Blockchain technology is seen by many as a robust solution platform to various limitations that exist across industries. Its application in the financial solutions industry has been a vital key in revealing the inherent possibilities in the areas of data management and effective monitoring in the flow of information and transactions.
The transparency of the blockchain, which enables the flow of information and transactions to be visible to everyone, goes a long way to making the technology attractive. As does, the fact that information stored on the blockchain cannot be changed. This makes it an effective tool for tackling the discrepancies that are prevalent in a lot of sectors.
Loopholes in the supply chain
The pharmaceutical industry as an entity is responsible for the development, production and marketing of medication. This responsibility involves several complex processes that include research, quality control, and supply chains, among several other processes. The complexity of these processes, coupled with the global transmission involved in the supply chain exposes a lot of weak links that have been taken advantage of by disreputable players in the industry.
Two of the persistent problems in the pharmaceutical industry are counterfeiting and the breaching of supply chains. These problems are especially most prevalent in the developing regions of the world. Most nations of the world have installed regulatory bodies to monitor and organize the production and distribution processes of drugs and medications. Despite the huge efforts being put in place, the problem persists.
Fighting against syndicates
Most of the fraud and counterfeiting within this industry is backed by very tough and well organized syndicated and criminal cabals. These cabals retain the financial and political capacity to either bulldoze or maneuver their ways through various forms of regulatory setups. In cases where these checks have been taken a step further, the centralized systems are either neglected by ignorant individuals, or the enforcement mechanisms against offenders are being steadily abused, hence the fraud persists.
An example is the actions of the National Agency for Food and Drug Administration (NAFDAC) in Nigeria. After several raids and apprehension of fake drug dealers and prosecution, the institution went further to introduce the SMS confirmation code system. This system involves consumers sending attached codes on drug packs to designated numbers to confirm that the drugs purchased are genuine. Though effective, the compliance rate of this system has been low, most likely due to the level of awareness. However, this method is still not foolproof because it is centralized and all it will take to defeat the system is just a few corrupt people in key positions.
A system solution
By implementing blockchain technology, FarmaTrust is creating a global tracking system that could bring a permanent solution to both the commercial and social challenges that are currently plaguing the pharmaceutical industry. This is a global tracking system, it is tech neutral, regulatory neutral, and plugs into existing ERPs in the developing world. Therefore, stakeholders at all levels can adopt the FarmaTrust blockchain to create safer and trustless supply chains.
How to end corruption
There have been reports of the diversion of aid meant for refugees, regions where there are epidemic breakouts and poor nations. This is usually the action of corrupt elements within the existing supply chains who selfishly enrich themselves at the expense of human lives.
Transparent and immutable supply chains will automatically eliminate such discrepancies by making the origin and track record of any pharmaceutical items easily traceable. This will make it easy to track down the perpetrators of the foul play that currently exists in the industry, and ensure the proper distribution of medical items as originally intended. Also, the activities of counterfeiters will naturally become extinct. Since they either risk plugging into the blockchain and being caught, or going independent and becoming irrelevant.
FarmaTrust: A robust and functional team
The FarmaTrust project is prosecuted by a robust team of experts led by Lord Anthony St. John of Bletso, a crossbench and independent member of the House of Lords. Lord Anthony is a vastly experienced legal practitioner and currently the Chairman of Strand Hanson and Integrated Diagnostic Holdings plc and serves on the board of several public and private companies. Raja Sharif is the company’s Founder and CEO. Sharif is a Barrister by background, having worked as General Counsel and company secretary managing legal affairs, risk and good corporate governance a top organizations like British Telecom and Al Jazeera. Other team members include Peter Bryant (COO), David Allen Cohen (CTA) and Shahnawaz Aziz (CTO).
Having kicked off since the beginning of 2016 with extensive research and steady implementation, FarmaTrust has continued on its roadmap. As it steps up its game 2018 while moving towards full implementation, FarmaTrust is riding on its successes so far and the tireless effort of the team in eradicating the negative practices within the pharmaceutical industry.
Most problems in the world are human related and revolve around systems that thrive on the need for trust. The robust and trustless capacity of blockchain technology is making it easy to find solutions to problems that have persisted for long periods of time. This technology offers permanent solutions, and also reduces the cost of solving these problems.
FarmaTrust ICO details
Start date: Ongoing, ends Mar 15
Price 1 FTT = 0.0001087 ETH
Hard Cap: 45 Million USD