Overview

FarmaTrust has created a platform which eliminates counterfeit drugs, creates efficiencies in the pharmaceutical industry, and allows the purchase of genuine drugs anywhere and online.

Project stage

Only a whitepaper

Detailed description

FarmaTrust is the most efficient global tracking system which provides security to the pharmaceutical companies, governments, regulators and the public, that counterfeit drugs do not enter the supply chain. 

Problem

According to a recent PWC report (https://www.strategyand.pwc.com/reports/counterfeit-pharmaceuticals), up to 30% of all drugs in circulation are fake, leading to up to a million deaths annually, including 450,000 preventable deaths from malaria alone. Some of these deaths can be attributed directly to the toxic ingredients (such as rat poison, floor wax, industrial chemicals and the like) used to produce counterfeit drugs. Many more are a result of substandard drugs being sold to unsuspecting consumers, with little to no active ingredients present in drugs, which would otherwise have saved the consumers from preventable or curable diseases. 

Although less developed markets have long been their stronghold, pharmaceutical counterfeiters are now using digital channels to penetrate developed countries, where traditional physical drug distribution networks are well protected. Exacerbating this issue, the PMMI’s 2016 Brand Protection and Product Traceability report found that “medicines bought over the internet that conceal their physical address are counterfeit in more than half of cases. The reasons that proliferate online sales are mainly due to consumers not being able to afford to visit a doctor or get medicine from a pharmacy.”

Solution

The mission of FarmaTrust is to become the provenance system of choice for the pharmaceutical supply chain, by providing an effective and global data verification and coordination layer which enables greater transparency, efficiency, and immutability for the recording of all activities across the supply chain – from the point of manufacture to the end consumer. 

FarmaTrust has developed the blockchain-based Zoi Supply Chain Information Exchange platform to securely verify and track the supply of genuine products across a diverse network of pharmaceutical brands, manufacturers, distributors and supply chain operators, providing traceability and data services to governments, law enforcement agencies, NGOs, retailers and end consumers. 

FarmaTrust’s Zoi provides a secure, interoperable and immutable source of data which allows for tracking of serialised products across an unbroken chain of custody throughout the supply chain. By integrating blockchain technology with big data machine learning and intelligent business logic, the Zoi system helps prevent fake and counterfeit medicines from easily entering the consumer market undetected. In addition, FarmaTrust can provide value-added services such as predictive supplies and the most efficient routes to market. 

The Zoi platform is an innovative product tracking and reporting system designed to comply with industry track and trace compliance and reporting requirements. This is achieved through a secure RESTful API interface that integrates with existing supply chain management systems to securely share information about products moving through the supply chain.

Features

Supply Chain Data Automation
FarmaTrust has developed a neutral, inter-operable, and secure data exchange system that is scalable, flexible and modular. The technical architecture uses RESTful API calls to coordinate data communication across existing Supply Chain Management Systems (SCMS) and the Zoi information exchange network. This enables both synchronous and asynchronous data connectivity across different organisations and handles the complex task of coordinating systems in the pharmaceutical supply chain, removing the need for system harmonisation.

Smart Contracts and Intelligent Processing
Leveraging the capabilities of the Ethereum blockchain network, FarmaTrust partners with pharmaceutical companies, government agencies and law enforcement to develop robust and intelligent data processes that meet the track and trace compliance requirements.

Data Security and Confidentiality 

Communicating and sharing supply chain information may contain commercially sensitive or confidential product information. FarmaTrust encrypts all datasets sent across the network. In addition, zero-knowledge proof mechanisms ensure confidential and commercial data can be verified across different entities and regions without exposing the information.

Packet Level Tracking and Traceability 

Meeting track and trace regulatory requirements is difficult in a globalised supply chain. The DSCSA enacted in the US requires more thorough traceability of prescription drugs within the supply chain compared to the FMD within the European Union. The FarmaTrust Compliant Product (CP) tracking token is specifically designed to digitally track genuine products that have been packed with unique Serialized Product Keys. This provides packet level tracking and traceability of genuine products through its supply chain lifecycle.

Artificial Intelligence 

Using blockchain as a base, and providing the value-added services listed above, we anticipate the expansion of our services into machine learning. Currently, FarmaTrust plans to provide services which will allow pharmaceutical companies to have predictive supply level information thereby reducing waste through expired or non-use in a particular territory, improving ‘just in time’ supplier methodologies, and mitigating price spikes. We also anticipate using AI to find the most efficient routes to market.

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Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : FTC
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 20,250,000 USD
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. :7,000,000 USD
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :1,000,000,000 FTC
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :600,000,000 FTC
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Open(Start May 01, 2018)
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :BCH, BTC, DASH, ETH, FIAT, LTC, XMR, XRP, ZEC,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :No
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :No
    Get details
  • Token and Funds Distribution

    Token distribution date

    NA

    Unsold tokens

    Unsold FTT tokens from the TDE will be added to the Partnership pool or other pools as required by the management at their discretion

      • Token Distribution

        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Public sale — Ended
      01 Jun 12:00 UTC
      15 Jun 12:00 UTC
      0.05 USD No - 7,000,000 USD 20,250,000 USD
      Pre-sale — Ended
      15 Feb 00:00 UTC
      15 Mar 00:00 UTC
      0.05 USD 20% - Uncapped Uncapped
      Private sale — Ended
      Start Soon
      NA 40% - Uncapped Uncapped
      Pre-sale

      20% dicsount

      Private sale

      40 % discount

      Read more about vesting and bonus
      • Team

        • Raja Sharif photo
          Raja Sharif
          CEO
        • Peter Bryant photo
          Peter Bryant
          COO
        • Shahnawaz Aziz photo
          Shahnawaz Aziz
          CTO
        • Steve Mcavoy photo
          Steve Mcavoy
          Head of Implementation
        • Eszter Bohus photo
          Eszter Bohus
          Head of Global Brand & Markcomms
        • Jeffrey Middelbos photo
          Jeffrey Middelbos
          Community Manager
        • Mike Barbarelli photo
          Mike Barbarelli
          Senior Software Developer & Product Development
        • Jessica Johnson photo
          Jessica Johnson
          UX/UI designer
        • Ms. Hu photo
          Ms. Hu
          Product Manager
        • Elena Derymova photo
          Elena Derymova
          Blockchain Developer
        • Dmitry Chaban photo
          Dmitry Chaban
          Full Stack developer
        • Aidan C Werder photo
          Aidan C Werder
          Intern
      • Advisors

        • Anders Larsson
          Advisory Board Member
        • Joakim Holmer
          Advisory Board Member
        • Najib Rehman
          Advisory Board Member
        • David A. Cohen
          Chief Technology Adviser
        • Stephen Cole
          Advisory Board Member
        • Chris Saynor
          Advisory Board Member
        • Desmond Marshall
          Advisory Board Member
        • Changki Park
          Advisory Board Member
        • Timothy Mackey
          Advisory Board Member
        • Peter MacLean
          Advisory Board Member

      Roadmap

      • Q3 2017

        Advisers sought and appointed, First drafts of whitepaper, Expansion of the product definition

      • Q4 2017

        Private pre-sale

      • Q1 2018

        Pre-TDE Completed, Complete Dashboard MVP

      • Q2 2018

        Launch Extension of MVP, Complete platform product design, Complete Zoi framework

      • Q3 2018

        Release critical featuresets of Dashboard, Finalize Platform Scalability Design

      • Q4 2018

        Launch and Publish Apps to App Store and Play Store, Complete API development

      Activity