VeChain (VET) and DNV GL have entered into a partnership to leverage the blockchain technology in the advancement of drug traceability. Yesterday, VeChain Foundation said that the entire Chinese system is facing drugs and disastrous vaccine scandals. Some pharmacies in China have been distributing counterfeit vaccines to children. The blog post also stated that VeChain will be providing a traceability solution for the problem. VeChain is the only project that was supported by the government. The incident led to country-wide rage and panic with people putting pressure on President Xi Jinping to label the scandals as shocking and vile.
VeChain And DNV GL
The Chinese Food And Drug Administration has launched an investigation into Changchun Changsheng Biotechnology, the agency in charge of producing vaccines. They have revoked the agency’s license for producing human vaccines. They also demanded the withdrawal of all their products in the market. Most of the defective drugs have been sold to educational institutions and distributed on the streets. Even if these drugs have been called back, it’s still not clear how these counterfeit vaccines will affect the health of humans.
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The partnership between DNV GL and VeChain (VET) has led both parties to launch a collaborated blockchain technology that will be used to track, monitor and secure drugs in circulation. The research and development will be taking place in Shanghai but it will hit the whole of China by the year 2020. When integrated with IOT devices, the vaccine traceability program will be able to record and track all the information related to drug distribution and production. This will also include collecting these drugs from storage vendors, producers, cold-chain distributors, and hospitals.
This way, they will be be able to guarantee the reliability of the source and neutralize future risks in the production and distribution process. They will also make vaccine records permanent and unchanging.