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Blockchain Implementation Benefits for Pharmacies

Blockchain Implementation Benefits for Pharmacies

Blockchain isn’t just an effective tool for Bitcoin transfers and NFTs. It’s also a great tool to secure and authenticate medical prescriptions. Today, PlusVirtual has integrated Blockchain with our prescription authentication services.

Here are all the benefits which our customers stand to gain from PlusVirtual Blockchain.

Blockchain Implementation Benefits for Pharmacies

Benefits of Blockchain Implementation for Pharmacies

Blockchain is essentially a data transfer service. It creates immutable storage blocks which are stored across dozens or hundreds, if not thousands of devices. This makes tampering with the information nigh impossible.

There are several benefits to integrating Blockchain with pharmacies.

1. Transactions are Traceable

Since Blockchain is an immutable ledger of information, every transaction can be traced back to its origin. This doesn’t have to include money exchange or trade. Prescriptions originating from a hospital, clinic, or physician are marked by a unique hash.

This way, fraudulent prescriptions can be recorded, identified, and traced to the culprit. This gives law enforcement a greater chance of catching fraudulent activity. It also creates a system of checks and balances which minimizes fraudulent prescriptions.

With the system up and running, it’s likely that fraudulent prescriptions aren’t filled out in the first place.

2. Authentication is Simple and Secure

Each Blockchain transaction is represented by a unique hash. Not only that, but every transaction requires a public and private key to go through. Also, the record of a transaction is stored on not one, but multiple devices.

What this ensures is that the chance of forgery, fraud, and compromise is reduced significantly. This simple authentication technique can flag and mark fraudulent activity and simply not fill out the prescription.

Any attempts to steal or alter the information can be detected immediately and traced. Not only does this hold great benefits for detecting medical supply chain frauds, but also prescription fraud.

The nature of Blockchain makes authentication across a vast network of hospitals, pharmacies, ministries, and programs possible. It’s possible to trace exactly which entities are involved in the fraud and mark them for investigation.

This helps law enforcement to follow a simple trail, as well as pharmacies to block fraudulent entities. PlusVirtual Blockchain will authenticate prescriptions this way. Hence, we will not only keep fraudulent entities out, but protect our customers from bad actors and forged prescriptions.

3. Unauthorized Changes or Hacks can Easily Be Detected and Removed

As mentioned before, Blockchain is a decentralized ledger. Its nature prevents large scale corruption. If a hacker or a fraudulent entity of any sort were to corrupt a Blockchain, they would need to corrupt every device. Blockchain could be spread across thousands of disparate devices. Hacking every single one is much more complex than hacking one.

Also, Blockchain transactions are ALWAYS time stamped and stored in chronological order. This makes it essentially impossible to go back and change records. Any altered timestamps can be detected and purged from the system immediately.

Finally, every single BLOCK in the CHAIN contains a unique hash, which is replicated in the next Block. If any transactions are altered, the hash of that block will change. However, the next block will still contain the old hash, making the change detectable, and thus the forgery identifiable.

If a single record is falsified or hacked, that device can simply be detached from the network. In essence, Blockchain makes it possible to weed out corruption within the system and get rid of it.

This is great news for PlusVirtual customers. The records of your prescriptions will be maintained across multiple devices and be effectively immutable. Without a genuine transaction taking place, your prescriptions won’t be altered or filled out.

4. Blockchain Can Reduce Costs Dramatically

All of this has one huge advantage. It reduces costs. Blockchain can block millions of dollars’ worth of forged prescriptions being filled out. That means, you, the customer AND the taxpayer can save your own money.

The millions being lost to forged prescriptions every year can be prevented. And who doesn’t love saving money? This is a win-win for everyone.

5. It Can Remedy a Lack of Trust Among Potential Users

According to the 2018 Global Blockchain Survey by PwC Health Research Institute, nearly 50% of healthcare companies were developing blockchain solutions. Due to its nature as a decentralized ledger, Blockchain stands to remedy trust issues with potential users.

This is exactly what PlusVirtual is trying to do. We take our consumers’ trust very seriously. It is to honour that trust that we have developed Blockchain solutions.

Blockchain, until now, presents an airtight record of transactions which can’t be tampered with. This record can contain purchases, prescriptions, health records, etc. And since every transaction is secured through an independent hash or series of letters and numbers, it’s secure.

Many controlled substances are still prescribed using paper prescriptions, which will only be identified during the dispense/claim adjudication transaction phase…With blockchain, we could create a secure distributed ledger that allows witness identification to be recorded at the appropriate times.
Carly Guenther, MD of Life Sciences Supply Chain for Accenture
PlusVirtual Blockchain Implementation for Pharmacy

PlusVirtual Brings Blockchain Integration to Your Favorite Pharmacy

PlusVirtual has made a name for itself by securing prescriptions and authenticating profiles and identities. In Q4 2021, we also added Blockchain support to make your prescriptions even more secure.

Now, your prescription’s hash can be stored on our Blockchain permanently. A hash is a unique combination of letters and numbers. This makes it immutable from that moment on. It’s one of the many benefits of Blockchain Implementation for Pharmacies. This will not only provide greater security to our authentication protocol, but also cut down on prescription fraud significantly.

With this latest update, we have taken another step towards securing your medical information and preventing prescription fraud nationwide.

So, sign up with PlusVirtual., and break free of prescription fraud today!