VeChain is scheduled to appear at the China International Import Expo (CIIE) at the request of the Chinese government. A high-profile import/export conference, CIIE will be held at the National Exhibition and Convention Center in Shanghai on November 5 – 10, 2018.
VeChain and its partner DNV GL, a risk management and quality assurance company that provides certification services for big pharma companies and hospitals in Shanghai, will present blockchain solutions to improve medical standards and security in China.
VeChain, a blockchain platform that focuses on supply chain management and traceability through smart contracts, has partnered with the Chinese government to advance medical standards. VeChain’s vaccine traceability solution is designed to create a traceable and trackable system that can eliminate pharmaceutical fraud and fake medicine.
According to VeChain, the device can “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.”
China, which has been plagued by food and drug safety issues and tragedies, was hit with avaccine scandal in 2016 when China’s Food and Drug Administration discovered that local vaccine manufacturers administered hundreds of thousands of faulty and falsely documented vaccines to Chinese school children. Authorities arrested 324 suspects and investigated 100 officials “under suspicion of taking bribes, abuse of power, and negligence.”