The US is having an all-time high in pet ownership in 2024 with statistics showing that roughly 66% of households own at least one furry friend. Well, a study by Fortune Business Insight forecasts that the global pet care market will grow from $259.37 billion in 2024 to $427.75 billion in 2031. Now, as this market grows even bigger, various trends are emerging, especially in the area of animal welfare and well-being.
One of the biggest trends taking over the pet industry is blockchain technology. Yes, that technology that runs cryptocurrency. In fact, did you know that, nowadays, people are able to make donations to animal care through crypto? Actually, organizations are encouraging donors to use Bitcoin and other cryptocurrencies because of their numerous benefits. These include security, transparency, among many others. And just so you know, donating crypto is a non-taxable event.
Anyway, donations are not the only way that the pet industry has integrated blockchain. Just read on to understand more.
Managing records
One of the ways blockchain is revolutionizing the sector of veterinary medicine is in the management of patient records. Now, imagine a world where the medical history of your furry friend is stored securely and is also accessible to any vet in any location. You will not have worry that, if your pet gets sick when you are far from your regular vet, another vet might wrongly diagnose or miss out on certain details.
You see, the blockchain network, unlike traditional databases, operates a decentralized system where information is spread across multiple nodes where it is stored. Now, each block, containing a piece of data, is linked to the previous one, forming a chain that is not only secure but transparent. For vets, this means that you have reliable and tamper proof records. In fact, the best thing is that these can be accessed anywhere in the world and at any time.
Just look at the traditional databases; they are prone to data loss and hacking. For example, an article published by Vin News Service showed that two veterinary clinics had client data accessed by an outside company without authorization. Although this was not a hacking attack, it shows clearly how vulnerable these databases are. In April 2024, one of the UK’s vet service providers revealed that it had encountered a major cyber incident that caused operational disruptions.
On the other hand, IBM reports that hacking a blockchain is nearly impossible. Even though there are a few attempted cases, the majority of the systems developed using blockchain have proved really secure. In that case, this security and accessibility level would really go a long way in reducing administrative burdens, ensuring that medical records are always accurate, and seeing to it that pets receive proper healthcare wherever they are around the world.
Improving the supply chain transparency
One of the most significant challenges that you might have realized in the veterinary sector is ensuring that medical supplies are moved with integrity and can be traced. This ranges from pharmaceuticals to vaccines. Blockchain offers a solution by creating a supply chain that is secure and transparent.
What happens is that every step in the supply chain, from manufacturing to distribution to administration, is recorded on a blockchain. This will ensure that all products are authentic and have not been tampered with. Imagine a system that curbs counterfeiting of products and improves the overall safety and efficiency of vet services.
A good example of the blockchain technology is action is by Zuellig Pharma. This medical service company, with headquarters in Singapore, launched a blockchain-based tracking system that would help prevent accidents caused by expired vaccines. You see, with such technology, it becomes easy to ensure that a case, like the 2019 case of fake rabies vaccines in the Philippines, is not repeated.
Now, in a supply chain that operates on the blockchain, all transactions and movements of a product are recorded in real-time and kept in an immutable ledger. When anything happens to the veterinary product, from its manufacture to when it is administered to the patient, it is documented and verified. But what does this imply for vets? This means that vets are able to procure the best standards of care for pets at a reduced cost. In fact, it also reduces the legal issues that surround such challenges.
In conclusion
As you can already tell, blockchain technology is taking over different industries, including the pet industry. Actually, blockchain is making it simple for pet owners and veterinarians to administer high levels of care to our furry friends by ensuring that their medical records are kept safe and transparent.
Now, if you are a pet owner, you can freely travel the world without having to fear that you might have left your pet’s medical records at home and they might undergo substandard care. Life has become easier.
