Pharmaceutical Company Merck Gets Blockchain and AI Patent for Physical Asset Authenticity
Merck, the oldest pharmaceutical company operating in the world today and also one of the most important companies in its sector, has recently received a blockchain patent from the U. S. Patent and Trademark Office.
The company, which is set in Germany, has created a system that combines the technology of Artificial Intelligence with the blockchain in order to establish the authenticity of unique physical objects. The company has affirmed that, with this new tech, which uses machine learning as well, it can link physical objects to the blockchain via what could be understood as a fingerprint that would be unique to each project.
This project was developed by the Merck Innovation Center, which is the research and development arm of the pharmaceutical company.
All the unique features and qualities of the object will be recorded on the blockchain, which will create the fingerprint. This includes the DNA of the object, complex image patterns and even its chemical signature.
According to Merck, the idea is to use this technology to make supply chains even more secure than they are at the moment. Merck affirms that almost 50% of the products bought in illegal sites today are actually fake and this worries the pharmaceutical industry.
We’re not only talking about royalties here. Most of the fake products often use inferior material or even create medicine that does not work. This can cause a serious health problem for people.
The technology can be used in other industries other than the pharma industry as well. While most of the initial efforts of the company are focused on its own turf, the same idea can be used to prove that all kinds of products are legitimate.
The World Wants To Track Using The Blockchain
Companies and governmental agencies all over the world are currently interested in using the blockchain technology in order to track products. For instance, Russia’s Ministry of Education and Science has created a new blockchain platform that can be used for tracking natural diamonds across their supply chain during all the process.
Other companies like Aetna, which is focused on health insurance, has partnered up with the tech giant IBM in order to create a blockchain that will be used in the insurance industry.