London, UK-based pharmaceutical supply chain security firm FarmaTrust announced in a press release CoinReport received from Blonde 2.0, FarmaTrust’s PR agency, that it, along with the government of Mongolia, will be launching the pharmaceutical sector’s first blockchain track and trace project designed to remove counterfeit drugs in the country.
The program is a collaboration between nongovernmental as well as governmental entities, including the Mongolian e-Government Center NGO and the Specialized Inspection Agency of Mongolia.
This follows the MoU that all parties signed in February. The feasibility report was signed at the House of Lords, London, with FarmaTrust’s chairman, Lord Anthony St John of Bletso, present on the occasion.
FarmaTrust utilizes blockchain technology to effortlessly track each packet of pharmaceuticals and medication across the worldwide supply chain. The company’s objective to remove fake medicine seeks to save lives while developing competencies within the pharmaceutical industry. The firm, by utilizing blockchain, forms an immutable ledger that tracks and secures worldwide, pharmaceutical supply chains that make use of artificial intelligence and big data investigation.
With its association with the government of Mongolia, FarmaTrust says it seeks to demonstrate just how effective the firm’s system is, working not only in developed markets, but also in emerging ones.
It will start by administering feasibility studies, observing the national government and scrutinizing pharmaceutical warehouses, supply chains and related retailers.
The collaboration makes up a government agency contract that provides performance durability and the prospect to work as a case study for more administrative entities all over the globe, specifically those in nations where regulatory environment is not clear and technology infrastructure is nonexistent.
The program will include all drugs in the entire country.
The Special Inspection Agency expects the installation process to take place in 2019’s second quarter following the fulfilment of particular budgetary and legislative requirements.
FarmaTrust CEO Raja Sharif said in the news release we received, “We’re extremely excited to be partnering with the Mongolian government, as it validates our fully functioning blockchain solution, rather than just concepts and vision. Finally, our life-saving project will become a live implementation. The project will display FarmaTrust’s ability not only as a primary blockchain company, but an entity that can work on a consultancy basis at country level.”
He added, “FarmaTrust is making great strides in the commercialisation of its blockchain based technology, with a number of key customer and partnerships in recent months. We have firmly established ourselves as a leader in the field, and 2019 should see an acceleration of the number of customers using our services.”
Images via press release on Blonde 2.0’s website