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Blockchain Technology in Healthcare Industry

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Blockchain Technology in Healthcare Industry

Blockchain in Healthcare Industry

Blockchain technology can change health care by putting the patient at the centre of the health care ecosystem and improving health data security, privacy, and interoperability. This technology can provide a new paradigm for health information exchanges (HIE) by making electronic medical records more efficient, disintermediated, and secure. While not a cure-all, this unique and fast-developing sector offers fertile ground for exploration, investment, and proof-of-concept testing. ​

Management and security of patient data

Blockchain technology is a distributed, decentralized, and unchangeable record-keeping system. Because of the technology’s strong security characteristics, whatever information is recorded on the blockchain becomes nearly difficult to hack or modify. Because of the openness it provides, any changes to the data are evident, and there is no possibility of tampering with the data. As a result, blockchain technology enables clinicians and patients to communicate critical healthcare information quickly and securely while also ensuring privacy and transparency via encryptions and sophisticated protection codes.

Blockchain technology also reduces the dangers associated with data centralization, making it extremely helpful for managing patient data quickly and safely. Today, most patient information is centralized, making it vulnerable to data intrusions, breaches, and theft. Blockchain technology is an excellent option to address this issue since it distributes information among several nodes, making it hard to hack or tamper.

With the aid of smart contracts, healthcare institutions or providers preserve the patient’s health records on the blockchain. To access the data, a public key or a unique ID is produced. To access the information, a doctor needs to have the patient’s public key. The data is only made available to the healthcare practitioner when the key or unique ID matches. No blockchain healthcare solution can expose the data stored on it without the public key. As a result, patients can share their public key with healthcare institutions as needed.

This key will provide institutions access to data while protecting the patient’s identity because the data will be unidentifiable without the private key.

Blockchain Technology in Dairy Industry

Genomics

The study of whole sets of genes in organisms, which includes genetic components, is known as genomics. The genomics business in healthcare has grown dramatically to improve human health in the future. It must securely store large numbers of genetic data points, where blockchain might come in handy. Blockchain applications are an excellent way to improve knowledge of genetics and assist scientists in securely gathering and storing vital information.

Improving Communication Between Providers and Patients

Miscommunication is a flaw that has a detrimental influence on all industries, regardless of what they stand for. It’s critical to maintain communication flowing easily and effectively when a person’s life is on the line, especially in a delicate industry like healthcare. Miscommunication among healthcare practitioners or between patients and providers may be costly and even dangerous to patients’ health. The majority of misunderstanding is caused by inaccurate medical data or delays in updating, as the procedure is time-consuming.

Blockchain technology can solve this issue. Blockchain solutions are distributed. As a result, it is distributed among numerous network nodes rather than storing information in a single database. When data in one node is changed or updated, it is updated in all network nodes. It makes it incredibly simple to exchange updated information with any doctor or healthcare professional rapidly. The data stored on a blockchain is authentic, up to date, and timestamped, making it simple for providers to review and respond appropriately, especially in an emergency. It also helps doctors deliver more tailored treatment programs and performs speedier diagnostics.

Control of Pharmaceutical Counterfeit

Pharmaceutical counterfeiting is a significant issue faced by the healthcare sector. Because pharmaceutical supply networks are opaque, there is a high rate of tampering and counterfeiting.

Because it enables system transparency and immutability, blockchain technology provides excellent solutions to combat pharmaceutical counterfeiting. It offers comprehensive, end-to-end supply chain transparency. Blockchain in the pharmaceutical supply chain can assist providers by managing inventories, reducing counterfeiting concerns, and reducing theft issues.

It can also assist other organizations such as the Red Cross, USAID, and the Global Fund in tracing the distribution of donated drugs across multiple nations while verifying the pharmaceuticals’ origin, legitimacy, and integrity.

Blockchain technology has various applications in the healthcare business, and with its rising popularity, we may expect even more in the future. To address the substantial issues this industry faces, it is critical to implement change and enhance the quality of healthcare services provided. Blockchain technology looks to be an appropriate answer for this. With proper implementation and solid applications, Blockchain technology has the potential to be the savior the healthcare sector has been yearning for.

