Wednesday, July 30, 2025
  • Login
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
CRYPTO MARKETCAP
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
No Result
View All Result
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result

Can Blockchain Remedy Healthcare? Nigeria Bets On The Expertise To Curb Faux Medicine

by SB Crypto Guru News
February 12, 2024
in Bitcoin
Reading Time: 2 mins read
0 0
A A
0


Blockchain know-how emerges as a possible sturdy resolution to the persistent situation of counterfeit medicines within the pharmaceutical sector. Based on Goldstein Market Intelligence’s forecast, the estimated affect of counterfeit medicines is a staggering $5.3 billion this yr. Regardless of these challenges, business specialists categorical optimism in regards to the transformative affect of blockchain know-how in addressing this urgent concern.

Is Blockchain The Resolution To Counter Faux Medicine?

In a latest interview with Sunday PUNCH, Oluseyi Akindeinde, the CEO of Hyperspace Applied sciences, highlighted the potential of blockchain in safeguarding the pharmaceutical sector. Akindeinde emphasised that blockchain’s means to serialize pharmaceutical merchandise and assign verifiable safety features may considerably hinder the circulation of counterfeit medicines.

To attain this, Akindeinde proposed integrating encrypted non-fungible token (NFT) tags into pharmaceutical merchandise. These tags create distinctive identities and provide an extra layer of safety. By encrypting the NFTs, solely licensed people with the right code can entry info comparable to possession particulars and any hooked up information, guaranteeing the integrity of digital belongings on the blockchain.

The affect of counterfeit medicines extends far past monetary losses. Based on the United Nations, substandard medicine end in a staggering 500,000 deaths yearly in sub-Saharan Africa alone. Shockingly, inside that determine, 267,000 deaths are linked to counterfeit antimalarial medicine, whereas substandard antibiotics for extreme pneumonia contribute to 169,271 deaths.

The Nationwide Company for Meals and Drug Administration and Management not too long ago took motion in opposition to the counterfeit medication commerce, destroying over N500 million price of pretend and expired items in Abuja. The regulator famous that the destroyed medicine included psychoactive and managed substances, antibiotics, anti-hypertensives, natural treatments, and medicines confiscated from unauthorized distributors.

BTCUSD buying and selling at $48,173 on the weekly chart: TradingView.com

Sensible Contracts: Antidote To Drug Counterfeiting

Akindeinde additional defined that blockchain know-how presents an immutable resolution by the usage of sensible contracts. Sensible contracts are unchangeable traces of code deployed on the chain. Every pharmaceutical product receives a novel identification tag affixed to its packaging inside a wise contract, rendering manipulation nearly unimaginable.

The implications of counterfeit medicine prolong past the quick well being dangers. Legit pharmaceutical firms undergo reputational injury, and all the healthcare system grapples with diminished belief because of the proliferation of pretend medicine. Blockchain know-how, with its inherent authentication and transparency, has the potential to revive belief and integrity.

Adewale Kayode, the Director and Workforce Lead at Sirfitech, echoed the sentiment, stating that the know-how may present authentication and transparency throughout all the pharmaceutical worth chain. From uncooked supplies to manufacturing and distribution, blockchain know-how can make sure the verifiability and traceability of pharmaceutical merchandise, instilling confidence in shoppers and stakeholders alike.

Because the counterfeit medication business continues to evolve, the adoption of blockchain know-how presents a glimmer of hope. Whereas challenges comparable to regulatory frameworks and business collaboration stay, the potential of blockchain to fight counterfeit medicines and defend lives is simple. The pharmaceutical sector stands poised to leverage this transformative know-how, forging a path in the direction of a safer and extra dependable future.

Featured picture from Freepik, chart from TradingView



Source link

Tags: BetsBitcoin NewsblockchainCrypto NewsCrypto UpdatescurbDrugsFakeHealthcareLatest News on CryptoNigeriaSB Crypto Guru NewssolveTechnology
Previous Post

What are credit score spreads, why are they tight, and what does it imply for Bitcoin?

Next Post

Enjin Coin Worth Prediction for In the present day, February 11 – ENJ Technical Evaluation

Related Posts

Coinbase, JPMorgan Chase Partner to Simplify Crypto Access for Chase Customers

Coinbase, JPMorgan Chase Partner to Simplify Crypto Access for Chase Customers

by SB Crypto Guru News
July 30, 2025
0

Coinbase and JPMorgan Chase announced a partnership Wednesday to provide Chase’s over 80 million customers with new ways to access...

Strategy Buys .46B Bitcoin As ETH Firm BTCS Plans B Raise

Strategy Buys $2.46B Bitcoin As ETH Firm BTCS Plans $2B Raise

by SB Crypto Guru News
July 30, 2025
0

Join Our Telegram channel to stay up to date on breaking news coverage Corporate crypto accumulation continues after Michael Saylor’s...

SEC Delays Truth Social Bitcoin ETF Decision — New Deadline Sparks Crypto Startup Buzz

SEC Delays Truth Social Bitcoin ETF Decision — New Deadline Sparks Crypto Startup Buzz

by SB Crypto Guru News
July 30, 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The U.S. Securities and Exchange Commission (SEC)...

[LIVE] ETH Price Rises As The Crypto Market Falls — MicroStrategy Keeps Accumulating Bitcoin: Best Crypto To Buy?

[LIVE] ETH Price Rises As The Crypto Market Falls — MicroStrategy Keeps Accumulating Bitcoin: Best Crypto To Buy?

by SB Crypto Guru News
July 30, 2025
0

The crypto market is flashing mixed signals, leaving investors wondering what are the best crypto to buy right now. While...

Strategy Leverages IPO Success to Acquire Over 21,000 Bitcoin

Strategy Leverages IPO Success to Acquire Over 21,000 Bitcoin

by SB Crypto Guru News
July 30, 2025
0

Strategy (MSTR) — recognized as the world’s largest Bitcoin (BTC) treasury company — has made headlines with the successful closing...

Load More
Next Post
Enjin Coin Worth Prediction for In the present day, February 11 – ENJ Technical Evaluation

Enjin Coin Worth Prediction for In the present day, February 11 – ENJ Technical Evaluation

Analyst Who Nailed Bitcoin 2018 Backside Predicts Rallies for Solana and One SOL Competitor – Right here’s His Outlook

Analyst Who Nailed Bitcoin 2018 Backside Predicts Rallies for Solana and One SOL Competitor – Right here’s His Outlook

Facebook Twitter LinkedIn Tumblr RSS

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.