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Kadena is trying to penetrate the healthcare industry and its first step in achieving this goal has been announced. The first application on its public blockchain will be a Cannabidiol (CBD) oil tracking platform set to launch once the network’s smart contract is operational on Jan. 15, CoinDesk reported.
Kadena will be collaborating with healthcare-focused tech firm Rymedi to develop an auditable data storage platform that would expedite the U.S. Food and Drug Administration (FDA)’s approval process. Through this platform, consumers will be able to track down the provenance of a product all the way to the other end of the supply chain.
In turn, this will create trust between sellers and buyers, with a huge potential to end the fake drug industry if the initiative includes prescription drugs in future development. Rymedi CEO David Stefanich said that Kadena’s expertise in the transaction data and the financial industry makes it the perfect partner to push this initiative forward.
The fake drug industry
“This validates purchasing and authenticity, especially useful in geographies and industries where fraud and quality concerns remain potentially life-threatening issues,” Kadena said, acknowledging the dangers of the billion-dollar fake drug industry.
The World Health Organization (WHO) estimates that this destructive market has an annual value of $30 billion. However, this figure could be much higher as every country is affected by it, although exact exposure is still unclear due to the vastness of the industry’s network.
Afghanistan using blockchain to counter fake medicine
The Afghan government announced in late November that it has tapped blockchain company FantomOperations to create a solution for this massive problem. The country is particularly vulnerable to the fake drug industry due to war and other issues.
“The Ministry of Public Health is committed for the institutionalization of electronic government in the health sector and the block-chain technology would help the ministry bring transparency, acceleration, and effectiveness in the related affairs," Afghan Public Health Minister Ferozuddin Feroz said.
Meanwhile, Kadena is planning to raise $20 million through its token offering, which is now listed on CoinList. The reserve figure is to ensure that Kadena is complying within the bounds set by the regulatory framework. Kadena CEO Will Martino said that the ultimate goal is to ease the friction between users and the tokens, a transition that would help accelerate the mass adoption of the emerging technology.
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