Talk to us: +1 925 399 4218 or Email: info@msrcosmos.com.

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Blockchain Technology in Manufacturing Industry

Blockchain Manufacturing Industry

The influence of blockchain is growing more prevalent as factories throughout the world become increasingly networked. Machines, parts, products, and value chain actors, such as machinery providers and transport businesses, are all part of the Factory of the Future. Manufacturers face a more significant challenge than ever before in securely communicating data both inside and outside the industrial walls.

In the financial sector, blockchain made a big statement but was subtle in manufacturing. Manufacturing is ingrained in our culture. Things must be physically made until we can conceive them into existence. Since the industrial revolution, we’ve developed in technologies that are part of the tangible manufacturing process. Machines communicate with one another, and they’re all controlled by software that exchanges data at unfathomable speeds in the cloud.

Currently, data is the most valuable asset on the globe. The foundation of blockchain in the manufacturing industry is to classify the ownership and legitimacy of data while also securing it. Although blockchain technology is still a few years away from being wholly realized, manufacturers are becoming increasingly aware of its potential in their processes.

Blockchain can scale transparency and trust throughout the industrial value chain, from acquiring raw ingredients to delivering the finished product. The following are some of the issues it could help with:

Blockchain Technology in Manufacturing Industry

  • Supply chain transparency is improved through monitoring the supply chain.
  • The provenance of materials and counterfeit detection
  • Engineering design for high-complexity, long-duration products
  • Managing your identity
  • Asset management
  • Assurance of high quality
  • Observance of regulations

 

Manufacturing has historically been thought of as a tradition-bound business. However, the Factory of the Future is poised to look radically different as technology such as blockchain, AI, and machine learning gain traction. Manufacturers will overcome some of the barriers to full-scale implementation of other next-generation technologies and creative business models as blockchain technology improves. As a result, more efficient industrial operations will emerge, requiring data sharing and collaboration among complex networks of companies and machines. This will become the new standard in the industry.

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Blockchain Technology in Dairy industry

Blockchain Dairy industry

Several scandals have shaken the dairy sector in recent decades. The most famous examples, such as tainted milk in China or salmonella-infected milk in France, have eroded customers’ faith in the industry. Furthermore, various ethical problems (producer remuneration, animal welfare, etc.) are being addressed, bringing the current paradigm of milk production into question.

Blockchain has been rising as a widely used technology for addressing these challenges. It has established itself as the key answer for dairy companies wanting to increase traceability and transparency.

 

Blockchain in Healthcare Industry

Food and nutritional security: Blockchain technology can ensure accurate tracking of every batch in the milk supply chain. In the event of a food-borne illness, blockchain makes it extremely simple to identify the faulty link and reject all sets that have been impacted.

Wasted Food: The granularity provided by blockchain during product recalls allows for the avoidance of bulk recalls of a whole product line, minimizing food waste and overall financial costs and the impact on brand image.

Partnership: Because blockchain is a distributed and decentralized ledger, it serves as a “trusted third party.” It enables all food chain players (feed mills, farmers, cooperatives, manufacturers, brands, and retailers) to securely communicate information, allowing them to trace a product from start to end and assure compliance.

Transparency: Guaranteeing a product’s journey in complete transparency is a fantastic approach to differentiate oneself from rivals. The blockchain allows consumers to learn about a product’s entire history as well as proof of quality. According to research, consumers are more inclined to buy a product that gives more specific information, and they are more likely to spend more for a product that they know fits their values.

Reassurance: Tangible evidence of product claims and certifications (tags, audits, etc.) will also boost confidence. In this case, blockchain enables certificate verification by providing necessary data to independent certifying bodies (for evidence of origin, environmental footprint, animal welfare, and so on). Certifications become easier to obtain/maintain. As a result, it is becoming more relevant to the consumer.

