US Based Blockchain supply chain and fintech platform AVC Global, and its Bahrain blockchain based subsidiary Medical Value Chain “MVC”, who provides the Kingdom of Bahrain the leading supply chain track-and-trace platform for global pharmaceutical supply chain compliance, have integrated with Hedera Hashgraph, the enterprise-grade distributed ledger that serves as “The Trust Layer of the Internet.”
According to the press release, AVC Global has one end-goal in mind which is to provide a quantum leap in how supply chains perform intelligently, providing the right product at the right time, in the right place, across industries and borders, while optimizing cash flow across the supply chain, reducing risk and fraud. Authenticity, compliance, validation, clearance, certification, financing and auditability are core requirements to realize the full potential for the next generation of global supply chains. To achieve these fundamental objectives, AVC and its subsidiary MVC are completing an integration with Hedera Hashgraph’s Consensus Service (HCS).
HCS is the first Distributed Ledger Technology (DLT) network service to provide the validity and order of events and transparency into the history of events over time, without requiring a persistent history of transactions. As a result, the HCS provides the benefits of fast, fair, and secure consensus at a lower cost than any other public distributed ledger network.
AVC and MVC require high-throughput, encrypted content, trusted timestamps and ordering, fast finality, and an immutable and verifiable log and auditable of events. AVC concluded in its research and testing that Hedera exceeds in each of these key areas.
In addition, with governance as a key concern, especially when working for a National Government, AVC and MVC needed to leverage a network with transparent governance. The Hedera network is governed by a growing group of large, highly respected enterprises and institutions, including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
Serial entrepreneur Leo A. Giacometto, Co-Founder and Chairman of AVC Global and President of MVC, commented, “Our platform harnesses Distributed Ledger Technology and our “SmartHub” is a key component of the platform ecosystem. It is the hub of ingress and egress into the AVC/MVC network and is the foundation for establishing cryptographically verifiable and auditable “ground truth.” It works with a variety of inputs to validate Smart Contracts through our “SmartPass”, which is utilized for compliance, certification, clearance, and digital supply chain financing and settlement.
David J. Todd, noted entrepreneur and co-founder and CEO of AVC/MVC said, “The “SmartPass” process is revolutionary in its own right. It is structured to comply with dynamic document and data structures, financial and regulatory regimes based on governing terms and conditions that can vary throughout the supply chain while maintaining the verifiable integrity of the established “ground truth” along a complex journey through the supply chain. To accomplish this requires the most robust consensus and auditable 3rd-party governance possible. The AVC team believes that is precisely what Hedera has achieved, and we are excited to take this next step in the evolution of technology together with them.”
Mance Harmon, CEO and co-founder of Hedera Hashgraph, said, “AVC/MVC are leading the industry with its ability to enable supply chain networks to maintain trusted “ground truth”, as materials move through the end-to-end supply chain. As the world gears up to distribute new vaccines globally, to millions of people, with complex requirements, never has the need for this transparency and security in the pharmaceutical supply chain been more urgent. We are pleased that AVC, and MVC, who currently runs the Track and Trace Program for the Kingdom of Bahrain, has integrated the Hedera Consensus Service into their platform to help provide this transparency and computational trust.”