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According to a press release on April 15, researchers at Portland State University (PSU) have developed a blocking protocol to prevent counterfeit pharmaceuticals from filling the market.
Nirupama Bulusu, researcher at the PSU and professor of computer science at Maseeh College of Engineering and Computer Science, in collaboration with PhD student PhD Naif Alzahrani, published a book entitled "A new blockchain product using a protocol of truly decentralized dynamic consensus. "
In the paper, the researchers described a new method of block-based transaction logging designed to facilitate the fight against fake pharmaceuticals by verifying and decentralizing products. The proposed solution represents a string of information based on a blockchain, with only users with a specific key to access or modify the stored data.
Bulusu was quoted as saying that the decision to create the protocol was due to the fact that the counterfeit medicines crisis was hurting the most vulnerable international populations. "This protocol could potentially disrupt and disable illicit supply networks," Bulusu said.
Blockchain technology has been widely adopted to combat counterfeiting in various sectors. Recently, IBM and the Seagate data storage company announced a joint initiative to combat counterfeit hard drives using blockchain technology. The project would use IBM's Blockchain platform to help manufacturers, integrators, and trading partners better authenticate the source of hard drives.
Last October, Overstock.com's venture capital subsidiary, Medici Ventures, invested in VinX, the Israeli-based technology company, to develop a futures platform focused on wine. VinX plans to develop a digital platform for wine futures based on the Bordeaux futures model, which will allow the trading of wine futures on a blockchain platform. The initiative claims that it will create a secure supply chain that will ensure the provenance of the product and thus reduce fraud in the wine industry.
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