Idea Title (98 characters)

MedTrace: Blockchain based Provenance System for Supply Chain Tracking & Inventory Management

Idea Description

All Entities on the Drug Supply Chain (Suppliers, Manufacturers, Wholesalers & Hospitals or Pharmaceuticals) can onboard the MedTrace Network by creating a Web3 Wallet.

The Wallet determines the address of each entity on the Private Hyper ledger Blockchain Network which provides traceability of supply across the chain.

After On-boarding, entities get access to demand or transfer raw materials / goods based on the the type of entity. This transfer is automatically cataloged into their inventory, which can also be altered manually. Quality Assurance reports are requested before creation of a "recipe" in factories to meet standard of the ecosystem. For transaction of items between any entities, a 2 Way Acknowledgment acts (similar to TCP) via the ESCROW Smart Contract. The Smart Contracts keeps track of entities' batches, their supplies & ownership.

These are stored internally with the entities as well as publicly on a Web 3 Object Storage (IPFS) & indexed to track actions via the Wallet IDs.

For Traceability, entities can view their own private chain network's supply, where and how it was supplied from. On top of that, the on-boarded Entities as well as Government Entities can enter the MedTrace One Search Platform to track the listed raw materials, goods, batches, formulas or entities & generate statistical insights on the viewed data.

These Insights can be used for making sound business decisions by the entities or tracking the viability, while quality assurance reports and 2-Way ACK prevents faulty supply with a quick rollback in case a faulty supply is encountered.

Idea Abstract

The pharmaceutical supply chain faces significant challenges in ensuring transparency, traceability, and quality control across its complex network.

MedTrace leverages a private Hyperledger blockchain network, allowing all entities in the drug supply chain to onboard via Web3 wallets, which serve as unique identifiers on the network, which enables automated inventory management, with entities able to demand or transfer raw materials and goods based on their role in the supply chain.

MedTrace employs a dual-storage approach, Entity-specific data is stored on private chain networks, while public data is securely stored and indexed on a Web3 object storage.

One Search Platform serves as a centralized interface for authorized entities and government regulators to track raw materials, goods, batches, formulas, and other entities within the network.

This approach has the potential to significantly reduce fraud, improve regulatory compliance, and ultimately enhance patient safety in the pharmaceutical industry.