FarmaTrust - Saving Lives Using Blockchain and AI

in cryptocurrency •  10 months ago

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Introduction

Its Cryptounicorn here to bring you an ICO project that I believe is very likely to make a huge impact in the space. My favorite ICO's typically are those that are focused on solving significant problems in our society. FarmaTrust is an ambitious project that after a very thorough examination checks all my boxes for what I'd would want in an invest-able ICO.

Link to Token Sale:
Farmatrust Token Sale

I haven't previously seen this project gain much hype nor seen much discussion about it in most of the communities I am involved with. The whitepaper is exceptional. The project is stacked with all-stars. The token economics are solid and the utility of the token is very well thought out. There is a lockout period on teams tokens, and there hasn't been absurd bonuses. Roadmap is detailed. The team already has released and demonstrated a minimum viable product before the ICO launch. The project taps into an industry that is previously untapped by crypto that happens to be one of the most profitable industry's in today's society. The project provides solutions to many problems currently faced in the pharmaceutical industry that will be discussed in greater detail below.

FarmaTrust is a supply-chain project much like Waltonchain, Wabi, and VeChain. These three have been very successful recent projects that are on almost every crypto enthusiast's radar. At first thought, it may be easy to think that this is a space that has become over-saturated and that these projects have too much in common, but in reality when you look deeper into them, they are all focused on very specific target markets. VeChain chose to focus on luxury goods and cars using NFC and QR codes . Wabi is focused anti-counterfeit labels for consumer products (Baby formula, cosmetics, consumables, etc). Waltonchain is focused on using RFID chips track products using a blockchain solution to increase efficiency through the supply chain from production to distrubution. Farmatrust however, is focused solely on the pharmaceutical industry for determining that pharmaceuticals are authentic, and a solution to track them from manufacturer to end consumer.

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Industry & Scope of Problem

The pharmaceutical industry is currently a $1 trillion USD market that generates some of the highest profits of any commercial industry. Many peoples lives depend upon the medications manufactured by the industry for various different medical issues. Currently, the industry is facing a number of growing problems that are costing billions of dollars, and causing the loss of countless human lives. Stricter regulation are soon to be coming to the space with the EU requiring better tracking of these products.

Pfizer Counterfeit Drugs Video

vimeo.com/256108061

  • It is estimated that $200 billion a year of counterfeit prescription medications are sold each year.
  • Up to 30% of pharmaceuticals in developing countries are fake.
  • The consequences of taking counterfeit medications can be fatal causing between 100,000 - 1,000,000 deaths a year.
  • It is difficult to determine the authenticity of medications without expensive and sophisticated testing measures.
  • There has been a mass proliferation of online pharmacies in recent years that do not follow government regulations with up to 6/10 medications ordered from these pharmacies being fake.
  • Inefficient supply chains lead to shortage of medications in some areas which can be fatal for patients while some areas end up with surplus leading to the expiration of medications
  • Medications that have expired often lose their efficiency and still get sold to consumers.
  • Over 90% of Pharma executives ares concerned about counterfeit medications.

The FarmaTrust Solution

Farmatrust use-case video created by David Cohon (CTO)


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Token Economics

  • 600 million holder tokens (FTT) available for sale.
  • 1billion total supply
  • $45 million USD hardcap
  • Management tokens are locked as an incentive for retention (10% total allocated for team). Access gained to half their tokens (5%) after 6 months, rest unlock after 12 months (10%).

Two different tokens will exist in the platform, Holder tokens (FTT) and utility tokens. FTT tokens generate the utility tokens (Much like NEO generates GAS). These utility tokens are required to use the FarmaTrust platform and services. The utility tokens are burned on use.

Any unsold tokens will be locked for a period of at least 3 years, with an annual release of
10% (of the initial value) to be offered via FarmaTrust. The tokens will be offered on a market
rate +5% to prevent market value decrease.

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Team

The Farmatrust team has an abundance of talent and experience to pull from. There is 12 team members and 8 advisors. There are linked in profiles for all 20 members. I see a pool of talent with lots of executive experience in prior startups. The team is diverse. The following members I would consider all-stars.

Lord Anthony St John of Blesto
Chairman
https://www.linkedin.com/in/anthonys1/

David Allen Cohen
Chief Technology Adviser
https://www.linkedin.com/in/davidallencohen/

Shahnawaz Aziz
CTO
https://www.linkedin.com/in/shahnawaz-aziz-3ba2599/

Steve Mcavoy
Head of Implementation
https://www.linkedin.com/in/steve-mcavoy-9358084/

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Conclusion

I believe that Farmatrust is a much needed addition to the crypto space that will save lives. It makes an incredible use-case of using blockchain and AI technology to solve a major societal problem and bring increased efficiency to the industry. Supply-chain crypto projects add an incredible value to the space, and I believe that Farmatrust will join the ranks of the other successful supply chain projects (VeChain, Wabi, Waltonchain) with its well defined-focus on penetrating into the previously untapped pharmaceutical industry. The team behind Farmatrust have taken their time on this project and have the experience necessary to bring success to the project. This project has me quite excited and I look forward to seeing its future.

This project was rated 4.4/5 by ICO Bench:
https://icobench.com/ico/farmatrust/ratings#ratings

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Author's Remarks

I have myself invested into Farmatrust project. If my analysis does lead to your investing, Keep in mind that this is not investment advice and I am not a financial adviser. This article is simply a resource of information I have compiled about the Farmatrust project for the readers benefit. Everyone should do their own research before making any investments.

I welcome any and all feedback, and would love to hear your thoughts. If you enjoyed this analysis, and would like to subscribe to further write-ups on upcoming crypto projects, feel free to follow me here on Steemit and Twitter.

Steemit: @Cryptounicorn
Twitter: https://twitter.com/Tiffanygyles

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Resources

Link to Token Sale:
Farmatrust Token Sale

Whitepaper:
https://farmatrust.io/sites/default/files/whitepaper/FarmaTrust_Whitepaper_v10.pdf

Website
https://farmatrust.io/

Telegram:
https://t.me/farmatrust

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Thanks for sharing 👍

Good post

But I don't think a brand new token is needed to solve this.

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