VeChain develops a new blockchain drug tracing platform for one of the largest pharmaceutical companies in the world, Bayer China. In our Vechain news today, we find out more about the new partnership.
Bayer China announced in an interview a few days ago that it had chosen VeChain as the tech provider for a new blockchain-powered drug tracing solution which will allow the company to track clinical drugs across the supply chain. VeChain develops a new system dubbed CSecure which loads a number elated to a specific drug onto the blockchain. Each drug can be then tracked as it moves along the supply chain. This can be done by using timestamps and user-identification info. Thanks to the immutable nature of the blockchain, the data cannot be changed by a non-permissioned third party.
Vechain won the right to work with Bayer China back in 2019 after it proposed the company to implement a blockchain-based supply chain solution which went on to become the new system CSEcure. This system is based on ToolChain which is a proprietary blockchain system that allows VeChain to design and build a fully distributed ledger technology solution to the specific requirements of the client.
Bayer China is the latest in the series of high-profile partnerships for this blockchain project as last year the Chinese arm of the Walmart supermarket chain and the PwC accountancy firm partnered with VeChain to work on a new food tracking solution for the country. However, VeChain didn’t say much about the latest partnership. One spokesperson said that the company is bound by a non-disclosure agreement and cannot give too much information about how CSecure will work. The CEO and co-founder Sunny Lu explained that he was extremely grateful that Bayer agreed to use the VeChain systems:
“We’ve experienced the rigorousness of the medical industry by working with Bayer China. I feel Bayer’s professionalism and superb work ethic towards medicine and healthcare causes as a whole.”
Last year as well, the president of Uganda backed a similar tracking project that aimed to use the blockchain technology and to prevent the issue of counterfeit medicines, dubbed MediConnect.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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