FarmaTrust is a blockchain startup based in the UK, and it’s one of the most efficient global tracking systems ever developed to increase security for the pharmaceutical companies, the public, governments, and regulators. This platform makes sure that no counterfeit drug will enter the supply chain ever again. FarmaTrust’s blockchain based system makes use of Artificial Intelligence and massive data analysis to increase the quality of the pharmaceutical industry, allowing more efficient processes and methods. Its goals include shaping a more transparent supply chain and the system used by FarmaTrust is secure, safe, and encrypted to avoid cybercrime.
FarmaTrust begins a one-year project to prevent and eliminate counterfeit drugs
The startup just signed a contract with the government in Mongolia that involves a one-year project that has the primary goal of eliminating the creation and distribution of counterfeit medication throughout the world and especially in the underdeveloped countries where access to real useful medicines is restricted.
The project involves undergoing feasibility reports and helping the Mongolian government to monitor and inspect pharmacies, manufacturers, warehouses, and retailers as well. The project’s foundation resides in mixing the blockchain technology with the Artificial Intelligence and other emerging technologies to enhance the quality of the pharmaceutical supply chain.
If you’re wondering why the chosen location is Mongolia, this is a strategic place with a population of only 3 million. Mongolia is situated between China and Russia, and these countries are already famous for experiencing vast amounts of counterfeit drugs over time. Its small population will allow the effortless tracking and implementation of the safety procedures quickly.
Current issues that real pharmaceutical manufacturers have to deal with
Judging by the way things currently stand, the present solution to stopping counterfeit merchandise relies on packaging and other features with the enhanced closure of suspected fake sellers by regulatory bodies. Unfortunately, this solution hasn’t been resulting in massive success because the counterfeiters have been able to produce the exact packages that are used by the original companies. This makes it really hard to detect the real and the fake medications just by looking at their packaging. Another issue that actual manufacturers have to deal with is the fact that they cannot track down their products all the way to consumers. Most of the times, the manufacturers are sending their products to distributors and here is the place where the distribution record usually ends. Not being able to keep an eye on what the distributors do with the original products leads to something hazardous: the selling of these products to counterfeiters.
The leading solutions for a safer pharmaceutical industry provided by FarmaTrust
FarmaTrust, on the other hand, comes up with a customizable global solution which also has the advantage of being flexible enough to work with various processes and platforms. The main weapon used by FarmaTrust to fight counterfeit pharmaceutical industry relies on the Blockchain, a groundbreaking and compelling technology that can provide strict control over the supply chain of companies.
FarmaTrust uses Artificial Intelligence to interact with the users and to analyze data in-depth, and the platform’s primary target is to make sure that users will get the required help to make their own decision regarding the best medication that they will purchase.
Connecting with similar projects all over the world
The FarmaTrust platform will be compatible with other ones just to offer it the possibility to connect with various similar systems and projects throughout the globe who are fighting for the same cause – the security of society in general. The platform will feature a massive inventory of user data to enhance its services and products, and it also plans to reveal its very own cryptocurrency that will revolutionize the pharmaceutical industry. FarmaTrust’s crypto will allow users to purchase high-quality medications and pay for various medical services as well.
Accomplishments and plans for a safer future
FarmaTrust’s project has been already eyed by various institutions and essential individuals such as Lord Anthony St John of Bletso an essential member of the House of Lords who wants to use his political influence to transform the pharmaceutical industry into a trustable and safe way of genuinely helping people from all over the world.
FarmaTrust has been named the number one tech company for 2018 by prestigious names such as Yahoo, Hackernoon, TheNextWeb and Pulse.