Mitsubishi Logistics creates blockchain tracker for delivery QouteCoin
New York City: Mitsubishi Logistics has harnessed the power of blockchain to provide its customers with the ability to track their shipments. This provides customers with the peace of mind that their outsourced pharmaceutical shipments will be maintained in the appropriate conditions throughout the shipping process.
To facilitate the expeditious movement of illicit substances, the blockchain technology known as ML Chain was created by Mitsubishi. Because of this technology, the company’s customers are able to monitor the temperature of their shipments even after they have been transferred to another party, in addition to seeing other essential information.
The new ML Chain allows for the tracking of shipments all the way from the production facilities and distribution hubs of pharmaceuticals to the distributors. It is already being used by Takeda Pharmaceutical for several of their products in the Japanese market.
The motors firm has come to the conclusion that using blockchain technology would allow for the secure transfer of data on a worldwide scale, and as a result, they have made the decision to use it. Its newly developed distributed ledger technology suggests that there will be other uses of blockchain technology in the not-too-distant future.
In the not too distant future, Mitsubishi Logistics intends to extend the capabilities of ML Chain to include international shipments as well as the transportation of goods from wholesalers to pharmacies and hospitals. It sees the platform as a means to aid with quality control and inventory management in addition to being a safeguard against the sale of counterfeit drugs.
In addition, the company that is part of the Mitsubishi Group will consider using ML Chain as a tool to assist in the development of innovative and safe direct-to-consumer distribution channels. It will evaluate the data collected via the platform in order to improve supply chains.
Authorities all around the globe are calling for more rules in order to make certain that medicine is carried in a manner that is both safe and effective. The Japanese government finalized GDP rules in 2018, marking the beginning of their implementation. Because of the appearance of COVID-19, there is an increased need than there has ever been before for the secure transportation of pharmaceuticals and vaccinations.
By the end of October, Mitsubishi Logistics had completed constructing a distribution center for medical products in the city of Ibaraki, which is located near to Osaka. This month, the firm made the announcement that it will be developing its own service architecture that is consistent with GDP for the delivery of pharmaceutical commodities at room temperature. By increasing the size of its fleet of delivery trucks, it will increase the number of locations that are serviced.
The Yano Research Institute estimates that the market for logistics outsourcing services for the businesses that produce pharmaceuticals and medical equipment reached 110 billion yen ($778 million) in fiscal 2020. This represents a growth of 3.8% when compared to the market in the previous year. As both the quantity of medications delivered and the percentage of work contracted out to distribution companies continues to rise, there is a growing tendency toward selecting distributors on the basis of the quality-control methods they use.
