FarmaTrust — Saving Lives with Blockchain and AI
What is FarmaTrust? FarmaTrust is trying to do is to combine the blockchain and AI to create basically international tracking system for medicines and kind of revolutionize the health care industry. What is FarmaTrust all about well it is basically an official global tracking system which provides security to pharmaceutical companies, government’s regulators and the public. They’re doing this for a couple of reasons, one of the big thing that they’re trying to fix is to remove counterfeit drugs from entering the supply chain. Try to prevent that happening and they are going to include artificial intelligence as well as big data analysis to go about this and their system is safe secure encrypted and immutable so that also comes from the advantages of the blockchain. They are system neutral, they are future proof because they kind of accounted for scalability in the future. Global, that’s something that they’re really working on in worldwide compliance, a system that complies with different international regulatory systems and it is of course secure.
As for the roadmap, we can say that for the first quarter of 2018 it’s going to be a lot of testing, getting the initial things set up like the token distribution event, creating the web app stuff like that. For the second quarter of 2018 they’re going more into the creation of the software things like alpha beta testing, a wallet app, mobile app, building the AI and analytics service so really going heavier on the software side of things. As for the third quarter, we’re going to see basically going even deeper into the whole technology side of things once again right with things like publishing app to the App Store and Google Play, extend deep machine learning, developing business events engine and for the fourth quarter once again going even deeper into that layer of technology right with by harnessing data and artificial intelligence. Building abstraction layers and connectors for multiple blockchains stuff like that and of course continuing to build the API ecosystem. So, really, I’d say the last two quarters of 2018 are going to be heavily focused on really getting that technology down and for the first quarter of 2019 that’s where we’re going to see all of this ecosystem that’s created, really come to the end-user and get customs clearance as well. For the second quarter of 2019 that’s when there will be the release of Zoi and that’s their actual platform where all of this will be held on.
They do have a pretty extensive team of a members and advisors. Their platform Zoi is where all this is happening, that’s their web-based peer-to-peer platform with an immutable record and immutability is going to be key in satisfying regulatory requirements. They can do that because of the blockchain technology. I’m not going to go into too much detail but they do go over the current problems in the pharmaceutical industry. Things like the proliferation of counterfeit drugs, that’s a big one that they’re tackling but things like online pharmacies create a lot of problems as well. Supply chain inefficiencies that’s a very big problem also. If we talk about FarmaTrust supply chain exchange and the key word is exchanged there we can say that we start off by the manufacturer, that well obviously the products will get sent out to the distributor and from there already the FarmaTrust API generates blockchain transaction and we’ll see this throughout the whole supply chain happen. Basically, every time it moves to the next party so when the packet for example gets the distributor skinned with the FarmaTrust app then once again once it goes to a hospital online pharmacy. It will be skinned again, it will be generated on the blockchain and all the way up till the end user there’s going to be a full tracking system to have all that in place and recorded. So, one interesting point that they make is the lack of adoption by the industry what they kind of mention is how the pharmaceutical industry is very slow to actually adopt new technology and they want to change that like iTunes and Amazon did. Getting that first mover advantage and actually being willing to make that change. So, that does give them a pretty big advantage and jumping right into the next point is their FTT token. that’s the actual FarmaTrust token and the FarmaTrust requires utility tokens which are used to track various items and drug packets through the platform as well as pay for tools and services provided by FarmaTrust. There’s a lot of stuff going on with the FTT tokens, they are ERC20 tokens and there’s a total supply of a billion, only 600 million of those will be available for sale. Each FTT creates utility tokens which are required to use the FarmaTrust platform and services. FTT tokens do have a fixed supply and FTT units are fungible, transferable. They do expect the FTT token to be available on exchanges for things like Bitcoin, ethereum and other coins so that’s a very nice that they’re targeting that side of things as well. Couple things about their token policy, one interesting aspect of this is that individual FTT holder token will generate or mint 500 utility tokens per week upon creation and issuance. The number of utility tokens generated will increase by 10% from the initial. So, these utility tokens are it used to track individual medicine packet through the supply chain and what we can say is that these tokens are actually burnt at the end of the route of the particular item. All that data will be stored on the blockchain and on sale or transfer of the FTT holder token it actually resets and begins the process of generating utility tokens again for tracking packets through the supply chain.
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Authored by: donniedarko
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