(Rejected) World Economic Forum Sees Blockchain as a Game-Changer when Surveilling COVID-19 Vaccine Supply Chain
Editor's note: Source is too old
With pharma companies Pfizer and Moderna announcing the discovery of COVID-19 vaccines with efficacy rates of more than 90%, a beacon of hope seems to be on the horizon in curbing the coronavirus pandemic that has wreaked havoc across the globe. The World Economic Forum (WEF) trusts that blockchain technology will be pivotal in keeping track of the COVID-19 vaccine supply chain.
Streamlining vaccine development
The WEF has applauded Pfizer and Moderna for their continued efforts of developing COVID-19 vaccines with highly impressive results in a relatively short time. Nevertheless, one of the biggest challenges in vaccine development entails ensuring that it is distributed to every person worldwide.
The WEF believes blockchain technology can help address some of the unique problems experienced during vaccine development. For instance, Pfizer’s vaccine ought to be kept at places colder than Antarctica. The WEF noted:
“Moderna’s vaccine requires a temperature of minus 20 Celsius degrees, but can be stored for up to one month in a regular refrigerator (2-8 Celsius). Pfizer’s vaccine, on the other hand, requires a much colder environment (i.e. minus 70 Celsius degrees) and can keep only up to five days in regular refrigeration.”
It, therefore, means that the vaccines should be stored properly so that their efficacy can be maintained as this could mean the difference between life and death. Blockchain technology can step in and solve the faulty handling challenge by properly monitoring and verifying vaccine storage.
Blockchain makes supply chains reliable and efficient
Blockchain gives supply chains a generic standardized protocol and immutable storage. As a result, this cutting-edge technology can solve stubborn difficulties in supply chain management like stock management complications, fighting potential counterfeits, accuracy in tracking items, and participants’ accountability.
The WEF acknowledged:
“With every vaccine monitored over the blockchain, each link along the chain could keep track of the entire process, and health departments could monitor the chain as a whole and intervene.”
By deploying blockchain technology, hospitals and clinics will better manage the COVID-19 vaccine stocks, ensure proper storage conditions, and mitigate supply and demand constraints. On the other hand, people will get an identical guarantee for the specific vaccine they receive.
These efforts will be instrumental in saving lives by streamlining the distribution of the much-needed vaccine. Furthermore, the vaccine hesitancy problem will be solved. According to the World Health Organization (WHO), it was one of the top 10 health challenges faced in 2019.
In October, the WEF released blockchain standards dubbed the Global Standards Mapping Initiative (GSMI) gathered from 185 jurisdictions, 30 technical standard-setting entities, and almost 400 industry groups aimed at being a resource to thrust the blockchain sector forward.