In Africa alone, more than 120,000 people die every year from counterfeit drugs (from World Health Organization). Imagine being a parent going to your local drug store to try to purchase medicine to help your ailing child, and this “so-called medicine” ends up taking your child’s life. This is a real scenario, and is happening constantly not only in Africa, but throughout the entire world! Making matters worse, it is estimated that nearly 30% of the entire drug market is counterfeit. This might come to a surprise for some, but it’s the brutal reality. Expired drugs have also become a massive cost for pharmaceutical companies as well. Every year, they throw out about $800 Million in expired drugs (https://www.npr.org/sections/health-shots/2017/07/18/537257884/that-drug-expiration-date-may-be-more-myth-than-fact ). This type of issue needs to be cracked down and Farmatrust is here to bring the solution to the people, businesses, and governments alike.
Farmatrust has created a tracking system for the entire world with a transparent, end-to-end solution for the pharmaceutical supply chain. Farmatrust is utilizing the tools and technology available at their fingertips to help protect the world from these types of issues from occurring. By infusing their platform with blockchain technology, they are able to use Big Data, and Artificial Intelligence to create a more efficient supply chain to reduce the amount of waste (expired drugs), and keep counterfeit drugs from being brought to the marketplace for consumers.
-standard ERC-20 token, which has a limited supply of 1 billion.
-They are used on the platform for staking to receive ZOI, and Compliance Tracking Tokens.
-The FTT token is going to be publicly traded on exchanges.
-This token enables users to participate in the Zoi ecosystem.
-Received from staking FTT tokens, and can be bought on the Zoi internal exchange.
-Allows regulators, pharmaceutical companies, supply chain organizations, governments, among others to access the available information on the Zoi platform
-These tokens are only to be used in the Zoi ecosystem
-These tokens are burnt when used on the platform
Compliance Tracking Token
-This is not a cryptocurrency, just a reference for a “Serialized Product Key” to be used on its own blockchain
-Can be generated by staking FTT tokens for pharmaceutical companies
-These tokens track a product through the supply chain and it’s lifecycle, which ensures that it doesn’t expire
-The data from these tokens are stored on the blockchain (Data is the oil of the 21st century!)
-When the packets/product is sold, the Compliance Tracking tokens are burnt
The whole ecosystem around Farmatrust is embedded within their utility token, FTT, their ZOI token, which will only be tradable within the Zoi Exchange, as well as the Compliance Tracking Token. In order to start tracking your products on the supply chain you will first need to purchase FTT tokens, which will be tradable on exchanges- one of which is Coinbene, shortly after their ICO concludes. By staking your FTT tokens, you will then be able to receive ZOI into your wallet to access the supply chain portal.
If you aren’t an FTT holder, you are also able to directly purchase ZOI tokens from the Zoi exchange, which will help organizations & governments gain access regarding compliance reports, supply chain analysis, and purchasing the product history of different drugs.
So exactly how do the pharmaceutical companies track the products while they’re in the supply chain? By staking their FTT tokens, they are able to receive Compliance Tracking Tokens, which will be binded to a Smart Bond, which is “a smart contract that binds the FTT tokens to a new batch of Serialized Product Keys generated by a package manufacturer to meet track and trace compliance requirements”. When Compliance Tracking tokens are binded to a product, the Farmatrust API registers as they are distributed throughout the supply chain until they eventually get to the hospitals and retailers. Initially, these tokens will be only able to be compliant on the Ethereum blockchain, but in the near future, these will be interoperable with other blockchains as well.
Token Name: FarmaTrust Token
Token Symbol: FTT
Total Supply: 1,000,000,000 (1 Billion)
600,000,000 (600 Million)
Listing Price: USD $0.05 TDE
Soft Cap: USD $7,000,000 Sale
Hard Cap: USD $20,250,000
Find out more at: https://www.farmatrust.io/
Written By Mark Anstead
* This is a sponsored post and does not constitute financial advice, nor an official recommendation from CCINews.net, or it’s affiliates*