Idea & Token
FarmaTrust is a global tracking system ensuring that counterfeit drugs do not enter the supply chains. The system uses artificial intelligence and big data analysis to improve processes and methods of supply chains to make them more transparent and efficient. As they say in FarmaTrust, the system is safe, secure, encrypted and immutable. As a result, all parties of the process – the pharmaceutical companies, governments, regulators and the public – trust the supply chain and are sure the drugs provided are genuine. FarmaTrust will track the drugs from the place of manufacture to the consumers by using a special labeling, such as smart Rifid labeling or similar tags. FarmaTrust is building the platform that will support even old hardware and software to simplify adoption for the regions where technologies are developed weakly. Customers will also be able to use the mobile app to check if this particular medicine is genuine. The smart contracts in the system will be used for automatic audit, automatic tax payments, and auto payments.
FarmaTrust will use an ERC-20 token called FTT that will be traded on exchanges, but another token called ZOI will be used to access information of products generated on the Zoi platform. To receive ZOI users will stake FTT. When used on the platform, ZOI tokens are burnt. One more token called Compliance Tracking Token will be used to track and trace regulatory requirements. To generate Compliance Tracking Tokens, pharmaceutical companies will stake FTT. The token distribution is as follows: 60% – sale, 10% – team, 10% – advisors, 10% – partnership pool, 10% – operations pool.
The team consists of 8 specialists, 3 of them have a serious software development experience, including blockchain development, as well as a marketer and a community manager. The founder and CEO Raja Sharif was a manager at Al Jazeera Media Network and an executive board member in a number of US and European companies. The team is supported by 11 advisors that add huge experience in pharmaceutical industry, logistics, IoT, startup development, and IT.
Since different parties of a drug supply chain have different rules and regulations, there’s a risk of fraudulent actions with drugs when moving from one jurisdiction to the other. FarmaTrust is aiming to unify this process to eliminate getting counterfeit drugs into drug stores, hospitals and other medical institutions. This is not the first ICO project in the sphere of supply chains mostly because the blockchain technology is able to significantly improve efficiency and bring transparency which is highly demanded in the industry. The importance of supply chains in pharmaceutical industry is ultimate because in the end it saves lives. Among disadvantages we’d note a challenge of making the project visible to masses and engaging customers, as well as the system of three tokens that looks quite complex.
Other projects dealing with supply chains and that have already conducted ICO campaigns are on their way to success and feeling fine. FarmaTrust is ready and capable of repeating their stories.
FarmaTrust ICO datesexport to calend
FarmaTrust uses Blockchain to seamlessly and accurately trace individual packets of pharmaceuticals throughout the global supply chain with the aim of eliminating counterfeit drugs, saving lives, and creating efficiencies within the pharmaceutical sector.
FarmaTrust’s Zoi Platform will aid our partners – Pharmaceuticals, Regulators, 3PLs , NGOs, and Law Enforcement – in creating an interoperable and mutually beneficial network.