VeChain (VET) is collaborating with one of the largest pharmaceutical companies in the world to build a new drug-tracing platform powered by blockchain.
This new development was revealed by Bayer China in a recent interview. The new innovation is targeted at tracking clinical drugs across the supply chain.
The drug-tracing platform is known as “CSecure”. The system works by loading a batch number relating to a specific drug, onto the blockchain. Drugs can be tracked individually as it moves across the supply chain with the aid of timestamps and user-identification information.
Due to the fact that blockchain is immutable in nature, no third party is liable to change the data without permission.
Back in 2019, VeChain won the right to work with Bayer China, after the firm proposed the implementation of a blockchain-based supply chain solution that was eventually named CSecure.
The system is based on a proprietary blockchain-as-a-service (BaaS) system, which enables VeChain to build full distributed ledger technology (DLT) solutions to customers’ requirements.
Prior to this recent partnership with Bayer China, Vechain had sealed a host of big collaborations, such as partnerships with the Chinese arm of supermarket chain Walmart and Big Four accountancy firm PwC.
Howbeit, at the moment, VeChain has little to say about the latest deal with Bayer China, because the firm is bound by a non-disclosure agreement (NDA), which deters VeChain from disclosing detailed information regarding how CSecure would work.
Sunny Lu, the co-founder and CEO of VeChain (VET) in a statement expressed his gratitude with the opportunity given to the blockchain project in testing the new drug-tracing product.
“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.”