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VeChain (VEN) Foundation has continued their renewed efforts to spread blockchain technology via humanitarian works with many projects. Of recent is the company’s plan to research on Vaccine and Drug traceability solution.
VeChain has been testing out a Blockchain technology solution capable of resolving drug and vaccine records problems. This research is taking place in China and would be developed and tested in Shanghai before rolled out to other regions in China by 2020.
China Undergoing Massive Drug and Vaccine Scandal
VeChain revealed on Medium that China was currently facing a Vaccine and drug scandal, where it was discovered that fake vaccines and drugs had been distributed to school children. This brought nationwide shock and rage among Chinese citizens.
In light of this, Chinese governments have moved to rectify the situation with the drug enforcement agency revoking the license of the company ‘Changchun Changsheng Biotechnology’ implicated in the scandal. They have also recalled the company’s products from the market.
VeChain pioneering new Blockchain securitysolution
VeChain Foundation also announced that the VeChain traceability solution had been chosen and sponsored by the Shanghai government as part of the Shanghai Municipality product traceability system construction demonstration support project.
This comes as a plus to the Blockchain company as they would have access to create blockchain traceability solutions to over 30 million people in China.
This has led VeChain to partner with DNV GL to launch a new blockchain technology for the new project geared towards bringing advanced security measures to drugs in the market. With this technology packaging, tracking and securing drugs would be easier to monitor by authorities.
The technology is expected to be ready by 2020 and VeChain envisages that the measures proffered by the blockchain solution would take China and the entire world by storm. According to the crypto company, this would be one of a kind.
Vechain Blockchain Security Solution One Step In The Blockchain Company’s Masterplan
VeChain also stated that the agreement with the Chinese government is part of the worldwide strategy to become a powerhouse in Blockchain security solutions. With the organization using the Chinese model to prepare for a worldwide roll out.
VeChain also stated that when the blockchain vaccine traceability technology is infused with high-end IOT devices is capable of detecting, tracking and storing data regarding the manufacturing and distribution of drugs.
This technology would be integrated into all the processes from the distribution from drug manufacturers, storage facilities, distribution centres and the Hospitals dispensing the drugs. VeChain wants to eliminate the chances of tampering and change of records.
It also helps the authorities to make quick assertions on the cause of an outbreak of fake drugs with relevant records easily obtained to trace the source producer of the drugs or vaccines. While also ensuring that records are permanently stored in a virtual environment.
Technology currently in initial stage and expected to roll out in 2020
This would be a peek in the future for vaccine traceability solution and could reduce vaccine production scandals. VeChain would be pioneering a unique technology capable of accurate tracking, accountability, real data based warnings and risk management for each peculiar vaccine.
The VeChain vaccine traceability solution technology is still at the Beta stage but would be on display a during the China international import expo this year. The international expo is one of the biggest in the world and VeChain are expected to unveil several new solutions.
Chinese president Xi Jinpig is expected to be in attendance to show his support for this new technology which would take China to the forefront of drug security. This would also indicate the support of the Chinese government for the new technology.
Several members of the crypto community have expressed their delight in this new development as many believe that cold chain technology is the next level technology. While some expressed their wish for the technology to be adopted by other health bodies such as UNICEF.
VeChain is currently ranked 20th on coin market based on market capitalization with $800 million and 55 billion VET in circulation making it one of the valuable coin in the market. VeChain makes use of a distributed ledger technology to improve chain management transactions.
This foray into block chain drug security is moving across the crypto world as WaltonChain recently tabled a blockchain solution that would improve drug security. The company stated that it would proffer a traceable solution for drug agencies and hospitals across China for free.