• The Informer Post
  • Posts
  • Shanghai Government Taps VeChain for Blockchain Solutions to Protect Vaccines

Shanghai Government Taps VeChain for Blockchain Solutions to Protect Vaccines

August 05, 2018

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.

VeChain developed a small temperature tracking IoT device that measures 41mm x 55mm x 9mm.

VeChain temperature tracking IoT device

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.”

Display system of VeChain’s temperature tracking platform

China, which has been plagued by food and drug safety issues and tragedies, was hit with a vaccine 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.”

In 2017, Changsheng BioTechnology sold 252,600 substandard diphtheria, tetanus and pertussis (DPT) vaccines and faked production documents related to a rabies vaccine that was administered to babies as young as three months.

Chinese authorities also reported that roughly 150,000 people received sub-standard DPT shots from Wuhan Institute of Biological Products.

Because of China’s expanding economy, the maintenance of high-standards for imports and exports is a global concern.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.