FARMATRUST: The blockchain in the pharmaceutical industry

ylv19 (50)in #blockchain • 7 years ago

The blockchain in the pharmaceutical industry

Talking about Blockchain is not just talking about cryptocurrencies, its uses are lost sight of, every day there are new ways to apply this technology. One of the first industries interested in using blockchain is the pharmaceutical industry, this industry moves more than 700,000 million dollars a year, this is achieved by the big pharmaceutical brands, it should also include generic manufacturers of medicine that also have a large market.

Fuente

Dangers

Given the high prices of medicines, in some countries smuggling and counterfeiting of medicines is very common, so common that it is estimated that sales of these drugs amount to 75,000 million dollars a year, and this is something that worries the World Health Organization who works with Interpol to help eradicate this problem that it takes thousands of lives each year, but It has not been enough.

Blockchain to recate

If we say that the blockchain is a technology that works efficiently, quickly and transparently we can say that it is the number one alternative of the pharmaceutical industry to ensure that the drugs are not smuggled and falsified, and that they arrive directly from the factory to the patient, as well as, to remove the business that certain people have with the medical records of different medicines that they are only sold with a prescription.

What is Farmatrust?

Farmatrust is a system that proposes to use the blockchain technology to achieve that the medicines come from direct form to the consumer, one of the biggest advantages that I could extract from his Whitepaper is that it wants:

Increase confidence in purchasing medications online.

This is something that is currently not easy because people are afraid to buy medication online because of the large number of counterfeits that can be obtained online.
The whitepaper also mentions that by taking advantage of the benefits of the Ethereum blockchain network, the system will have the ability to create intelligent contracts, and thus allowing

● Verifying the traceability of individual product packets, as required by track and trace regulation;
● Tracking a product’s journey through the supply chain;
● Real time tracking of product ownership and chain of custody;
● Data assurance and verification across the supply chain;
● Rules-based digital workflow processing;
● Inventory monitoring and surveillance; and
● Product authentication.

The system promises to work together with governments, pharmaceutical brands, Interpol and Ong interested in the project to achieve the effective system. Farmatruts knows that the information that is manipulated is sensitive and confidential, therefore the Farmatrust system guarantees encrypted data that it can only be audited by organizations or entities in charge.

On the other hand. the artificial intelligence Farmatrust will allow the arrival of the product at the indicated time to the medicine suppliers, managing to reduce cost, as well as the loss of products due to expiration.

How will your tokens work?

Page 8 Whitepaper

FTT Tokens
FarmaTrust will issue FTT tokens (an ERC20 standard token). The FTT token is the publicly tradable digital
asset that allows all users to access and participate in the Zoi ecosystem.
ZOI Tokens
● FTT token holders can stake their FTT tokens to receive ZOI tokens,
utility tokens used to fuel transactions and payments on the Zoi platform.
● 500 ZOI tokens are generated every 7 days when 100 FTT tokens are staked.
● ZOI tokens allow account holders, pharmaceutical companies,
supply chain companies, government, NGOs and law enforcement entities,
and end users to access information of products generated on the Zoi platform.
● ZOI tokens are only available to use on the Zoi platform,
and can be bought and sold on the FarmaTrust Zoi Exchange.
● ZOI tokens are burnt when used on the platform.
Compliance Tracking Token
To meet track and trace regulatory requirements, pharmaceutical comp