FARMATRUST: Leveraging 21st Century Technology to Save Lives Globally
INTRODUCTION
It’s often said that health is wealth. The lives of many children, women, and men have been cut short, due to a breakdown in the supply chain communication process, and also the proliferation of fake drugs.
Governments across the world are coming to terms with the growing problem, and the Indian government is looking to tackle this menace with Blockchain.
As this scourge affects everyone, it’s not a solution for either first world countries or third world countries; it’s a solution for all. This is why FarmaTrust strives to run test in less advanced countries, in order to identify issues that might arise in the process of the application of this solution.
THE PROBLEM
According to PWC, 30% of all drugs in circulation are counterfeit, and this is a modern day problem. They estimate that up to one million people lose their lives across the globe, as a result of this.
This also destroys the trust people have in these brands, thus destroying their reputation. The regulating burden for reporting and compliance is also an issue.
What can be done to curtail this?
What innovative solutions are being developed?
Can the number of deaths be drastically reduced?
Can there be better access to drugs that are genuine?
Can there be some form of control, over the cost of drugs?
These are questions that FarmaTrust is already answering and looking to answer, to improve the industry and lives of individuals across the globe.
SOLUTION PROVIDER & SOLUTION
Who is FarmaTrust you may ask.
In their own words,
FarmaTrust is developing a fast, scalable, and secure Blockchain solution that automates end-to-end tracking of medicinal products, throughout the pharmaceutical supply chain.
Being built on the Blockchain ensures that the solution is decentralised, transparent, can be scaled at a rapid pace and is very secure.
Harnessing tools provided by 21st century technology enables FarmaTrust to be more efficient and reach a wider audience. This audience has access to a reliable service that they can trust, seeing they are confident in the source and the processes the medical supplies have passed through. Hence, there is a 0% chance of fake drugs reaching the market and getting to individuals.
Other advantages are:
-This solution makes use of Artificial Intelligence and advanced data analysis, which makes the delivery process smoother and more efficient.
-This model prevents variations in prices, seeing distribution of drugs is done in a more efficient way.
-Customers can make use of the FarmaTrust App, to ensure that drugs purchased are not fake.
-FarmaTrust is integrated into the whole process; from the manufacturers, to warehousing, and then through to the shipping/logistics companies. It doesn’t stop there, it goes all the way down to the hospitals and pharmacies involved.
-Automated payments are facilitated all through the supply chain.
Looking ahead, FarmaTrust is not resting on its oars. Harnessing the power that IoT devices bring to table are being looked at to tap into. Smart labelling (an item identification slip that contains more advanced technologies than conventional bar code data) as well as radio frequency identity tags are also being considered.
HOW IT WORKS (PROCESSES)
FarmaTrust intends to make use of FTT’s (FarmaTrust Tokens) which is an ERC20 standard token.
It is also a publicly tradable digital asset, meaning they could be swapped, and ownership could change hands.
The primary functions of FTT’s is to create the possibility of tracking batches of medical products as per regulations, and also for the purpose of generating ZOI tokens.
FTT tokens can be traded in order to receive ZOI tokens. These tokens enable all users to carry out activities on the Zoi ecosystem.
Once all Compliance Tracking tokens from one batch are burnt, the Compliance Tracking Token Smart Bond releases 100 FTT tokens originally staked, allowing the tokens to be re-used to track a new batch of packets.
It should be noted that Compliance Tracking token is not a cryptocurrency, but a digital reference of a serialised product key on its own Blockchain.
TEAM
The FarmaTrust team is made up of seasoned professionals, and it’s chaired by Lord Anthony St. John of Bletso, who is currently the chairman of Strand Hanson and Integrated Diagnostic Holdings Plc. He also serves on the board of several public and private companies.
Raja Sharif, CEO & Founder: He envisions a future where there are no counterfeit drugs, and he is at the forefront, pushing really hard to realise the FarmaTrust dream.
Peter Bryant, COO: He is responsible for the day to day planning and coordination. He is also at the helm of the company’s business operations.
From the CTO, all through to its advisers, FarmaTrust has vastly experienced professionals, battling on a daily basis to create a world of affordable drugs that are also accessible and genuine, for you and I.
ADDITIONAL RESOURCES
Not a fan of long words? Here is an introductory video for you to sink your teeth into that sums it all up nicely.
Frontend MVP
You could also go through the whitepaper here
To learn more about FarmaTrust, and keep up to date about events as they unfold, you can do that via any of the channels listed below.
The Telegram group is already blowing up, and has 6100 members and counting. Queries are being answered in an orderly and timely manner on there.
Clearly, FarmaTrust is the solution the pharmaceutical industry has been yearning for, and they are taking us to the future, sooner rather than later.
To summarise everything into a phrase, FarmaTrust is looking to “Save lives efficiently".
These are certainly great times to be alive.
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