Walmart, the Global retail giant, which its IBM Food Trust introduced it into the blockchain space, has decided to expand its space through joining a new consortium.
According to reports that emerged on June 3, Walmart plans to roll out a pilot project to track pharmaceutical products using MediLedger technology.
Through participating with this blockchain-powered pharmaceutical consortium, Walmart follows four other main American pharmaceutical companies like Pfizer Inc in such a venture. In early May, Pfizer Inc joined forces with MediLedger to collaborate on various blockchain network developments that are useful in the pharmaceutical and health industry.
Specifically, on May 2, Pfizer together with Premier Inc., AmerisourceBergen Corporation, and McKesson Corporation officially joined the MediLedger Project Contracting and Chargebacks.
MediLedger co-lead Eric Garvin has come out to state:
“The pilots only really make sense if you are working with a group of collaborators.”
Chronicled — a San Francisco-based blockchain tech firm — decided to initiate MediLedger project to come up with a trustworthy data sharing system in supply chains of the pharmaceutical products.
The project is intended to automate various processes such as contract reconciliation, and associated costs elimination.
One of the earliest blockchain technology adopters is this $220 billion retail giant, Walmart. Alongside IBM, the retailer implemented this technology to locate and eliminate recalled foodstuffs from the existing price list in 2016.
Since that time, the retailer has been involved in several blockchain-related initiatives such as the patenting blockchain applications. Following a patent application, the U.S. Patent & Trademark Office granted the firms its request.
The patent that the company sought in 2018 permitted it to implement a blockchain-powered product delivery system to a wide range of autonomous electronic gadgets, including autonomous robots and drones.
According to a senior Pfizer executive scalability problem — blockchain’s most discussed issue — is not the main obstacle that hinders the implementation of various blockchain applications globally. The executive suggests that Governance and sharing infrastructure is the major hurdle business competitors should overcome.