The benefits of the blockchain technology allow different uses that help improve our quality of life. Little by little, thanks to the start ups that are emerging under tokenized schemes promoting a flourishing cryptoeconomy, the infinite potential of blockchain is being understood. This is especially evident in the pharmaceutical sector, in which the people of FarmaTrust have conceived a platform that will provide security to consumers around the world.
The FarmaTrust blockchain uses artificial intelligence and big data analysis to ensure that falsified medicines do not enter the supply chain at any time. With this service, pharmaceutical companies, governments, regulators and the general public will benefit and a safe environment will be consolidated for all. It is basically a global tracking system for each product, under more efficient and transparent processes, thanks to the blockchain features that allow that transparency as well as the security, immutability and encryption of the information related to each product.
What are the objectives of FarmaTrust?
The justification of an effective and advanced solution to the problem of falsified drugs is given by the challenges currently facing the industry, and of which we can mention the vast proliferation of counterfeit drugs, which is possible by various factors and that it causes huge numbers of deaths by year, filling the pockets of organized crime that has infiltrated supply chains.
Another challenge is the growing emergence of “online pharmacies” whose products are not verified, its quality is questionable and even its existence as a company is in most cases, false. Other factors such as deficiencies in the supply chain, ineffective regulations against illicit supply chain, and the growing need for personalized medicines whose attention requires equally personalized and effective solutions, make the sum of challenges that largely justify the adoption of a convincing and viable solution like the one that FarmaTrust develops with its platform.
FarmaTrust fully understanding the magnitude and complexity of the challenges explained above, undertook the development of its platform to provide a solution from a uniform perspective to these challenges of the pharmaceutical industry. The FarmaTrust solution seeks to revolutionize things for the good of the pharmaceutical industry and the general public in terms of costs and product warranty. The public will receive the guarantee that the medicines they acquire are genuine and free of risk.
Broadly speaking, FarmaTrust’s solution consists of tracking pharmaceutical products through a digital supply chain in which it links the unique identification of each product during its movement from the factory, through the distributor and reaching the final consumer. This will significantly reduce falsified medicines and those products that are not documented in the digital supply chain.
In addition, the FarmaTrust platform will provide added value to the actors in the supply chain, the necessary visibility through the blockchain to adopt measures that help reduce supply chain costs, as well as identify problems or gaps in regulatory aspects. FarmaTrust will create through its platform a network of brands, manufacturers, providers of logistics and transport services, distributors, and also pharmacies and health centers in order to strengthen itself as a reliable system that guarantees to the general public that the products are original .
As for the token of the platform, the FTT, is the token of value based on the token standard ERC20 of Ethereum. This utility token has very unique characteristics, such as that the individual FTT Holder will generate 500 utility tokens per week, whose number will increase by 10% from the initial quarter, and for a period of 6.5 years. Each utility token will track an individual product package throughout the supply chain’s life cycle for that package, which will be “burned” at the end of the particular article’s route, once it has reached its destination.
That is why the continuous coinage process is required to maintain an adequate supply of utility tokens. The FTT units are transferable, and can be exchanged and negotiated in cryptocurrency exchanges. Token supply stages have already been completed, leaving a final stage that will start on March 15, 2018, and which will last for a period of four weeks or until the existence of placed tokens is exhausted, whose price will be 0.00010870 ETH per token .
To know more details about this platform, as well as being updated about its news, we recommend to follow its Telegram channel.