One of the world’s oldest and biggest operating pharmaceutical companies-MERCK, has officially won a blockchain patent from the United States Patent and Trademark Office according to the reports from the German Cointelegraph that reached our blockchain news today.
Per the Merck reports, the German multinational company developed a system that will combine the usage of Artificial Intelligence (AI) and the blockchain technology in order to verify and establish the authenticity of the physical objects:
“The new technology uses machine learning to link physical objects to a blockchain through their own unique identifiers or ‘fingerprints‘.”
Merck pointed out that in the patent, the entire blockchain technology is described and how it can be used to identify unique features of any physical objects and the ‘’fingerprint’’ here including DNA, image patterns and chemical signatures.
They pharma company also claims that the technology that is described in the patent will help increase the security of the supply chain systems and will eliminate their possible tampering and counterfeit. The technology is developed in Merck’s new innovation center.
Merck noted that at least 50 percent of the pharmaceutical companies are purchased on unregistered websites and illegal places such as the darknet and the data were verified by the World Health Organization.
The Russian Ministry of Education and Science also introduced a new blockchain-based platform that will aim to track natural diamonds across the supply chain directly to the final owner.
Other health-based companies such as Aetna insurance company, partnered with IBM build an improved blockchain network that will address the insurance processes in the entire healthcare industry.
Guangdong Province In China To Use Blockchain-Based Tax Payment Platform
“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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