MVC to use its SmartPass technology to track and trace pharmaceutical supply chain
Medical Value Chain, “MVC”, the Bahrain based subsidiary of US based AVC Global, who provides the Kingdom of Bahrain with the blockchain enabled track-and-trace platform for global pharmaceutical supply chain compliance has completed a strategic technology integration with the Blockchain Hedera Hashgraph network and the Hedera Consensus Service. The integration started earlier in January of 2021. Prior to this MVC had partnered with Fintech Kyriba as well as with Cox Logistics in Bahrain.
MVC’s SmartHub with SmartPass technology is a quantum leap forward in how nations implement and finance GS1 standard pharmaceutical traceability programs, which increase patient safety, reduce fraud, and optimize cash flow, trade finance and customs clearance across the global supply chain.
Sheikha Dheya Bint Ebrahim Al Khalifa, MVC Co-Founder and Chairperson, said; “It is an honor to have Hedera Hashgraph, a best in class technology and the most used enterprise-grade public network globally, partner with us in Bahrain. Our team and partners have brought online the world’s first blockchain and distributed ledger-powered track-and-trace platform, with a trusted secure value chain that includes supply chain financing options with traditional banks and emerging DeFi instruments. Today it is being deployed here in my home country of Bahrain for the benefit of our Bahraini citizens in our pharmaceutical delivery system, and soon we will provide this technology around the world.”
“Supply chain management software is a $17 billion market1 and supply chain finance2 is a $1.3 trillion dollar market which are both ripe for disruption by platforms that take advantage of the cost, transparency, and security benefits that distributed ledgers offer,” said Mance Harmon, CEO and Co-founder of Hedera Hashgraph. “We congratulate MVC on the completion and deployment of their SmartHub and SmartPass technology to bring computational trust to the pharmaceutical supply chain in the Kingdom of Bahrain, and look forward to seeing other nations and organizations benefit from their innovation going forward.”
The MVC platform enables complete visibility of the pharmaceutical supply-chain. The SmartPass cryptographically represents the entire life-cycle of a supply chain including all of its events and transactions for all stakeholders involved including buyers, sellers, customs, 3rd party logistics, banking, customs and support operations.
The SmartPass is a unique combination of two Decentralized Application (DApp) technologies operating on the SmartHub permissioned blockchain: Supply Chain Track-and-Trace and Decentralized Finance (DeFi) Infrastructure for FinTech processing.
At the core of the SmartPass computing engine is a fabric of smart-contracts implemented with proprietary Track-and-Trace state machine algorithms, chaining rules, and well-engineered supply chain tokens.
SmartPass employs a double digital notarization with its cryptographic signatures in the SmartHub blockchain and with the global-scale, Hedera Consensus Service. This provides increased assurance for transparencies for independent audits, increases trust in the SmartHub operations, and scales for nation-state scale operations.