ChainRx-Web3 based Pharma Supply Chain Management
ChainRx-Web3: Transforming Pharma Supply Chains with Transparency and Trust in Every Link.
Created on 19th November 2023
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ChainRx-Web3 based Pharma Supply Chain Management
ChainRx-Web3: Transforming Pharma Supply Chains with Transparency and Trust in Every Link.
The problem ChainRx-Web3 based Pharma Supply Chain Management solves
- Decentralized inventory management reduces dependency on centralized systems and minimizes the risk of data manipulation or inaccuracies.
- Smart contracts automate the ordering and replenishment process based on predefined thresholds.
- Automated replenishment ensures a continuous and timely supply of oxygen to meet patient needs. The decentralized system promotes fair and equitable resource allocation, preventing concentration in specific regions.
- Hospitals in remote or overlooked areas can benefit from the same level of transparency and efficiency in oxygen distribution as larger urban facilities.
- Real-time insights into oxygen demand and usage patterns facilitate rapid response during emergencies, such as a surge in COVID-19 cases.
- Information provided by the system enables authorities to allocate resources strategically and deploy additional support where it is most needed.
- The Healthcare Supply Management System uses Web3 technology to prevent monopolies and ensure fair pricing in the oxygen supply industry.
- Transparent pricing on the blockchain provides an immutable and transparent ledger of pricing information visible to all participants.
- Decentralized governance model prevents a single entity from manipulating prices or creating a monopoly. Smart contracts automate and enforce fair pricing mechanisms based on production costs, transportation expenses, and reasonable profit margins.
- Token-based incentives foster a competitive environment that discourages monopolistic behavior. The system is open and accessible to multiple suppliers and healthcare providers, preventing the concentration of power in the hands of a single dominant player.
- The blockchain's transparent nature facilitates regulatory compliance and auditing processes.
Challenges we ran into
- Blockchain Integration Complexity: Integrating Web3 and blockchain technology can be intricate, requiring a deep understanding of decentralized systems, smart contracts, and consensus algorithms.
- Absence of Decentralized nature to some degree: Although the entire project is built on the blockchain network of MUMBAI + ETHEREUM, it is not completely decentralized in nature as a manufacturer can only be created after thorough checks of all the processes and certificates which can only be checked and issued by a Regulatory Body.
- User Adoption and Training: Introducing a new technology to stakeholders in the pharmaceutical supply chain may face resistance or require substantial training. Ensuring user-friendly interfaces and providing comprehensive training materials will be essential for successful adoption.
- Smart Contract Security: Writing secure smart contracts is crucial to prevent vulnerabilities and potential exploits. Rigorous testing and auditing of smart contract code are necessary to mitigate security risks.
- Cost Management: Implementing and maintaining a blockchain-based system can have associated costs, including transaction fees and infrastructure expenses. Balancing the benefits of the technology with its associated costs is a challenge.
- The Setup to Run the Project: Currently, the project needs to be set up by a professional developer or a tech savvy person and would prove to be difficult for a normal person because of all the transactions happening each time. This can be fixed using zK-Login and other technologies that improve the user experience of web3 Dapps.
Tracks Applied (2)
Ethereum + Polygon Track
Polygon
Ethereum Track
Polygon
Discussion
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