Home » Microsoft Announce Collaboration with Irish Pharmaceutical Blockchain Disruptors ServBlock

Microsoft Announce Collaboration with Irish Pharmaceutical Blockchain Disruptors ServBlock

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ServBlock, a blockchain and pharmaceutical compliance company, is working with Microsoft’s Early Access Engineering Program to create a new business case for using NFT technology to meet compliance standards.

Servblock transforms the current human-to-human-based quality assurance process into a digital first trust system underpinned by machine-to-machine interaction and blockchain technology, providing verified data that is automatically checked for compliance. increase.

Pharmaceutical compliance involves many processes that require manual checks of data and tasks that require detailed attention, often going through many levels of scrutiny multiple times. ServBlock uses blockchain technology to automate this process in a much more secure, timely, and cost-effective way than the current state of affairs.

Blockchain can be used to create a validated digital traceability system for pharmaceutical parts by recording data in real time throughout the supply chain. Blockchain solutions make pharmaceutical-based transactions and processes safer, cheaper, and faster than usual. For start-up projects of new biotech facilities, ServBlock saves 14,400 commissioning hours, resulting in an average savings of €1.5 million per project.

In addition to cost savings, ServBlock’s technology:

  • Eliminate Fraud in the Pharmaceutical Supply Chain

  • Eliminate the risk of counterfeit or contaminated drugs hitting the market

  • Significantly reduce human error in the supply chain.

Blockchain is most commonly known for its use in the financial industry, and especially in the last decade it has had its roots in cryptocurrencies, but its fundamental data integrity properties have made it a valuable asset in the manufacture and distribution of pharmaceuticals. This means that it is particularly suitable for regulated industries such as

Working with Microsoft, ServBlock has developed a novel use of Non-Fungible Token (NFT) technology. NFTs are unique cryptographic tokens that exist on the blockchain, cannot be duplicated and generally cannot be bought or sold. This model provides the perfect framework to ensure transparency from start to finish for all stakeholders.

ServBlock CEO and Founder John Ward said: “Implementing new technology to help continuously improve compliance standards is a core pillar of what ServBlock does. , Blockchain as a powerful business tool is further validated.While NFTs have gained recognition and popularity in art sales and use in the new internet culture, the adoption of real-world use within the corporate environment I am delighted to be able to start

The quality assurance data will be tokenized, thus demonstrating the end-to-end business use case of NFT usage in the pharmaceutical industry. All business processes are signed by business participants, stored, and shared through a ledger. The ledger itself indicates ownership of assets at the time of creation. All business processes are shared among business participants, ensuring traceability at every stop.

Peter Lougheed, Head of Small and Medium Business at Microsoft Ireland, said: It’s great to see Microsoft Founders Hub members like ServBlock continuing to scale. Microsoft looks forward to working with ServBlock to develop technology to better help the pharmaceutical industry meet their often highly complex compliance standards. ”

This collaboration marks the first use case for NFTs within the pharmaceutical manufacturing environment, thus revealing great potential for using blockchain technology in a variety of sectors that rely heavily on secure and transparent ownership of assets. I’m here.

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