Blockchain-based supply chain management can greatly optimize blood bank operations: Raj Chowdhury

Blood bank supply chain using blockchain technology.

Blockchain’s success in establishing trust using an immutable permissioned database makes it an ideal solution for blood supply chain networks. The technology instills accuracy and transparency, isolating the information with high-security defense mechanisms.

PALO ALTO, Calif. (PRWEB)
17 September 2022

Blood donation and transfusion are critical components of the medical supply chain system of any nation. Statistics suggest that a person needs blood every 2 seconds, and one in seven patients entering the hospital needs a blood transfusion. HashCash CEO Raj Chowdhury highlights how blockchain’s potential to streamline supply chain operations can be used to improve the operational efficiency of blood banks in nations around the world.

Donors make the largest contribution to the collection of blood units in most countries. The accumulated blood reaches patients through complex blood supply chain networks, often spanning thousands of miles. The units are further categorized and segregated into medical components such as red blood cells, plasma or platelets. Traceability and provenance – knowing the source, condition and location of products in real time is critical to supply chains. It is even more crucial for blood supply networks, as human lives are at stake.

The HashCash CEO, also a blockchain pioneer, states: “Blockchain’s success in establishing trust using an immutable database of permissions makes it an ideal solution for blood supply chain networks. The technology creates accuracy and transparency, isolating the information with high-security defense mechanisms.”

The underlying architecture behind cryptocurrencies has been integrated across multiple nations. Canadian Blood Services has been working to implement blockchain technology into its existing architecture. The Indian government has created a blockchain department to build a “Blood Chain” – ensuring safe and accurate delivery of blood from donors to recipients. The National AIDS Control Organization (NACO) reported that 2,234 HIV contractions had occurred due to faulty blood transfusions in the past 16 months, making a total of 14,000 new infections in the past 7 years.

“Blockchain consensus safeguards the accuracy of data transactions and the same up-to-date ledger is shared throughout the network, providing real-time visibility to all stakeholders in the blood cycle—the blood banks, testing centers, donors, hospitals and patients across a single platform,” noted Chowdhury, who previously had highlighted blockchain’s pioneering role in sustainable energy management and education systems.

The Chowdhury-led Hashcash Consultants is a global leader winning top awards in blockchain innovation. The US-based company has been recognized globally for its white label solutions for crypto exchanges and crypto payment processors, and distributes products in more than 26 nations, including Vietnam, the US and Singapore. HashCash declared plans to enter the Metaverse segment by next year.

The lack of blood supply is a global crisis, resulting in loss of life around the world. Blockchain is proving to be a promising solution that accelerates intermediate processes and secures the network with secure, accurate data and real-time visibility.

Raj Chowdhury is the CEO of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank trade finance and remittance implementation of Blockchain technology between two of the largest global banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with decision makers in this space. He is a contributor to the Economic Times, Business World and CNNMoney and advises industry leaders on the adoption of Blockchain. He is a member of Asha Silicon Valley, a non-profit organization committed to education for children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.

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