The big problem for the pharmaceutical giant is the proliferation of counterfeit drugs. Its patent, filed in late 2016 and published last week, outlines a way blockchain could be used to store information about a single product. The company would receive updates as the product moves along the supply chain from its point of origin. The blockchain network could then be used to store information verifying the authenticity of the product.
It’s not as if Merck wasn’t tracking fake drugs before, Coindesk reported Monday. It appears that the proposed patent would fit within the company’s existing processes for eliminating fake products, according to the publication. Read more here.