The past few decades were devoted to inventing the things that were considered impossible until they got invented. Blockchain is one of the prominent examples in that list. Blockchain technology has become a must-have option for almost all sectors. The rapid growth of blockchain technology is touching new heights every day. This technology automated the business processes and augmented the workflow. Almost all sectors are implementing blockchain technology into their business and industries.
The demand for blockchain technology is rising every day and many companies are committed to fulfilling this need. One such company is Blockchain Firm, which is dedicated to providing blockchain-based solutions.
In an interview with Insights Care, Tendulraj, the Founder and Managing Director, and Sindu, Co-founder and Chief Executive Officer of Blockchain Firm have elaborated on how they are driving change in the healthcare sector with their blockchain solutions. Following are the details of the interview:
Please brief our audience about Blockchain Firm, its USPs, and the key aspects of its stronghold within the healthcare supply chain niche.
Blockchain Firm delivers blockchain-based solutions, services, and products for enterprises. Our suite of services extends to mobile application development and crypto services too. We strive to create sustainable blockchain ecosystems for all kinds of industries and help them ease their business models. Our blockchain model for healthcare is an ecosystem that brings together all the participants – doctors, patients, pharmacies, labs, drug manufacturers, and other supply chain participants – in one place.
This ecosystem has all the attributes of blockchain technology that make it highly functional and secure. The ecosystem is designed to overcome the obstacles that pandemics like COVID-19 would bring us. It paves the way for supply chains to deliver healthcare essentials like drugs & protective equipment faster; improve clinical trials and evaluate tests; provide vaccines & treatments effectively; and remove duplicate products & counterfeiting.
Tell us more about the solutions that you offer, giving Blockchain Firm a distinctive edge to stand out from the competition.
We provide blockchain solutions for all industries that include finance, healthcare, logistics and supply chain management, real estate, voting, e-commerce, insurance, education, digital identity, gaming, and apps. Our solutions are purely designed to solve the current challenges that every industry faces. We also specialize in creating customized solutions based on the client’s requirements and the feasibility of their business.
For any business (small business or an industry), adopting blockchain technology isn’t just a regular transformation. There lie many complications that could affect the business model, and that’s why those businesses still stay behind the line.
We are ready to end this by developing performance-oriented blockchain platforms that would govern and operate the business as it is, but with added efficiency. Our solutions and services list doesn’t end with blockchain. We also assist crypto-based businesses in developing cryptocurrencies (coins & tokens), exchange platforms, payment gateways, wallets, and trading bots as well.
As a seasoned business leader, what is your opinion about the effects of the pandemic on the healthcare supply chain sector, and what were the challenges that Blockchain Firm came across?
One of the many things that the COVID-19 pandemic proved is, “We need more practical and scalable supply chain systems to balance supply & demand. If there is another outbreak like this one, the whole world could collapse.” The healthcare supply chain witnessed huge problems, especially in production and distribution. Almost all participants in the supply chain found it challenging to meet the sudden increase in demand. Besides, interoperability, security, privacy, and traceability also became major concerns for businesses.
All these issues were mainly due to the current supply chain model that focuses only on lowering costs and on-time delivery. And once the pandemic hit the world, these businesses had no choice but to focus on inventory management – the most important method to overcome the disruptions in the supply chain. As a company, the only challenge we faced was making SCM businesses understand the importance of a new supply chain model backed by blockchain technology.
With continuous development in technologies such as AI and ML, what is your prediction about the future of the supply chain solutions niche?
Blockchain has already proved its effectiveness in addressing challenges in the healthcare industry. It provides faster access to data, global data sharing, improving collaboration, and increasing transparency. When AI and ML are integrated into the same, the results would be outstanding. We have already seen many tech giants and industry leaders giving importance to the use of AI & ML in supply chain management.
When AI is introduced to the supply chain, it helps build a powerful network with excellent optimization, improved accuracy & productivity, high quality, and lower costs. Artificial Intelligence (AI) and Machine Learning (ML) have all the necessary factors to alter the way the supply chain industry works. The inefficiencies like machine-based errors, manual errors, and uncertainties can be eradicated to a great extent. So, it would be pretty easy and smooth to run a supply chain business powered by blockchain, AI, and ML combined.
What would be your advice to the entrepreneurs aspiring to venture into the healthcare supply chain solutions space?
People who are venturing into the healthcare supply chain space should understand this, “Your business should have excellent scalability and built on modern technologies so that when pandemics like COVID-19 hit you, you can easily deal with the uncertainties in the right way.”
How do you envision scaling Blockchain Firm’s operations and offerings in 2021?
During the pandemic (and post-pandemic), we saw many companies reducing their size to manage money and other constraints. But we chose to be different. Rather than downsizing, we decided to upsize. We balanced employees’ requirements and clients’ requirements effectively during the pandemic. While many companies were laying off their employees, we actually brought many new faces to our organization.
We believe that as long as we give good solutions and products to our clients, we will meet the essential part of every business – customer satisfaction. We are currently focusing on developing more sustainable blockchain platforms. And also, we have added more services and solutions to our list. We are currently working on merging blockchain technology with Artificial Intelligence to build a decentralized, robust, and secure platform.
What is your opinion on the future of the supply chain industry considering the evolving customer preferences due to the COVID-19 pandemic?
To be honest, Covid-19 showed companies how they lack efficiency & scalability, how vulnerable their businesses are to risks, and other things. This is a good chance for companies to reevaluate their processes & business models and open up the doors for innovation, opportunities, and digitization in the post-pandemic world. Covid-19 has helped the supply chain, in particular healthcare, to adopt innovative methods in the process. In my opinion, there will be more digital supply chains developed with promising features and customer-centric approaches soon.
- Tendulraj – Tendulraj is the Founder and Managing Director of Blockchain Firm. His professional journey started in 2013 when he was determined to start his own company that would provide value rather than generate income. He started ‘Teekz’ to help students and fresh graduates to improve their technical knowledge, skills, and communication through the Studentrepreneur program. After Teekz saw a dramatic success, Tendul wanted to venture into something big and world changing. And so, he started Blockchain Firm.
- Sindu – Sindu is the Co-Founder and CEO of Blockchain Firm. She played an equal role similar to Tendul in establishing Teekz and Blockchain Firm. Sindu’s goal is to embrace women in blockchain, and she has been doing it to the fullest. Being a blockchain developer and tech enthusiast, it was her idea to develop sustainable blockchain solutions. Her vision is to make Blockchain Firm a globally recognizable brand with its footprints in various technologies.
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