine the data at any particular point in time. The usual incentive to
verify (mine) the blockchain is the dispensing of bitcoin. However, as the supply of this algorithmically designed anti-inflationary crypto-currency dwindles, that incentive could be a transaction fee or linked to remuneration in goods and services.
Original languageEnglish
Article number910
Pages (from-to)76-78
Number of pages3
JournalJournal of Excipients and Food Chemicals
Volume7
Issue number3
Publication statusPublished - 25 Sep 2016

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Keywords

  • Bitcoin
  • Blockchain
  • Excipient
  • Excipient supply chain
  • Pharmaceutical
  • Supply chain

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