Bayer And VeChain To Develop Blockchain Traceability Platform For Drugs
Bayer has chosen VeChain to work on a traceability platform that is based on the blockchain for the delivery of drugs. This aims to help with the complex process involved with the supply chain.
In an interview with Arterial Network, Bayer China revealed that it had chosen to work with VeChain as the tech provider for a new block-chain powered solution. This will allow the firm, which is a branch of Bayer, to track clinical drugs as it journeys through the supply chain.
Bayer China is a leading company in the pharmaceutical industry.
The system, known as CSecure, operates by loading a batch number that is connected to a specific drug onto the blockchain. These numbers can then be used to track each drug as it moves through the supply chain, leaving timestamps and user-identification information at specific points along the way. Due to the immutable nature of blockchain technology, these imprints cannot be changed or manipulated by any entity that does not have permission to do so.
A competition hosted back in 2019 awarded VeChain with the right to work with Bayer China. They had proposed that the company should consider implementing a supply chain solution built on the blockchain. This proposal was approved and was consequently developed into CSecure.
According to the interview, the main challenge in the competition was to find a solution that would ‘improve data transparency, effectiveness, and traceability of drug management in clinical research.’
Since the proposal incorporated blockchain technology, which offered the benefits of “high security, traceability, and unchangeable features,” VeChain emerged victoriously.
The whole system is currently based on ToolChain, which is a proprietary blockchain as a service (BaaS) that allows VeChain to build and design comprehensive distributed ledger technology solutions according to a client’s personal needs and preferences.
Bayer China is just the latest to join this blockchain project’s impressive roster of high-profile partnerships. In June 2019, the Chinese arm of the supermarket chain Walmart, and the Big Four accountancy firm PwC announced that they had teamed up with VeChain to collaborate on the development of a new food tracking solution for China.
As of writing, not much has been revealed about the latest deal. A spokesperson revealed that this is because the firm is bound by a non-disclosure agreement (NDA) and cannot share further information about CSecure’s inner workings.
Sunny Lu, co-founder, and CEO of VeChain, said he was grateful that Bayer led the company through a rigorous and comprehensive process while they were testing CSecure’s product design.
“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,” he said.