FedEx Announces Blockchain Project For Medicine Distribution To Cancer Patients

The FedEx Institute of Technology released a statement on its alliance with Good Shepherd Pharmacy, a pharmaceutical services company. The objective of such an alliance is the development of a Blockchain-based structure oriented towards helping cancer patients to obtain their medicines.

A Cooperation For Evolution

The technological institute works as an organization to promote work and research across multiple disciplines on emerging technologies. It has been working in conjunction with the University of Memphis since February of the current year, looking to transform the university into a hallmark for research and technology. Also being located in Memphis, Good Shepherd Pharmacy also recognizes the need for technological improvements in the same sense.

They are aware of how the Blockchain could improve the way medicines are tracked.

Making The Most Out Of Medicine Treatments

Such possibility would allow them to identify unused medications so that they can be taken to patients who can’t obtain them otherwise due to economic disadvantage. The result would be a secure and private way to distribute medical information. That is especially important to develop due to how common is medicine loss due to lack of use and subsequent expiration. According to CoinTelegraph, nearly a dozen million Dollars go to waste in perfectly functional medications, and the Blockchain seems like the best solution for the issue. To secure the Blockchain as said solution, REMEDI was created. Meaning “Reclaiming MEDicine”, the objective is the mentioned redistribution of medicines from those who aren’t using them to those who need them.

The release will be promoted by an event with the objective of discussing the initiative with enthusiasts and experts along with Blockchain 101, a professional organization looking to expand in Memphis.

FedEx Initiatives and Other Pharmaceutical Projects

This is not the first time FedEx has shown interest in the Blockchain.

Fred Smith, the company’s CEO, has previously stated that he considered Blockchain, as the next step for changing distribution chains around the globe.

In February this year, the firm joined the Blockchain in Transport Alliance organization.

An additional pharmaceutical Blockchain-based idea was announced by Microsoft and Adents. The proposal was that of a model which would grant traceability to both sides as well as visibility through the entire chain of command from the point of origin.

The model would let users trace everything, including every object inside of a case..

Blockchain: The Future Of Distribution

Those are mere examples of how Blockchain could be used to revolutionize how supply chains work.

An optimization like that, however, is not limited to just that sector.

When it is said that Blockchain is a distributed ledger, it is because everything that requires administration and management of distributed data can be optimized through the technology. The pharmaceutical initiatives are just some of the hundreds of projects that are currently being developed to integrate the Blockchain to traditional procedures. The technology is looking to be the future standard for distribution systems.