VeChain and Bayer China Team up for Blockchain-based Healthcare Project, Here’s What it Means for China
Pharmaceutical giant Bayer is now working with the Chinese crypto project VeChain on a blockchain-based medical traceability and supply chain program.
In a tweet by the VeChain Foundation, the firm stated Bayer China - the Far Eastern unit of the medical giant - will utilize the former’s blockchain expertise to track clinical drugs across the latter’s nationwide supply chain.
Bayer G4A China chose VeChain to co-developed Csecure, a traceability solution for the management of clinical trial drugs. This solidifies VeChain's position in the digital health space. Read the news shared by Bayer G4A (Chinese): https://t.co/Cin6TGJzaq
— VeChain Foundation (@vechainofficial) May 28, 2020
Called “CSecure,” the platform allows firms to load a batch number to a specific product, such as tablets or syrups, and “stamp” it on the blockchain. All drugs can then be tracked in transit across the supply chain, using a native method of participant information and timestamps along the way. No data can be tampered with by any unauthorised third-party, owing to the inherent design of blockchain systems.
However, VeChain’s VET tokens will not feature in the end-to-end process. Cryptocurrencies and altcoins remain banned and China and across the world, meaning all incentives will presumably be paid out in RMB than a token.
Instead, VeChain’s proprietary ToolChain software shall be deployed. The product is a Blockchain-as-a-Service (BaaS) protocol geared at enterprises, allowing for the creation of distributed systems as per the company’s requirements.
VeChain CEO and co-founder Sunny Lu spoke of the development: “We’ve experienced the rigorousness of the medical industry by working with Bayer China.”
China’s pandemic-stricken environment stands to gain with the blockchain, especially when firms like VeChain partner with private corporations to provide services and ensure verifiability.
Several other countries are turning to blockchain and DLT-run frameworks to improve the administration of timely healthcare facilities, bolster medical supply chain safety, and increase optimization of revenues.
Earlier last week, hospitals in the US started work on a similar project to ensure authenticity in the medical industry, specifically the credentials of doctors and nurses.
Verification of physicians takes three or four months, the report noted. In this regard, blockchains help quicken the process by ensuring verification comes from “authorized” sources and have been untampered with, eliminating the need for a “time-consuming manual intervention.”
South Korea is another country moving for large-scale blockchain-based medical solutions In January 2020, as Blockchain.News reported, the Seoul Medical launch a blockchain-enabled medical information mobile app dubbed Seoul Care, helping patients plan medical treatments, look up prescription details, and check test results using their smartphones.
Image via Shutterstock
