News

Mongolian Government to Combat Fake Drugs Using Blockchain Technology

The Mongolian Government has collaborated with FarmaTrust, a UK based pharmaceutical security agency to track and trace counterfeit drugs. The company intends to implement this using Blockchain technology. As part of its agenda, original drugs in the country will be traced back to its manufacturer and supply chain.

Mongolian Government Signs MoU With FarmaTrust

The Mongolian government signed a memorandum of understanding (MoU) between FarmaTrust in February 2018. This is also an agreement between non-governmental organizations in the country, and it was signed in the House of Lords, London. Therefore, part of the terms of the agreement will ensure that the company monitors all drugs that are produced in the country as well as pharmaceuticals.
FarmaTrust said they would neither focus on a particular drug brand nor private firms in the country. Rather, every drug will be held accountable on the Blockchain platform to help citizens determine their originality. The company also stated that its priority is to safeguard the lives of these citizens.

FarmaTrust to Monitor the Government, Warehouses, and Retailers

As part of the FarmaTrust’s efforts, they will monitor the national government, as well as warehouses and retailers that are involved in the supply chain. Accordingly, the data obtained during their study will be stored on Blockchain. This is a decentralized platform whose stored content cannot be changed easily. As such, it is as secure as it can be.
Aside from aiding in the traceability of drugs and eliminating fakes, the project also aims at bringing efficiency in the Pharmaceutical industry. Most of the paperwork and manual labor required to document these drugs will be eliminated. Therefore, it’ll save the resources that are needed to manage them and the time.

Blockchain’s Application in Food and Health

We’ve had reports on Blockchain’s application in tracing the supply chain of drinks, food items, poultry, and fishes. Now, this is the first that is targeted at the Pharmaceutical industry. In the case of food items, the US food and drugs administration is planning to develop a Blockchain-based platform to monitor the supply chain of food. This will enable them to make food recalls if there is contamination.
Gustav Gerig, a Swiss food manufacturer, has also adopted Blockchain technology in tracking the stages involved in processing canned fishes. These canned products will come with a QR code which can be scanned to verify their source and genuineness. On accessing the data stored on Blockchain, consumers, as well as suppliers, will be able to tell where the fish was caught and when.

Related posts
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Aave, Maker, DigiByte Price Analysis: 13 March

Aave regained the 38.2% Fibonacci retracement level and could see some additional buying at the current mark. Gains on MKR were likely to be capped at the 200-SMA, while DGB could remain sandwiched beThe post Aave, Maker, DigiByte Story continues…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsxbtusd

Bitcoin Records New ATH Of $60k After ‘Black Thursday’ Anniversary

Bitcoin breached the $60K price level to record a new all-time high price of $60,310 on March 13, exactly one year and the day after the devastating Black Thursday crypto market crash of March 12, 2020. Last year on March…
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Stellar Lumens, FTX Token, Decred Price Analysis: 13 March

The broader altcoin market switched its trajectory to green after the market leader Bitcoin climbed above its previous ATH and went past the $60,000 level at the time of writing. Source: CoinStatsThe post Stellar Lumens, FTX Token, Decred Story continues…