VeChain Foundation, 3rd August 2018: VeChain, in partnership with DNV GL, is leveraging public blockchain technology to rapidly advance drug traceability, monitoring, security, and auditing. In 2016, the State Council issued the National Informatization Plan for the Thirteenth Five-Year Plan, in which blockchain technology was included. Now two years later, blockchain technology has developed under the support and guidance of state-provided resources and policy. VeChain is the only approved blockchain traceability provider in Shanghai and has been tasked to achieve the China traceability requirements by 2020. VeChain’s traceability solution is being developed and tested in Shanghai, and will soon be rolled out across China.
In VeChain’s drug and vaccine traceability solution, highly sensitive IoT devices capture and record to the VeChainThor Blockchain all data involved in vaccine manufacture and transport including getting vaccines from manufacturers, storage facilities, cold chain distribution, hospitals, and even usage. While ensuring the reliability of the data source, VeChain’s solution also eliminates the potential risks in the whole process and ensures that vaccine records are immutable and permanent.
The production data and transportation temperatures for vaccines need to be strictly monitored because vaccine composition and storage temperature directly affect vaccine effectiveness.
VeChain’s vaccine traceability solution will mitigate future vaccine manufacturing scandals through:
1. Accurate backtracking and accountability
In the event of a future manufacturing emergency, the verified data stored in the VeChainThor blockchain can help regulators backtrack data and provide evidence dictating responsible parties for any incident. At the same time, this solution helps compliant companies prove their innocence.
2. Targeted recall and disposal
Pinpoint and recall products in question and reduce unnecessary waste of resources.
3. Real data-based early warning and risk management to enable targeted monitoring of potentially responsible parties.
Find problems before they impact the public, and take measures before the crisis escalates, and focus on monitoring high-risk links.
4. An exclusive ID for each vaccine
Based on the VID on the VeChainThor blockchain, each dose of a vaccine will be labeled with a unique identifying code, and end users can scan the code retrieving a complete history of the product.
Blockchain technology can prevent, if not eliminate, future vaccine scandals, and most importantly offers a means to quickly lessen the damage by identifying and correcting the source of the problems. By using blockchain to record and review the data from medicine and manufacturing and delivery, the confidence of the Chinese people in their country’s medical products can be restored.
The VeChain vaccine traceability solution will be shown alongside other VeChainThor Powered solutions at the China International Import Expo — one of the highest-profile import/export conferences in the world. VeChain and DNV GL will participate in this event and showcase the blockchain assurance solutions developed together, such as cold chain logistics and MyStory. Their attendance is occuring at the specific request of the Chinese government, who wishes to highlight the state-backed collaboration with VeChain and DNV GL. President Xi Jinping will be in attendance.
DNV GL and VeChain have taken immense strides in advancing medical standards and security in China. The solutions created in their collaboration have been nurtured by the Chinese state, but they will not be isolated to China alone. The blockchain solutions engineered by DNV GL and VeChain will soon span the globe, as the products and solutions rolled out for China’s government and enterprises are only the initial components of a much larger plan.