Welcome, readers! What is FarmaTrust and what does it mean by the above title? Consider the story below.
“Sejuk Hospital wants to purchase a bulk of medication from a pharmaceutical company. The hospital and the company were registered with FarmaTrust. When the medication arrived at the hospital, it did not tally with the blockchain developed by FarmaTrust regarding its genuine information. The real medication is supposed to arrive two days later and hence the medication was rejected.”
This is what the scenario would be like when the said hospital and the pharmaceutical company use the same blockchain to verify genuine medication which is recorded around the world.
Before we go on further in this article let us watch a short video introduction to better understand the mission of FarmaTrust.
Currently, the valuable data kept by the pharmaceutical companies is held in databases which can easily be hacked and scammers can produce identical medication to be distributed in the market thus limiting the profitability of the companies who produced the medication.
FarmaTrust is a system which integrates a blockchain called ZSCIEP and the RESTful API. Don’t worry, my readers, I will explain both of them. FarmaTrust also has an app that you can download to your smartphones to make sure that any medication you buy the pharmacies is genuine.
FarmaTrust has an untested blockchain called the Zoi Supply Chain Information Exchange Platform [ZSCIEP] that provides a protected, permanent source of data which helps to track and verify the medication which was made from the manufacturer to the customer covering all supply links.
The ZSCIEP also helps to avoid fraudulent and bogus medication in the form of detecting suspicions of it in the customer market. The presence of fake medication on the market will have a negative impact on the reputation of the companies who make them and the users who eat them will not be cured.
The ZSCIEP can also scale up to a million transactions thus it is not a problem for several pharmaceutical companies to use the blockchain. The ZSCIEP will be a private blockchain as it encrypts all the data sent on the network thus protecting the system from hackers.
FarmaTrust uses an intermediary called the RESTful API to communicate between the existing supply links such as the Supply Chain Management Systems (SCMS) and the ZSCIEP blockchain to enable any pharmaceutical industries to build their system onto the blockchain.
FarmaTrust has two tokens; FTT (an ERC20 standard token) and ZOI. All users can buy and sell FTT tokens and it is a must to have the tokens to participate in the ZOI ecosystem. In addition, to receive ZOI tokens, the user must have 100 FTT tokens within 7 days to be eligible for 500 ZOI tokens. Think of FTT tokens as a VIP Pass to enter the ZOI ecosystem and the ZOI tokens as a currency in the said ecosystem. ZOI tokens will be burned after they are used for transactions in the ecosystem. You must have ZOI tokens to access information in the ecosystem. Note it is the same ecosystem as ZSCIP.
I believe FarmaTrust using a blockchain to help revolutionise the pharmaceutical industry will be a win win situation for all users and reduce the fake medication on the market.
Enter this contest everyone!!
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