The spread of counterfeit drugs is still a reason for millions of deaths around the world. Implementing blockchain technology to the supply process of pharmaceuticals actually has the potential of saving many lives, as well as cutting financial costs and making the whole process transparent and fast.
Supply chain management is the hottest area of blockchain implementation at the moment. However, no project to date aims specifically at the pharmaceutical industry. So, basically, FarmaTrust is blockchain based global tracking system that makes use of AI and big data to run the supply chain of the pharmaceutical industry at maxim efficiency. The system is compatible with Rifid labeling and designed to prevent the access of any unauthorized drugs to the supply chain.
“The mission of FarmaTrust is to become the provenance system of choice for the pharmaceutical supply chain, by providing an effective and global data verification and coordination layer which enables greater transparency, efficiency, and immutability for the recording of all activities across the supply chain – from the point of manufacture to the end consumer.”
FarmaTrust developers want the system to be easily adopted globally, so their platform is compatible with legacy systems and other blockchains. The developers claim that the system is capable of global scaling, monitoring drugs expiration rate, preventing price spikes and combating corruption. Smart contracts are employed to ensure automatic audit and tax payments.
FTT is the name of the token that will be traded on the exchanges. The platform, however, will have its own blockchain and utility token called ZOI. In order to obtain ZOI, FTT tokens must be staked, with 500 ZOI generated for every 100FTT staked every week. The system also makes use of the third token, called Compliance Tracking Token, which will be used to trace regulatory requirements.
The developer team is based in London and appears very solid. The company is led by Raja Sharif, Founder, and CEO, a former manager at Al Jazeera Media Network and an executive board member in a number of US/European companies. His LinkedIn profile is full of references from prominent people. The team also boasts 11 advisers, all with verifiable social profiles and qualifications.
The project can come especially handy in areas where government control over the pharmaceutical industry is not strict enough. Also, a lot of problems arise due to inconsistencies in different drug regulations in different countries. FarmaTrust aims to reconcile the differences in different legislations by integrating them onto the same blockchain, thus ensuring proper tracking of the shipment. The demo of MVP is already available and it is very impressive.
In conclusion, the project seems very promising. According to statistics, 30% of all drugs sold are counterfeits, so a system that will help solve this problem will literally save lives. Moreover, other supply chain management tools on blockchain are doing just spectacular, so a pharmacy-oriented project in the same area is almost bound for success. In fact, the developers have already signed a deal with the Mongolian government for the pilot a one-year project aimed at combating counterfeit pharmaceuticals.
All FarmaTrust ICO investment details are available on our site.