HashCash Consultants to Tap Blockchain to Power Post COVID-19 Pharma Supply Chain
California-based blockchain project HashCash Consultants in mulling entering into partnerships with several pharma firms and medical good manufacturers to bring more transparency and efficiency to the global medical supply chain infrastructure. This, according to a report by Bezinga, May 9, 2020.
HashCash to Streamline Medical Supply Chains
Distributed ledger technology (DLT) project HashCash Consultants recently announced that it is considering joining forces with numerous pharma companies to form a consortium to tackle the severe issues in the global supply chain infrastructure exposed by the COVID-19 pandemic. The firm aims to develop a blockchain-powered solution to mitigate the existing bottlenecks plaguing the supply chain cobweb.
Raj Chaudhary, CEO, HashCash Consultants, commented on the development:
“The COVID-19 pandemic has exposed major flaws in the existing global supply chains, especially with the critical medical goods, which has made us more vulnerable to the virus. The idea of forming a consortium with the major players within the medical supply chain, initiated from the need for a transparent, fast-track, and organized system for the post-pandemic days. This outbreak has shown us the pain areas, and now it falls upon us to fix those, to be better prepared for similar occurrences in the future.”
Chaudhary added that post the COVID-19-induced lockdown, HashCash will focus on establishing a consortium for a blockchain-enabled supply chain. He said that during the ongoing lockdown, the HashCash team is working remotely to develop strategies to make the DLT-powered supply chain consortium a reality.
Per sources close to the matter, HashCash wants to develop a blockchain-powered supply chain mechanism to tap into the emerging technology’s array of benefits. Among other reasons, a DLT-based platform will enable healthcare facilities to directly update the concerned organizations of the depletion of medical resources. Further, it will also bring credibility and enhanced quality control in production units and ensure they meet the specifications of the medical equipment.
Leveraging Blockchain to Fight COVID-19
Blockchain technology has consistently been touted as a silver bullet for operational issues across industries and its hard to argue otherwise. This especially holds true during a time when the world is battling a global crisis.
BTCManager reported on March 23, 2020, that the U.S. Cybersecurity and Infrastructure Security Agency (CISA) had listed blockchain among the critical infrastructure services needed to effectively reduce the spread of COVID-19.