Microsoft collaborate with ServBlock to Develop Business Use Case for NFTs in Pharma Compliance
Dublin, Ireland 27/Oct/2022 - ServBlock, a Blockchain and pharmaceutical compliance company is collaborating with Microsoft’s Early Access Engineering programme to produce a novel business case for the use of NFT technology in meeting compliance standards.
Servblock translates the current human to human based quality assurance process to a digital first trust system underpinned by machine to machine interactions and blockchain technology, providing verified data that is automatically checked for compliance.
Pharmaceutical compliance entails a multitude of processes requiring manual checking of data and tasks which require detailed attention, passing numerous levels of scrutiny often multiple times. ServBlock automates this process in a much more secure, timely and cost-efficient manner than the current status-quo with the use of blockchain technology.
The use of blockchain helps create validated digital traceability systems for pharmaceutical parts by recording data in real-time throughout a supply chain. With blockchain solutions, pharmaceutical-based transactions and processes can become secure, cheaper, and quicker than usual. For new biotech facility start up projects ServBlock can save 14,400 commissioning hours resulting in an average saving of 1.5 million euros per project.
As well as cost reduction ServBlock’s technology:
- Eliminates fraud in the pharmaceutical supply chain
- Eliminates the risk of counterfeit or contaminated drugs entering the market
- Greatly reduces human error in the supply chain.
Blockchain is most commonly known for its uses in the financial industry and being particularly rooted in cryptocurrency over the last decade, but its fundamental data integrity properties means it is particularly suited to regulated industries, such as pharmaceutical production and distribution.