The implementation of blockchain in the dairy business ensures that consumers trust the products, which increases demand for the package. This includes the secure processing and storage of official records and digital verification to protect intellectual property rights and patent systems, bring transparency across the supply chain, reduce food fraud, and improve food safety.

Blockchain is the next technological revolution; integrating blockchain in the dairy business will enhance product quality and regulate safety while also creating a decentralized platform that will link farmers and customers.

Talk to us: +1 925 399 4218 or Email: info@msrcosmos.com.

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Blockchain Technology in Automotive Industry

Blockchain-Technology-in-Automotive-Industry

In order to make next-generation cars a reality, blockchain is expected to become vital for the automotive industry in the next years.

Vehicles are gradually evolving into far more than just modes of mobility. Cars in the twenty-first century are mobile data centers with integrated sensors and computers that collect data about the vehicle. Blockchain has the ability to increase trust and collaboration among organizations, consumers, and even cars by providing more secure, traceable transactions and better access to and openness of information.

It’s no surprise that automakers are paying attention to blockchain and making some strategic investments in the field. While blockchain has the potential to disrupt the status quo on its own, when combined with the IoT, artificial intelligence, and big data, it has much more potential (AI).

Here are some instances of how blockchain is being used in the automotive industry:

Blockchain Technology in automotive industry-01

Insurance: The blockchain may be used to thoroughly verify and secure vehicle mileages, allowing drivers who don’t use their car often to obtain lower insurance.

Carsharing: Vehicles on a timeshare basis are provided by an OEM. Transactions that take place between owners, operators, and third-party service providers are settled instantly utilizing a single-source, usage-based payment system, and trips are tracked on the blockchain.

Payments: E-contracts are a big asset that blockchain helps to power since they allow for direct, secure money transfers from a buyer to a seller without the need for a bank or other intermediaries.

Personal information: Driver information may be maintained safely and securely on the blockchain, allowing a carsharing vehicle to be immediately customized to a user’s preferences, including seat, mirror, temperature, and radio settings.

Location: With RFID tags and data saved in the blockchain, fleet owners can track the location of all of their cars and employees. Particularly in the package delivery industry, this could lead to time and distance efficiencies.

Traceability: Blockchain can be used in the supply chain to verify the source of materials used in the manufacturing of a car, all the way back to the raw material as soon as it is retrieved from the mine.

Vehicle Recalls and History: The VIN of a car can be maintained in the blockchain, which means that if a recall is made, owners of the specific vehicles with a defect can be notified, substantially decreasing expenses for manufacturers and inconveniencing drivers.

Autonomous Vehicles: Huge amounts of data must be processed, analyzed, and delivered safely and promptly for autonomous vehicles to be safe. The blockchain is a secure and dependable way to accomplish this.

Servicing: With a simple scan of a QR code, a car’s service history may be stored on the blockchain, and the technology can be used to ensure that only original OEM-supplied parts are used to make repairs or replacements.

As the automotive industry moves toward self-driving, connected, and electrified vehicles, blockchain may provide another way to maximize the benefits of these technologies. The most appropriate use cases appear to be supply chain, financial services, and the safe, secure sharing of driver or rider data.

Because of its infancy, there are still problems to iron out, but with the level of investment from across the sector, blockchain has the potential to cause substantial disruption. To win, you have to be in it, just like early Bitcoin investors, and we’ll be watching the technology’s uptake with curiosity to see who goes all in.

Talk to us: +1 925 399 4218 or Email: info@msrcosmos.com.

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A simple tech solution to tackle the challenges and start moving again

Blockchain Solutions

The global epidemic has impacted industries, such as healthcare, finance, politics, economics, and education, etc. These must constantly assess and improve their processes and technology to compete effectively. On the other hand, tailoring existing packages or aging systems take time and money. Instead of starting from scratch, the simplest solution is to integrate new tools with existing legacy technology.

Businesses that have already invested in and are implementing new technology with better positioned to meet the business demands. Some of it continue to rely on legacy processes that are to their limits, exposing their inefficiencies and reliance on manual processing.

