Dutch pharmaceutical packaging firm Tjoapack has collaborated with British technology company Veratrak to explore the use of blockchain across the pharmaceutical industry.
The partners will focus on a variety of projects which will leverage blockchain to allow transparent collaboration across supply chain partners.
As part of the alliance, Tjoapack and Veratrak plan to launch the first live blockchain tool in the sector.
In addition to enabling transparency, the tool is expected to minimise service lead times and facilitate secure information sharing.
Scheduled for roll out in the fourth quarter of this year, the first project under the collaboration will focus on security and optimisation. This project will deal with the data sharing processes related to preparing stock keeping units (SKUs) for packaging, including product master data and artwork.
Blockchain technology allows data to be stored in a ‘distributed’ ledger of records that cannot be altered.
Veratrak developed a document collaboration platform that uses blockchain technology for secure data sharing across the industry.
Tjoapack Corporate Strategy director Dexter Tjoa said: “Blockchain is already being explored as a solution to support track and trace programmes which follow physical goods through the supply chain. It could also have huge benefits when it comes to improving data transparency through secure audit logs that are accessible for multiple parties.
“A tool like the one we’re working on with Veratrak will make collaboration across different companies easier, making the supply chain much more efficient.”
Tjoapack intends to apply its pharmaceutical expertise to the Veratrak system and customise it to address the pharmaceutical industry challenges. The system will be tested by a supply chain partner.