A Novel NFT Framework for Pharmaceutical Asset Ownership and Trading: TokenPharma

Abstract

Blockchain Technology and Non-Fungible Tokens (NFTs) have drawn much interest due to their special qualities, and potential in numerous industries, including Pharma. Recently, medical asset management has grown significantly. This study explores how blockchain and a novel designed framework “TokenPharma” NFTs can transform medical asset ownership in healthcare. It examines cryptographic foundations, decentralized structures, and smart contracts. It addresses patient data security, asset management, and transparent transactions. This paper proposes an NFT-based Pharma marketplace using Solidity smart contracts, Ethereum Virtual Machine, and ERC721 tokens to overcome challenges. The proposed structure is tested by using Remix-IDE, Truffle, Metamask, and the Ethereum Sepolia test network. Various smart contracts, algorithms, events, and functions facilitate NFT token minting, purchase, and sale in the pharmaceutical marketplace. Performance tests using Ethereum SDK, Geth, and Hyperledger Caliper assess the proposal’s effectiveness. Following the data, the average latency for Resell_Token, Buy_Token, and Create_Token was 4.27 seconds, 4.68 seconds, and 5.04 seconds, consecutively. Further, the average throughput for Create_Token, Buy_Token, and Resell_Token was 223.83TPS, 262.7TPS, and 268.76TPS accordingly. Resell_Token has the highest throughput since it needs fewer write operations, although Buy_Token has a higher throughput than Create_Token, according to the performance analysis. The function measured the average CPU utilization, while the memory usage fluctuated between 645 to 780 MB on average. TokenPharma outperforms the state-of-the-art when the given parameters are taken into consideration.

Keywords

• Blockchain
• Ethereum request for comment (ERC)
• non-fungible tokens (NFTs)
• TokenPharma
• smart contract