Farma Trust is a system designed to keep track/record of every legitimate medicine ever produced, from producer to the end user. It is meant to fight global drug counterfeiting.
Counterfeit Medications
According to a recent PWC report up to 30% of all drugs in circulation worldwide are counterfeit. Fraudulent drug can kill or harm millions around the world every year and inflict a serious damage to the name of many reputable pharma companies. Although the third world countries lacking the regulatory framework/infrastructure are the real playground for counterfeiting but the pharma counterfeits are now using the digital channels to penetrate the markets of the developed world.
Blockchain to the Rescue
A company named Farma Trust is developing a fast, reliable and scalable solution based on Ethereum blockchain network. This will ensure the development of robust and intelligent data processes that ensure the track and trace compliance requirement.
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The FarmaTrust Solution
As per white paper of Farma Trust
The mission of FarmaTrust is to become the provenance system of choice for the pharmaceutical supply chain, by providing an effective and global data verification and coordination layer which enables greater transparency, efficiency, and immutability for the recording of all activities across the supply chain – from the point of manufacture to the end consumer.
Something for Everyone Involved
The Farma Trust Solution offers benefits for all the concerned parties involved from the Pharma Producer to The End User.
Pharmaceutical companies
- A Cost Effective approach to meet track and trace regulatory compliance.
- A modern Application Program Interface(API) System that is easy to integrate into existing supply chains.
- A very small overhead and maintenance cost to scale the system.
- Data Transparency across the whole supply chain.
Supply Chain Companies
- Fast and cost effective to implement.
- Easy integration with eisting supply chain management system.
- Scalable, flexible and robust at the same time to handle complex supply chain networks.
Regulators and Law Enforcement
- Quick and easy access to the information about any product in supply chain.
- Easy verification of the originality of an product.
- Easy and fast access to all of the product's history.
Governments / Ministries of Health
- Easy holistic view of a product in the area .
- Accurate analysis of the subsidies.
- Easy audit of financial spendings and efficaies.
Retailers and Consumers
- Peace of mind about selling or using a product.
- Increase confidence while purchasing pharma products online.
- Zero to very low risk of counterfeit product.
Farma Trust Token Model
FTT Tokens
Farma Trust will issue FTT Tokens (an ERC20 standard token). These tokens will be publicly tradable allowing the holder to participate in ZOI Ecosystem.
ZOI Tokens
FTT Token holders can stake their FTT Tokens to receive ZOI Tokens. ZOI Tokens will be utility tokens used to fuel transactions of ZOI Network. ZOI Token holders can access the information generated on ZOI Network using their ZOI Tokens. ZOI Tokens will be burnt when used on the ZOI Network.
In layman's Terms
For all those who don't want to indulge themselves in above mentioned technicalities....
Well, Farma Trust is a company which aims to fight the global drug counterfeiting network by implementing an Ethereum Blockchain based Network Solution.
e.g. John is having a flue and is using common antibiotics. John want to verify the authenticity of these antibiotics. All John will have to do is, go to the Farma Trust website, log in to ZOI Network and scan the QR code on the antibiotics packets. He will have all the information(production site, date, batch no., the supply route and the expiry date etc.) about that particular antibiotics in seconds. Of course John will have to spend some money(in the form of FFT Tokens) for the whole process.
Is it worth it???
Yes, it will be totally worth spending some money for the verification. As this will give John confidence and peace of mind that the antibiotics he has been using are 100% genuine.
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