FarmaTrust is a blockchain based decentralized pharmaceutical tracking network that provides a secure, immutable and interoperable data source to track serialized products through the uninterrupted custody all across the supply chain.
|Description||FarmaTrust is a blockchain based decentralized pharmaceutical tracking network that provides a secure, immutable and interoperable data source to track serialized products through the uninterrupted custody all across the supply chain.|
|ICO Launch||2018/02/15 06:00|
|ICO Closing||2018/03/15 05:00|
|Token Platform||ETH (ERC20)|
|Coins Offered||60% out of 100%|
What Is FarmaTrust?
FarmaTrust is a decentralized blockchain based universal tracking system that intends to bar counterfeit drugs from entering into the supply chain and protects pharmaceuticals, regulators, government and the people from using perished pharmaceutical items. FarmaTrust helps the said industry by providing value-added services followed by data analysis and artificial intelligence so the supply chain can be made more transparent. FarmaTrust ensures that safety parameters are well in place and immutable.
FarmaTrust is a blockchain based decentralized pharmaceutical tracking network that provides a secure, immutable and interoperable data source to track serialized products through the uninterrupted custody all across the supply chain. The platform incorporates blockchain technology together with machine learning data and artificial intelligence business logic to identify and prevent fake or perished medications from entering the consumer market supply chain undetected. The platform also provides “VAS ” value-added services like predictive supplies as well as efficient routes to the market.
How Does FarmaTrust Work?
FarmaTrust brings an innovative transparent and fraud-resistant pharmaceutical tracing network that helps to identify counterfeit medication and prevent them from entering the consumer market. As per recent survey conducted by third-party pharma sector organization, it is estimated that around 120,000 to 100, 00,000 people all across the globe die due to perished medications. The FarmaTrust intends to bring an end to such inefficient supply chain of medicines thereby reducing the cost and potential threat to the safety of mankind. Using blockchain technology, data analytics, and artificial intelligence, the platform eliminates counterfeit medicines from the supply chain and reduce inefficiencies.
The platform integrates everything on blockchain ranging from the manufactures warehouses to hospitals storage and medical stores, each packet of medicine is tracked. Users have the privilege to check the expiry status and validity of the medicine using the FarmaTrust app. Users need to download the FarmaTrust app from Google Play Store, Microsoft Store, and App store for android, windows, and iOS-based mobile phones and tablets respectively. Thus, the possibility of entering fake medicine into the supply chain has become impossible.
Earn FarmaTrust Tokens
To earn FarmaTrust tokens, people needed to contribute in the pre-sale or main sale of the ICO. However, both pre-sale and main sale of the ICO has been concluded. Investors who wish to earn FarmaTrust tokens can now earn FarmaTrust tokens from the listed exchanges in exchange for other cryptocurrencies.
Buy FarmaTrust Tokens With E-Wallets
FarmaTrust Token is based on ERC20 tokens. People can buy FarmaTrust tokens using their e-wallets. All you have to do is locate the supported exchange which offers FarmaTrust Tokens. Then you need to pay ethereum to buy FarmaTrust tokens. All those who want to buy FarmaTrust tokens must have an e-wallets account since FarmaTrust tokens and all other cryptocurrencies are stored in e-wallets. Many exchanges all around the world offer free e-wallets these days, you only need to make sure that the exchange you are going to open an e-wallet with is legit.
The ICO Distribution
The token sale of the ICO was conducted between February 15th, 2018 and March 15th, 2018. The token name of the ICO is FarmaTrust Token and the symbol used for it is FTT. There was a total supply of 1 Billion tokens. 60% of the total token supply was made public. The soft capping of the ICO was defined as USD $7,000,000 whereas the ICO observed a hard capping of $20,250,000. The starting price of the ICO is expected to be $0.05.
The ICO plans to distribute its tokens under following proportion;
- 60% tokens were planned to be made available to the public in crowd sale of the ICO
- 10% tokens were planned to be distributed to the partnership pool of the ICO
- 10% tokens were planned to be distributed to the team pool of the ICO
- 10% tokens were planned to be distributed to the advisors of the Company
- 10% tokens were planned to be distributed to the Operations department of the ICO
Token Fund usage:
The ICO plans to allocate funds generated through the ICO in following proportion;
- 40% funds are planned to be spent on technological advancement and development of products by the ICO
- 20% funds are planned to be used to meet System Compliance
- 20% funds are planned to meet marketing expenses
- 20% funds are planned to meet administrative expenses
Unlike other reputable ICO, FarmaTrust has not shared any detail about the bonuses it may or may not have offered. This is quite unusual for an ICO to not offer any bonuses to its early investors. We tried finding some relevant information by exploring the website and the whitepaper of the ICO but we failed to find such information.
Team Members of the ICO
The ICO has following team members;
- Lord Anthony St John is the Chairman of the ICO
- Raja Sharif is the CEO of the ICO
- Peter Bryant is the COO of the ICO
- David Allen Cohen is the Advisor Chief of Technology at FarmaTrust
- Shahnawaz Aziz is the CTO of the ICO
- Steve Mcavoy is the Implementation Head at FarmaTrust
- Eszter Bohus is the Global Brand and Markcomms Head at FarmaTrust
- Jenny Lee is the Social Media Strategist at FarmaTrust
- Jeffrey Middelbos is the Community Manager at FarmaTrust
- Mike Barbarelli is the lead Software Developer and head of Product Development at FarmaTrust
- Anders Larsson is the advisor to the Company
- Joakim Holmer is also an advisor to the Company
- Stephen Cole is another advisor to the Company
- Chris Saynor is yet another advisor to the Company
- Professor Timothy Mackey is also one of the advisors to the Company
- Kate Enright is also another advisor to the Company
- Peter MacLean is also a part of the team of advisors to the Company
- Desmond Marshall is another advisor to the company
- Changki Park also acts as an advisor to the Company
- George Han is also another advisor to the Company
Invest In FarmaTrust
After a careful review of the ICO, we hereby conclude that FarmaTrust has a strong vision of creating a decentralized tracking network to mitigate or reduce the risk of fake medicines entering the supply chain. The platform is working well their way to save lives of the people by incorporating blockchain technology, data analytics, and AI. This is surely not only a workable objective but a noble cause as well. We, therefore, suggest people should definitely invest in FarmaTrust and earn themselves a virtue.