BLOCKCHAIN TECHNOLOGY AN INNOVATIVE METHOD WITH REVOLUTIONARY ADVANTAGES AND THREATS FOR THE HEALTHCARE INDUSTRY-A COMPREHENSIVE REVIEW

Blockchain is a distributed, decentralised ledger system that securely, openly, and irrevocably records and saves data. Blockchain technology is indeed a ground-breaking innovation that is transforming various industries, including the pharmaceutical sector. Blockchain was first created for crypto currencies in order to provide protection against a high risk of fraud and theft while doing away with the necessity for middlemen like banks. The global blockchain technology market in healthcare is experiencing rapid growth, projected to expand from $7.04 billion in 2023 to over $20 billion by 2030. By 2026, blockchain use in India may have risen to a staggering 46%. According to experts, the government intends to create the National Blockchain Portal. This remarkable growth is driven by several key factors, including enhanced data security, streamlined processes, interoperability, regulatory compliance, and the rise of telemedicine. By leveraging blockchain, the pharmaceutical industry could not only streamline operations but also provide higher levels of accountability, improving both safety and trust within the sector. Hospitals, diagnostic labs, pharmacy chains, and other healthcare organisations store and exchange patient data via a blockchain network. Blockchain helps prevent certain risks and provides decentralized safety for healthcare data. From the procurement of raw materials to production, distribution, and delivery, blockchain can monitor every phase of the drug's lifecycle. This ensures that all steps are transparent and auditable, making it harder for counterfeit drugs to enter the market. The Drug Supply Chain Security Act (DSCSA) was enacted into law in 2013 with the goal of safeguarding the integrity of the pharmaceutical supply chain in the US. It focuses on preventing the distribution of stolen, counterfeit, or tainted drugs by establishing requirements for tracing, verification, and product identification. This report explored the technology of blockchain and its notable progress in healthcare.