Data hack, theft, or infringement are major issues which cannot be ignored when it comes to drug development. Trained professionals or hackers determine and manipulate vulnerabilities in a computer system and/or network to gain unauthorized access.
In principle, blockchain is a database which is decentralized. It may be regarded as a pooled set of information, which is shared, immutable and irrefutable – if changes have to be made, the database cannot be altered without the consent of relevant stakeholders.
Blocks are added to the blockchain in a chronological and linear sequence. Each block is linked to a preceding block and holds a timestamp. Also, blockchain eliminates the need to record the same data separately and thus eradicates the inadvertent errors that occur due to the need to capture duplicate records which are redundant.