The absence of adequate and up-to-date data on the outbreak and expansion of novel coronaviruses is one of the most critical matters during this pandemic. Technologies such as blockchain significantly assist in resolving. One of the most needed and latest solutions is to adopt a distributed ledger technology and peer-to-peer networking to provide verifiable and secure data. This technology is crucial in the effective management of the post-COVID-19 world. Many use cases can benefit from the key features of blockchain technology, including contact tracing, disaster relief, patient information sharing, e-government, supply chain management, immigration management, production management, automated surveillance, non – contact delivery, and distance classes.

Blockchain as a solution for today’s challenges:

Blockchain Technology in automotive industry-02

  • Demand generation gap

Pandemic crises cause a supply-demand gap. It raised the challenging task in front of factories to deal with the losses incurred during the lockdown and facing difficulties in creating a new type of working environment which includes social distancing and working with a small number of people to avoid physical contact. Blockchain streamlines the supply chain process and brings transparency to it.

  • Counterfieting product

Even during the current global crisis, there have been indications of counterfeit medications and low-quality materials sold to individuals and organizations in desperate need of these items. As a result, there are trust issues in the supply chain. Blockchain not only offers an easy way to manage the supply chain. It also allows for the differentiation of quality products from counterfeit ones.

  • Tracing of an infected person

In the specific instance of a highly contagious disease like COVID-19, we need a reliable solution that can quickly identify people who have been in contact with an infected person to develop a precious public health strategy to restrict the infection’s spread. Individual infectious disease management and precautions will be required in infected close circles to re-establish some level of normalcy. In this regard, contact tracing is an essential tool. Blockchain, which collects information from individuals without identifying them using a system of public and private keys, provides a well-organized and straightforward solution to this problem.

  • Customer migration

Presently in the market, customers preferring the online mode for shopping, and customer migration started. Besides that, online and retail businesses become highly competitive to get better customer engagement. Blockchain technology has the potential to enhance productivity and engagement quality to make data more accessible. As per the consumer standpoint, this technology significantly transforms consumer relationships by improving data, information transparency, privacy, and security with its potential. It also allows for novel forms of consumer loyalty and reward programs, which may aid in the creation of additional value to the business.

  • Trusted technology solution

In the traditional way to establish collaboration between two parties, a third person is involved in contract generation. It can be faked or tampered with if it’s not protected or verified by a certified professional. A few wording changes can have a significant impact on the final agreement. On the other hand, the Smart contract solution offered by blockchain can resolve this challenge very wisely. They do not necessitate the authority of a third party to verify their authenticity. It allows the contract’s parties to save time, money, and security on a specific transaction.

Blockchain technology is built on a distributed, robust, secure, private, and immutable performance framework that can substantially alter the nature of trust, value sharing, and operations. The COVID-19 crisis has exposed the shortcomings of ongoing trust and data sharing systems. While this pandemic poses a clear and serious threat to our way of life, it also provides unique ways to apply and test emerging technologies that may convert our capabilities to combat this pandemic while establishing a more efficient, democratic, and secure system.

Talk to us: +1 925 399 4218 or Email: info@msrcosmos.com.

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Blockchain: A key to Unlock the Market Opportunity and Induce Frictionless Business

Blockchain in Frictionless Business

Anything that prevents a potential customer from purchasing your product or service is considered business friction. The unspoken goal of every business is to overcome inertia and friction. Companies’ growth depends upon critical strategic decisions such as acquisitions, mergers, and strategic alliances.

Enterprise blockchain technology can enable connectivity and trusted data exchange across business ecosystems. It creates a new type of database that stores and traces data in a distributed, verified, and secure manner as businesses required.

Through blockchain technology, businesses of all sizes can now transact directly and securely with one another. Everyone involved in a transaction will be aware of what and when it occurred. An immutable blockchain can significantly improve connectivity, secure and structured data exchange between your business networks. It liberates value while maintaining privacy, traceability, and security. It adapts dynamically to your organisational circumstances to address any point of friction in your business operations.

