FarmaTrust uses the blockchain to combat counterfeit drugs

On the market the blockchain initiatives, the company appeared FarmaTrust, which uses a blockchain and artificial intelligence (Artificial intelligence – AI) to eliminate counterfeit drugs.

According to the UN, every year from counterfeit drugs kill up to a million people. Only in Africa the figure is 125 thousand people. This black pharmaceutical business, according to the world health organization (who), brings up to 30 billion dollars a year in profit. According to the who, a leader in the manufacture of fakes is China. However, counterfeiting is actively produced in Russia, Ukraine, Turkey, Brazil, Chile, Nigeria.

By 2020, according to PwC, the scope of the pharmaceutical industry will reach 1.3 trillion dollars.

Senior technical officer, coordinator, combating counterfeiting and piracy, world customs organization (WCO), Christoph Zimmerman:

«We market more fakes than real drugs».

Today, even in the digital age, it is practically impossible to trace the authenticity of medications. Some areas still use paper documentation, although the advanced countries have already switched to ERP. Because of this there are distortions in supply and demand. Another problem became the fashion for online orders drugs in virtual pharmacy, which also does not guarantee the authenticity of the drug, but rather the opposite. According to analysts, 97% of online sellers of drugs illegal, and 62% of medicines purchased online are substandard.

AI and the blockchain will revolutionize the world

The scope of the AI expands. Virtual personal assistants, video games, self-driving cars, offer products, online customer support is part of our daily life. AI for big data Analytics is on the rise. The PwC forecast that by 2030, AI can provide the global market more than 15 trillion dollars. The world’s largest companies — Facebook, Microsoft, IBM, Google, Apple, Amazon — are investing in the creation and study of artificial intelligence.

2017 was the year the discussion of the blockchain – a decentralized system of storage and exchange of data. The integration of the blockchain in many areas today considered leading companies. The uniqueness of blockchain solutions are obvious in the field of cloud storage, payments and transfers, authentication of certificates, the keeping of medical data and access thereto. The transparency of the technology, reliability, ability to remove unnecessary intermediaries in the market increases efficiency and automatically fights against corruption.

Chairman FarmaTrust, Lord Anthony St John Blasto:

«The blockchain is the revolution in the technological solutions, aimed at countering corruption and the responsibility for accountability. Technology has a wide impact on political and economic front.»

At the end of last year the capitalization of five major blockchain-companies – Ethereum, IOTA, Coinbase, Ripple, and Brave – has exceeded $ 1 trillion.

As FarmaTrust struggling with counterfeiting

FarmaTrust uses the blockchain, AI, data analysis for elimination of counterfeit drugs, as well as for the automation of regulatory requirements, fees and inspections. The platform provides timely delivery of drugs, thereby preventing the growth of prices of drugs, providing a uniform distribution of drugs throughout the world, and particularly in those places where they are needed and when they are needed. System FarmaTrust prevents fraud associated with the return of expired goods.

The company merged with manufacturers, warehouses, shipping and logistics companies to hospital or pharmacy, and tracks each step of using the blockchain technology. The customer may check the way the medications in the app FarmaTrust.

Chief Advisor on technology FarmaTrust David Allen Cohen:

«We can show you the most effective routes to market not only alleged deliveries, but also where your drugs are urgently needed, than they will just lie in one warehouse. The decision FarmaTrust increases efficiency, however, makes a life.»

Technology FarmaTrust allows you to:

  • to eliminate counterfeits from the supply chain of pharmaceutical products;

  • keep track of inventory when and where it was issued, its expiration date;

  • to avoid price distortions and markups;

  • check automatic reporting;

  • keep track of automatic payments.

Tokens FTT

FarmaTrust February 15, launches the sale of tokens FTT. The first stage of licensee 20% discount will last until March 15 or until sales of 200 million tokens. After the start of the main TDE duration of 4 weeks or to the sale of 600 million, FTT at full price 0.00010870 ETH.

All on sale for 60% of tokens, 10% will remain with the team, the rest will be spent on promotion and development of the project.

More information about TDE, you can obtain from a Whitepaper of the project.

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