07/05/19 07:39 UTC-4

LuxTag blockchain-startup: combating counterfeit drugs and pharmaceutical fakes

LuxTag Startup intends to fight counterfeit and fakes in pharmaceuticals
LuxTag Startup intends to fight counterfeit and fakes in pharmaceuticals

On May 7, a blockchain-startup based on the NEM platform, LuxTag, presented its strategy to combat counterfeit and pharmaceutical counterfeits. According to the developers, the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology will help solve this problem.


LuxTag and anti-counterfeiting in the pharmaceutical field

On May 7th, the development team of the blockchain-startup based on the NEM platform, LuxTag, announced its intention to fight counterfeit drugs, expired drugs and fakes.

According to a startup blog post, the problem of counterfeits can be solved thanks to the blockchain technology. In addition, the startup announced introductory material on its Twitter account.

"Last week we mentioned how harmful pharmaceuticals counterfeit can be, this week we give you more information about the blockchain as a solution to this problem!" – LuxTag, Twitter.

According to the blog, LuxTag can be not only an example, but also an effective way to track the supply chain of pharmaceutical products. Startup developers claim that their labeling solutions will work so that only high-quality products are available at pharmacies and medical institutions.

"We label and list your product data in the blockchain and ensure that all updates will be recorded during the supply chain. The LuxTag team has a long history of fighting the fake market by implementing our anti-counterfeiting solutions."

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The article also states that the startup intends to introduce blockchain technology and smart-contracts supply to the work of pharmaceutical manufacturers. This will provide an opportunity to track importers and exporters, as well as the path of drugs, the batch and even packers.

The relevance of the pharmaceutical LuxTag blockchain-project, developers argue with recent studies by the World Health Association, according to which the trade in counterfeit products led to a loss of about $ 30 billion.

LuxTag: blockchain-startup that intends to combat counterfeit drugs and pharmaceutical fakes. Recall that the President of Estonia, Kersti Kaljulaid, supports cryptocurrency and blockchain technology for charity and improvement of the state structures work.

Editor: Alyona Nabok

See also: "Entrepreneur Barry Silbert spoke at Fox Business Channel to discuss the new Drop Gold movement"

#blockchain #blockchainstartup #pharmaceutical #LuxTag #Nem #blockchaintracking #blockchaindelivery



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