The FedEx Institute of Technology, which was created by the University of Memphis in February 2018, has partnered with Good Shepherd Pharmacy to create a blockchain-based platform called REMEDI which will help distribute cancer medicine to patients.
The CEO of Good Shepherd Pharmacy, Phil Baker, says, “In Tennessee alone, over USD 10 million worth of perfectly good prescription medication gets flushed down the toilet every year. Blockchain is the solution for that problem. The REMEDI project (REclaiming MEDicine) will divert valuable medication into the hands of patients who would not otherwise use it.”
Essentially, REMEDI will keep track of cancer medications, and divert the medication to people that really need it instead of the medicine sitting stagnant on a shelf and eventually being thrown out. This is an example of how blockchain technology can help save lives.
Blockchain-based platforms have seen increasing use for supply chain applications. The technology increases supply chain transparency, security, and trustworthiness since it uses an immutable ledger to track goods as they move through the supply chain. A properly built blockchain ledger cannot be hacked by even the most powerful modern-day supercomputer, so users of the ledger can trust the information on it. Recently, the United Kingdom Food Services Agency successfully piloted a blockchain platform for tracking meat in a slaughterhouse, and blockchain technology can make supply chains for space exploration shorter and stronger, potentially saving vast amounts of money and accelerating space exploration.
The FedEx Institute of Technology will host a conference that will bring together blockchain experts so that they can discuss and collaborate to develop REMEDI. The CEO of FedEx, Fred Smith, says blockchain is “the next frontier that’s going to completely change worldwide supply chains”.
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