Following are the ways of business processes transformation, simplification, and automation achieved through blockchain technology.

  • Enabling shared logic coded into smart contracts on the blockchain.
  • Enabling the secure and seamless sharing of consistent data across organizations and firms.
  • Eliminating fees paid to trusted dispute resolution intermediaries.
  • In addition, reducing complexity on all sides.

 Frictionless Business

Let us have a look at what is a smart contract and how it enables frictionless work?

Smart contracts are self-executing contracts that contain peer-to-peer agreement terms. It is a set of commands and data stored on the blockchain at a specific address. In the world of technology, it is analogous to a physical bilateral contract and represented as a smart contract. It is also known as a piece of code. It saves and automatically validates the terms of a document before executing it when those terms are satisfied. Smart contracts streamline the production system for stakeholders while improving process execution and cost optimization.

A smart contract is a technique that operates automatically. It reduces dependency on manual and paperwork. In traditional contracts or rudimentary digital contracts, tasks such as document collection, data entry into the contract template, and implementation, among others, are still performed manually. On the other hand, a smart contract occurs entirely and automatically in a digital environment, reducing or eliminating the participation of roles that add little value to enterprises. It makes it possible to perform a vast number of transactions simultaneously.

The time-stamp process and immutability also provide proof of evidence, making it easier to resolve potential contradictions later on.

A smart contract automatically updates, stores, and reports all information in a unified distributed ledger, which contributes to a better management system. More efficient processes and the elimination of unnecessary components are critical to cost reduction. It heralds the transformation of a new business operation model. More effective processes and cutting off unnecessary components are keys to reducing the cost. It brings a new business operation model transformation.

The frictionless business could lead to higher customer conversion rates, lower churn, and higher account retention, as well as higher renewal rates and productivity (the ability to increase production and sales while lowering costs). Frictionless business removes all barriers to success, allowing it to operate more effectively – doing the right things – and efficiently, with minimal waste and maximum productivity. With the help of blockchain technology, companies can run with less friction and achieve superior results with fewer resources.

Talk to us: +1 925 399 4218 or Email: info@msrcosmos.com.

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Implement a Blockchain Powered Organization for your Port Logistics

Blockchain In Port Logistics

Add value to your port logistics in terms of trust, visibility and network expansion while ensuring safety.  

Challenges Faced by the Port Management-
In this digitally ever growing world, the port logistics and supply chains require a secure system that provides improved efficiency. The major issues faced in the logistics field include lack of security, sharing of data, document approval, and the inefficient handling of goods and containers throughout the supply chain. It also includes the ineffective management of documents. In ports, when the cargo switches from one transport to the other, security, visibility and real-time access to the data is of massive importance. The manual processing of all the documents, transportation information and other paper works related to shipment generates redundant data and may take an unpredictable amount of time which further reduces the transportation efficiency of goods. Hence, it is important for all the logistics industry to digitalize port management.

Blockchain definitely is the solution for all these problems as it plays a key role in digitizing port logistics. With its powerful features, it builds trust and transforms port processes such as documenting, validating and securing data.

MSRcosmos, with the help of blockchain technology, helps add value to your logistics by transforming your port operations digitally. All the process, right from document approval to product safety is transformed and made seamless. The document approvals are in the form of a time-stamp which shows all the details including the exact time, status and condition of the transaction. The entire transaction history will be visible to all the parties and with the feature of immutability, no unauthorized party will be able to make changes in the data or on the transaction. Blockchain is mainly used for security reasons within the port area. It can play a major role in preventing cargo theft as it requires digital approval from the blockchain ledger (a database that is shared across multiple sites) in order to proceed with the pickup of cargo. Only after receiving approval using a QR code or etc., a driver will be able to carry the container.  

