The deployment of blockchain-based solutions in different sectors and industries has continued to solve various problems. The new collaboration between one of the biggest pharmaceutical firms worldwide (Bayer China) and a pioneering public blockchain startup (VeChain) is towards the development of a new traceability platform which will be based on blockchain.
Both Bayer China and VeChain are working together to come up with CSecure, a blockchain-based Clinical Trial Traceability Platform for drugs. The pharmaceutical firm revealed the collaboration in an interview on May 28, noting that their choice of VeChain was due to the capability of the tech provider to help attain their internal requirements for the digitization of their core services and to offer solutions to existing long-established challenges in the healthcare and medical industry.
The official sealing of the collaboration was via VeChain’s exceptional victory in the 2019 Bayer China G4A Partnerships Program. Through the program, VeChain proposed the implementation of blockchain-based supply chain solution to Bayer China, and the proposal eventually turned to CSecure.
CSecure works by loading a batch number associated with a particular drug onto the blockchain, thereby tracking the movement of each drug across the supply chain using timestamps and user-identification information at different waypoints.
Due to blockchain’s immutability, it is impossible for any third party without permission to change the data. CSecure is powered by ToolChain, a proprietary blockchain-as-a-service (BaaS) system used by VeChain in designing and building fully distributed ledger technology solutions according to specific requirements.
VeChain has partnered with renowned firms for blockchain-based solutions in the past. In June 2019, the tech company partnered with Walmart in China and PwC to develop a new food tracking solution for China.
The joint founder of VeChain, Sunny Lu, expressed his appreciation to the pharmaceutical firm for putting VeChain through its paces to test the new system’s product design.
“I feel Bayer’s professionalism and superb work ethic towards medicine and healthcare causes as a whole,” said Lu.