Its crucial features, including decentralization, immutability, and transparency, build trust throughout the Drug Development Life Cycle (DDLC).
Smart Contracts compatible blockchain VeChain has been mentioned in an academic report as one of the standout projects that has uniquely integrated “IoT-based tracking mechanisms for real-time verification and anti-counterfeiting.”
According to the summary shared by VeChain ambassador Sebastian, VeChain’s ToolChain was highlighted as outshining competitors, including IBM and Hyperledger, in the pharmaceutical tracking sector.
In the report titled “FairChain: A Trusted and Transparent Blockchain-Based Ecosystem for Drug Development for Nagoya Protocol Implementation”, the rise in counterfeit drugs was highlighted as one of the existing problems confronting pharmaceutical companies. This was disclosed to have worsened after the global spread of the Coronavirus forced these companies to seek effective treatment and vaccines.
To address some of these problems, the Nagoya Protocol was introduced by the United Nations Development Program (UNDP) to standardize the “legal provision and usage of genetic resources. However, the process was found to be more tedious, complex, and vulnerable to fraud, according to the report.
With this, FairChain was stated to address these challenges through the creation of a transparent ecosystem that facilitates the building of “trust throughout the Drug Development Life Cycle (DDLC)”.
Upon reviewing this document, we found that the most effective approach is to utilize decentralized, immutable, and transparent blockchain technology. Fascinatingly, previous reports have confirmed that VeChain offers several features, including a decentralized system, transparency, and immutability, which significantly enhance the provision of the movement of data within a supply chain.
VeChain’s recognition as one of the most effective blockchains in the healthcare industry goes as far back as 2017, when the Shanghai Municipal Commission of Commerce highlighted Shanghai’s success in attaining the highest standard of vaccine quality. At that time, the traceability solution of VeChain was the only blockchain project supported by the Shanghai government.
Apart from its contributions in the healthcare sector, VeChainThor has largely been used in the agriculture sector, automobiles, and many other industries to enhance supply chain management processes. In a recent study we reported on, VeChain was also recognized for its contributions to wine traceability. Above all, more than 40 enterprise use cases are already operating with VeChain’s infrastructure, as noted in our earlier post.
With its achievements so far, Sebastian believes that VET, the native token of the blockchain, is not “a hype coin”. According to him, the blockchain has a robust infrastructure, backed by researchers, and built for the future.
Currently, VET is trading at $0.021. The asset has also surged by 0.7% in the last 24 hours and 7.8% in the last seven days.
As highlighted in our recent publication, VET could make a massive run to $0.1 in the near term once it strongly holds above the $0.02 level. Analyst EGRAG CRYPTO also believes that VET has the potential to hit $1. As indicated in our last analysis, he based his prediction on the Elliott Wave Structure.
Having recognized its huge potential, UFC President Dana White is reported to have invested around $1 million into the asset, as discussed earlier.
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