Business Benefits:-

Traces goods more efficiently:
Provides the current location as well as the condition of the product. The freights and products can be easily tracked using a QR code provided to each product. Thus making the transactions safer and transparent
Ensures security and prevents theft:
With the immutability feature of blockchain, no information can be lost or replaced. Protects your supply chain data from cyber-attacks as no third party or unauthorized party will be able to modify the data or transaction. Every operation will require digital approval from the partners without which no operation will be proceeded.
Increased visibility in the supply chain:
Provides an overall view of the supply chain facilitating an easy exchange of information between organizations leading to increase trust among all the involved parties.
Process automation and efficiency
With the help of smart contracts, less manual work and no paperwork, all the document related work and agreement conditions are automated, without any human intervention and error.
Saves time as well as cost:
Blockchain develops a synchronized communication among partners which further constructs a streamlined process. This leads to reduced redundancy, few to no delays, shorter lead times, cost optimization and makes your supply chain efficient.
Provides real-time access to data:
Collects time-stamped data from all points of the supply chain and make it easy for the partners to access, share and synchronize critical information.
Trade finance:
With increased automation, reduced processing time, transparency, trust and security, the transaction speed is increased and the costs involved are reduced. Thus, allowing a smooth trade finance process. 

Talk to us: +1 925 399 4218 or Email: info@msrcosmos.com.

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Secure your Networks by Leveraging the power of Blockchain

Blockchain

Gain an overall visibility of your supply chain network, ensure transparency and establish trust between your partners

Challenges Faced By The Logistics Industry
In the logistics industry, the major concern always remains to determine the current and past location of freight, whether it was damaged in transit, as well as reporting their arrival and departure time. As the supply chain continues to expand, they become more and more complex. ‘N’ number of companies are involved in this process. Maintaining such complex data using traditional systems might slow down communication and consume a lot of time in tracking goods. This results in delay, inaccurate supply chains, errors, increased cost, security issues, and etc. Lack of traceability has become an industry-wide problem due to disjoint data systems and outdated paper processes.

Blockchain technology is preferred by every developing industry right now as it supports track and trace, ERP, supply chain, safety and increases automation efficiency. It can share information via a peer-to-peer network without the need for any central authority to verify all the transactions. Blockchain records all the transactions and provides immutability and combats issues like counterfeit goods, delays, cyber-attacks, and compliance violations.

MSRcosmos, with the help of blockchain technology, helps logistics overcome all the challenges by creating an encrypted digital record that tracks and traces goods at each and every stage and provides end-to-end visibility. Track and Trace provide easy tracking of goods and makes planning easier. This makes product monitoring and continuous verification of processes seamless. Since all the transactions are up to date and time-stamped, companies can get the location as well as the current status of a product at any time. Blockchain is a shared database, i.e. it uses a distributed ledger technology, with the help of which a single source of correct information is passed across the entire supply chain and the participants. Enabling Track and Trace using blockchain technology makes complex things easier and smoothens the work process in the right direction.

Business Benefits:-
Increases real-time visibility:
Provides a single view of the supply chain facilitating an easy exchange of information between organizations.
Provides forward and reverse traceability:
Enables tracking of the product journey, right from the origin to every point of contact on its journey to the customers.
Provides end-to-end transparency:
The traceability feature of blockchain ensures transparency by validating and authenticating product origin. This prevents fraud and improves brand credibility.
Unique identity code for products:
Using a QR code provided to each product, the products can be easily tracked and validated by the user. Secure QR code ensures product safety and it is tamper-proof.
Strengthens consumer trust:
Track and trace allow consumers to track their products and ensure the quality and safety of their products. This builds and strengthens consumer trust.
Monitors performance:
Along with the characteristics of decentralization, irreversibility and traceability, blockchain provides real-time data and high-performance metrics. This helps users to monitor the exact and detailed performance of the product on different stages.
Increases security:
Blockchain has a distributed ledger technology that holds time-stamped records, which cannot be changed without the agreement of all the users in the supply chain. This ensures the safety and prevents data from being modified by unauthorized users.

Talk to us: +1 925 399 4218 or Email: info@msrcosmos.com.

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