Question

“The potential impact of {Cryptocurrency} on {Pharmaceutical industry}”

Write a short description of the technology and the industry (200-350 words each)

You may use any relevant sources, including websites, blogs, tweets, journal articles and textbooks. Ensure you reference any sources appropriately.

list at least five ways the technology may change or disrupt the industry

Some hints: • Consider the impact of the technology on the people in the industry; will it make their lives easier or harder? • Can you draw parallels to other industries where your technology may have had impact? • Are there other technologies you’re aware of that might, together with your chosen technology, have a stronger combined impact? • Creative thinking requires a dedicated block of time and the freedom to play around with ideas. Don’t leave it to the last minute!

Choose one technology impact from the previous exercise, and identify at least four factors or constraints that make this impact possible, or which might prevent it occurring

Frame these within Lawrence Lessig’s regulations – Market, Law, Architecture (Physical/Natural) and Norm(Social/Ethical).

Identify two process within your industry or field that would change as a result of your chosen impact. Some hints to identify processes: • Consider processes in acquisition, manufacture, supply, support, staffing, and communication • Write a brief use case – like a case study but focussing on interactions and processes • Try searching! For example, “business processes in ticket sales” (but use your chosen business). Don’t just copy an existing diagram though.

For this process, determine: • Events; • Activities or Tasks; • Decision points; • Actors (people and/or objects); • Outcomes

Write a description

referring to the above events, tasks, decisions, actors and outcomes. It is acceptable and expected that you make a number of assumptions about the process, but these should be explicitly included in your description. What are you basing your understanding on?

dentify specific components of this process that would change due to your technological idea. Describe how these components would be affected by the change (300-400 words). It should be clear which events, tasks, decision points, actors, and outcomes are affected, and in which ways. This may include components being removed, replaced, augmented or added.

Use process model diagrams to support your description – one before and one after the change. These need to be detailed enough to show the change in processes, but not so detailed that the changes are hard to spot. The purpose of your model here is to show the impact of the technology on the business process; let that guide your level of detail.

Answer 1

Crypto-currencies in Pharmaceutical industry:

Blockchain has become the rapid technology that hits the energy suppliers with the financial services where they tend to capitalize on digital technology. The transaction records and the logs are all grouped in a chronologically ordered block. The underpinning technology of blockchain for the crypto-currencies (bitcoin) caught in several healthcare sectors and many of the members in the sector would have heard about the large-scale ransomware attacks that demand their payment in the form of cryptocurrencies. Blockchain could also be a natural facilitator for the public health system and the patients by sharing their electronic health record to the various health organization, which also secures the security of the data. According to MedCity News quoted by Kulatilaka, “You’re no longer bound to your hospital system.”. This means it is not necessary to carry the medical reports, all times with them when they are no longer needed. The secured holding of the medical record is possible with this blockchain that introduces MedRec, which is an MIT-backed enterprise that used Ethereum Blockchain technology. Through this technology, the family records are passed on safely throughout their generations.

Blockchain also plays a major role in the real estate where the companies and the government examine their effectiveness in several industries. Blockchain technology had been implemented in the real estate field at Sweden where the government tries to merge the local telecommunications company with the Blockchain tech company.

Major benefits occurred at the following:

• Investment opportunities had been increased
• The property search process was sufficiently improved
• The management and the data access was significantly enhanced
• The due diligence process had been accelerated
• The payment and the financial progress was found to be more effective
• Speed transactions

Lessig's regulation in the cybersecurity:
At the year of 2010, the World Health Organization (WHO) identifies the fake drug sales globally at $75bn and also had an increase of 90 percent over 5 years. In certain developing countries, drugs were identified and limited in medicines. Pangea VIII, which is said to be a single Interpol operation carried out in the year 2015 and arrested more than 150 people for fraudulent medicines and banned more than 2500 websites.
The US and the European government had introduced unit-level track-and-trace systems where the track the products that move through their supply chain with the Drug Supply Chain Security Act in 2013.

'LifeCrypter' that was introduced in Germany, which is a blockchain dependent prototype system that tracks all the medicinal products among the supply chain. It also says, "an unambiguous identification tag should be necessarily fitted in all the medicinal item that permits the physical and virtual ownership to be transferred to the upstream suppliers to the downstream customers through the smart contracts verified network trusted by the blockchain and the supply chain".