Blockchain has already changed numerous industries from healthcare to small businesses. Of course, it will have the ability to change the medical marijuana field. How would the technology help the industry, you ask? Since the online ledger is secure, transparent, and decentralized, the technology can secure medical marijuana prescriptions and help doctors ensure that their patients are receiving quality medicine.
What It Is?
Blockchain is an online ledger that can store vast amounts of data on blocks that it keeps in a linear format. The information is first verified then added to the chain, again in the form of a block, where it is securely held. Users can add as many blocks as they want.
How Can it Help?
The technology is not new to the world or other industries; any industry the technology touches sees benefits. Blockchain can help secure medical marijuana’s supply chain, ensure accurate, unaltered sales information, and secure it against attackers. The blockchain would be able to store information on accredited distributors, shippers, and retailers while allowing an easy reporting and auditing system for government and healthcare professionals.
The technology’s ability lies in what it can do, and that is its benefit to be secure. The ledger has multiple levels of verification and is encrypted, making it extremely difficult for attackers to delete or alter data from the chain. This ability will help during the supply process when the medicine is moving from manufacturer to distributor. The information that is taken on how much and where it is going would not be able to be alerted.
This information would ensure that medical marijuana reached its intended locations without revisions and that none went missing. If it somehow did occur, companies would be able to pinpoint precisely where alterations or fraud was made along the process by looking at the chain’s information.
It Is Decentralized…
Thanks to the decentralized system, even if an attacker were able to get the necessary computer power to hack into the system, if they do alter a block, all information on the chain would become invalid. The system would know that information was removed and flag it. And since all information is shared between blocks, if they delete one, no data is actually lost.
This is especially helpful for doctors who need to store sensitive medical information on their patients. It would also store company and overall market data that can be used for future reference. With crucial information all stored in one location, it needs to be secure from any misuse.
The healthcare industry is an innovative field that aims to be at the forefront of technology and medicine. Through the combination of medical marijuana and blockchain, we would see access to information more readily and know that it was secure. The next step in the process could see these two innovative technologies combine.