FarmaTrust: Using Blockchain and AI to Save Lives by Creating an Efficient Pharmaceutical Supply Chain

Counterfeit drugs is a global menace. It is estimated that about 30 percent of the total drugs in the world today are fake. This is saddening because it affects everyone in the world.

It was recently reported in Colombia that counterfeit drugs could be possibly linked to the death of 16 babies which led to a six months protest by the grieving mothers. In the Global Times, it was reported that counterfeit-brand sex drugs damage men’s health globally. Millions of people are dying every year from preventable and curable diseases as a result of substandard brand drugs.

Counterfeit drugs is an increasing problem for the over 1 trillion dollars health industry and governments all over the world. From the less developed market which has always been their stronghold to the developed nations. Everyone in the world is being affected either directly or indirectly. It’s estimated that governments spend millions of dollars every year to stop the circulation of fake drugs but it seems that the battle can’t be won.

The powerful drug mafias who control the production, distribution and sale of fraudulent drugs are getting smarter than the government as they have incorporated several digital strategies in penetrating advanced markets. The market for fake drugs is booming with an estimated sales of several hundred billions of dollars globally every year. The consumers on the other hands are helpless as there is no standard universal way to verify if a drug is counterfeit or genuine.

But there is a solution in sight: FarmaTrust blockchain solution.

By using a combination of blockchain, artificial intelligence (AI), and machine learning (ML), FarmaTrust will create an efficient pharmaceutical supply chain which will save billions of lives exposed to fake drugs.

Tracking Medicine using Transparent Blockchain

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To most people, blockchain is synonymous to Bitcoin. However, blockchain technology is transforming the old way of doing business in many sectors including the healthcare, medical fields, and the $13 billion pharmaceutical supply chain market. Some of the qualities that makes blockchain a unique solution are its neutrality, immutability, security and transparency. In simple words, blockchain records are secured, can’t be altered and the data is available to everyone globally.

FarmaTrust aims to solve the global challenge in the pharmaceutical industry by developing a robust supply chain system on the blockchain, Zoi Supply Chain Information Exchange platform. This is to ensure the complete verification and traceability of genuine drugs throughout their supply chain lifecycle across different networks of pharmaceutical brands, manufacturers, distributors to the end users. With FarmaTrust blockchain coding, no fraudulent business person will be able to tamper with the original code of a genuine drug either by duplication or any other means.

With this solution, pharmaceutical supply chain will be adequately secured and the circulation of fake and substandard drugs will reduce to the barest minimum. FarmaTrust solution has the potential to wipe out the entire market of fake drugs, saving billions of lives in the process.

The platform solves current track and trace challenges by creating a unique digital token to reference every Serialized Product Key from point of manufacture to point of sale or return. The scalability of Zoi platform is designed to handle millions of transactions using various techniques such as caching, data sharing, multi-processing, horizontal scaling, high capacity servers and with utilization of side-chains where applicable without compromising performance and security.FarmaTrust Whitepaper

Sensitive data on the FarmaTrust Zoi platform can only be encrypted and decrypted by the owner of the data using their secret seed key or private key. With FarmaTrust solution, all parties in the pharmaceutical supply chain are involved. The FarmaTrust system is useful to pharmaceutical companies, supply chain companies, regulatory and law enforcement agencies, governments, ministries of health, retailers, consumers and everyone that’s interested in saving lives.
The system is convenient, cost-effective and easy to implement. It is an easy method to verify the authenticity of brand pharmaceutical products anywhere you are in the world.

Other features and benefits of the FarmaTrust solution are supply chain data automation, smart contracts and intelligent processing, data security and confidentiality, packet level tracking and traceability, and artificial intelligence using blockchain as a base. You read more about these features in the Whitepaper.

FarmaTrust Token Model

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This article will be incomplete with mentioning the FarmaTrust Token (FTT token). It is an ERC20 standard token on the Ethereum platform, which can be traded publicly as a digital asset, allow all users to participate in the Zoi platform. It can be staked to receive Zoi tokens, an utility token that powers transactions, payments, and grant access to product information generated on the Zoi platform to all users.

Zoi tokens can only be used and traded on the Zoi platform and FarmaTrust Zoi Exchange respectively. All Zoi tokens, when used on the platform are burnt. You can read more about FTT tokens, Zoi tokens, and Compliance Tracking Tokens in the FarmaTrust Whitepaper.

Token Name: FarmaTrust Token
Token Symbol: FTT
Type: ERC20
Utility: FTT
Total Supply: 1,000,000,000 (1 Billion)
Token Sale: 600,000,000 (600 Million)
Listing Price: USD $0.05
TDE Soft Cap: USD $7,000,000
Sale Hard Cap: USD $20,250,000

Here are my thoughts on FarmaTrust. D.tube seems not to be showing the embedded video in the post.

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You can read more about the project on their website, whitepaper, BitcoinTalk, and follow the project on Twitter.

This is a response to an @originalworks contest which can be found here

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