Could blockchain solve China’s food and drug safety problems?
In the wake of China’s latest vaccine scandal, many are pointing to the technology behind bitcoin as a possible solution. For others, it has too many drawbacks
A scandal involving a Chinese pharmaceutical firm that forged documents relating to a rabies vaccine for babies has sparked a debate about whether blockchain, the technology best known for underpinning bitcoin, could be a solution to the nation’s food and drug safety problems.
Shenzhen-listed Changsheng Biotechnology was found to have fabricated production documents and product inspection records, and modified process parameters and equipment, according to the China Food and Drug Administration. The company and members of its management are currently under investigation by the police.
Amid growing discussion online, many are advocating the use of blockchain in the pharmaceutical industry to restore public confidence in the health care system.
Li Xiaolai, one of China’s best known virtual currency entrepreneurs who has 290,000 followers on the microblogging site Weibo, wrote on Monday that he believes the technology can help improve transparency.
“If the entire vaccine supply-chain was to use the token-free blockchain solution to record everything from start to finish, then most of the problems in drug safety could be solved,” Li said.