Pharmaceutical company ACG launches blockchain-powered traceability and anti-counterfeiting solution
Mon, 10 Feb 2020, 11:05 am UTC
AGC Inspection (AGCI), one of the four businesses of pharmaceutical company ACG Group, has announced its new blockchain-based traceability and anti-counterfeiting solution for the pharmaceutical supply chain.
In a press release, the company said that its "Brand Security Platform" combines three components – blockchain, geo-location identification, and biometrics tracking through the Industrial Internet of Things (IIOT) powered by artificial intelligence (AI) – for "unsurpassed traceability and transparency.”
With this three-pronged solution set, it will be easier to monitor the contents of packaged medicines from their entire supply chain journey from the manufacturer up to the end-user.
“The comprehensive new system provides a seamless, uncompromisingly transparent experience to all stakeholders along the supply chain, simplifying the overall process through distributed ledger technology and single ownership,” the press release read.
The three components: blockchain, IoT and AI can be incorporated individually or bundled together depending on the requirement of the customers. ACG said that these customizable products also are scalable, amounting to geolocation solutions that can provide everything from basic data management to full-scale, supply chain-wide transparency.
The track and trace process could be initiated by simply using the QR code, unique serial number, or data matrix on each package. Once initiated, the system’s trackers continuously monitor and transmit data such as the package’s temperature, humidity, location, and any other parameter that is configured. Data is also analyzed to ensure compliance with various domestic and/or international mandates.
The system offers users access to real-time data. The receiving party can validate the drug before the purchase is made by simply scanning its code with a POS scanner. Final transaction data are stored in the digital ledger for reporting or recall purposes.
"[The platform] is designed to overcome several longstanding obstacles to advanced traceability, including the challenges of establishing single-owner data sets, and the prevalence of digitally broken supply chains stemming from, among other issues, struggles with GS1 universality, personnel error and new business models disrupting traditional procedures," ACG said.
<Copyright © TokenPost. All Rights Reserved. >