The Emergence of Blockchain Technology and its Impact in Biotechnology, Pharmacy and Life Sciences

Order of Publishing in Issue: 
10
Volume :12
Issue :3
July, 2018 - September, 2018
Page No: 
304-310
Authors: 
L. N. Chavali[1], N. L. Prashanti[2], K. Sujatha[3] G. Rajasheker[1] and P.B. Kavi Kishor[1]
Address: 
[1]Department of Genetics, Osmania University, Hyderabad 500 007, India
Address: 
[2]GITAM Institute of Management, GITAM University, Rushikonda, Visakhapatnam 530 045, Andhra Pradesh, India
Address: 
[3]Department of Chemistry, KTR Women’s College, Gudivada 521 301, Andhra Pradesh, India
Email-ID: 
pbkavi@yahoo.com

The emergence of blockchain technology is regarded as 4th industrial revolution i.e., the integration of cyber-physical systems since the advent of Internet with far reaching applications in Banking, Insurance and Government, may impact other sectors especially life sciences. The fourth revolution is characterized by fusion of technologies that is blurring the lines between the physical, digital, and biological spheres. Therefore, it is vital to understand the opportunities and threats of adopting this technology in life science/ pharmaceutical research. The proprietary databases of today’s institutions interact with some form of interface either human or otherwise. Integrating blockchain with life science/ pharmaceutical applications will decentralize the interface as well as the data exchange, resulting in high efficiency, greater speeds, low marginal cost, and infinite scalability.

Keywords: 
Blockchain, Agriculture, Pharmacy, Genomecoin, Cryptography, Smart contract.
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