Blockchain-based supply chain management can significantly streamline blood bank operations: Raj Chowdhury – PR Web | Jewelry Dukan

Blood bank supply chain using blockchain technology.

Blood bank supply chain using blockchain technology.

Blockchain’s success in building trust through the use of an immutable database with authorized access makes it an ideal solution for blood supply chain networks. The technology provides accuracy and transparency and isolates the information with highly secure defense mechanisms.

Blood donations and transfusions are critical components in every nation’s medical supply chain system. Statistics suggest that one person needs blood every 2 seconds, and one in seven hospital admissions requires a blood transfusion. HashCash CEO Raj Chowdhury highlights how blockchain’s potential to streamline supply chain operations can be leveraged to improve the operational efficiencies of blood banks in countries around the world.

Donors make the largest contribution to the collection of blood units in most countries. The pooled blood reaches patients through complex blood supply chain networks, often stretching thousands of miles. The units are further categorized and separated into medicinal components such as red blood cells, plasma, or platelets. Traceability and Provenance – Knowing the source, condition and location of products in real-time is critical to supply chains. For blood supply networks, this is even more critical as lives are at stake.

HashCash CEO, also a blockchain pioneer, states, “Blockchain’s success in building trust through the use of an immutable database with privileged access makes it an ideal solution for blood supply chain networks. The technology provides accuracy and transparency, isolating the information with highly secure defenses.”

The underlying architecture behind cryptocurrencies has been successfully integrated across multiple nations. Canadian Blood Services have been working to implement blockchain technology into their existing architecture. The Indian government has set up a blockchain division to build a “blood chain” that ensures safe and accurate blood delivery from donors to recipients. The National AIDS Control Organization (NACO) reported that there have been 2,234 HIV contractions due to defective blood transfusions in the past 16 months, for a total of 14,000 new infections over the past 7 years.

“Blockchain consensus ensures the accuracy of data transactions, and the same updated ledger is shared across the network, providing real-time visibility to all stakeholders in the bloodstream — blood banks, testing centers, donors, hospitals, and patients — from a single platform,” noted Chowdhury, who previously created the highlighted blockchain’s pioneering role in sustainable energy management and education systems.

Led by Chowdhury, Hashcash Consultants are a global leader in providing top awards for blockchain innovation. The US-based company has been recognized globally for its white-label crypto exchange and crypto payment processor solutions, deploying products in more than 26 countries including Vietnam, the US and Singapore. HashCash stated plans to enter the Metaverse segment by next year.

The shortage of blood supply is a global crisis that is causing loss of life worldwide. Blockchain is proving to be a promising solution that will speed up intermediate processes and secure the network with secure, accurate data and real-time visibility.

Raj Chowdhury is the Managing Director of HashCash Consultants and a blockchain pioneer. Raj pioneered the first implementation of blockchain technology for trade finance and remittances between two of the largest global banks. Raj is a prominent voice in the blockchain and cryptocurrency space and actively collaborates with policymakers in the space. He is a contributor to Economic Times, Business World, and CNNMoney, and advises industry leaders on blockchain adoption. He is a member of Asha Silicon Valley, a non-profit organization dedicated to educating children in emerging markets. As the author of The Dark Secret of the Silicon Valley, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.

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