25.01.2021

MediConnect Completes PoC to Track Medication Through the Supply Chain

In 2020, MediConnect is also planning to complete a pilot scheme, which includes up to 10 participants. As part of the pilot, MediConnect will integrate online pharmacy UK Meds’ processes into its blockchain-based platform, allowing thus to trace products through its supply chain and prevent the misuse of prescription medications.

Blockchain startup MediConnect has completed the workflow for the Proof-of-Concept (PoC) designed to track medications through the supply chain and begun integration of online pharmacy UK Meds’ processes to its platform.

Tracking medication through the supply chain

Per a press release shared with Cointelegraph on Sept. 26, MediConnect established a foundation and methodology for proof of concept finalization, which will enable tracking and managing of prescription medication through the supply chain – from manufacturer to end users.

Blockchain in healthcare

Earlier this year, the Ugandan government partnered with MediConnect to trace counterfeit drugs in the country. Similar to UK Meds’ case, the blockchain-based platform enables the recording of prescription medication, thus identifying counterfeit drugs and preventing their distribution in the pharmaceutical supply chain.

The potential of blockchain tech in the healthcare and supply chain sectors is recognized by other world’s governments and institutions. Most recently, the United Arab Emirates’ Ministry of Health and Prevention launched a blockchain system for recording and sharing healthcare data.

Tech startup Nebula Genomics rolled out anonymous genetic testing earlier in September, enabling clients to purchase whole genome sequencing and provide saliva samples without the need to share personal data such as their name, address or credit card number.

Medici-Backed Blockchain Firm Wants to Unite the Coffee Industry of Honduras

Agricultural startup GrainChain backed by Medici Ventures, the blockchain venture arm of online retail giant Overstock, plans to unite the coffee industry of Honduras by delivering its blockchain platform to a network of local stakeholders.

The firm has signed several agreements with the aim of bringing the entire coffee supply chain of Honduras together on its blockchain platform, according to the press release published on Sept. 24.

One of the world’s biggest coffee producers

By launching the initiative, GrainChain intends to facilitate multiple processes in the coffee supply chain of Honduras, where coffee has historically been one of the major export products.

Specifically, GrainChain promises to accomplish three primary goals such as growing trust between farmers and banks, improving the accuracy of data and raising the transparency.

Farming from a mobile app

As part of the initiative, GrainChain will provide local customers with a digital wallet to enable remote and unbanked farmers to apply for loans. Banks will be able to use GrainChain loans for small and medium size farmers, while insurance companies will use GrainChain to automate the records, the press release notes. Additionally, local farmers will have access to their commodities via a mobile app, which enables real-time monitoring of their inventory.

Founded in 2003, GrainChain’s financial settlement system lets producers, buyers and sellers deploy smart contracts in agricultural transactions. GrainChain’s activity in Honduras follows the company’s partnership with the Mexican state of Tamaulipas to expand its grain tracking service in the country, as announced in May 2019.

As Cointelegraph previously reported, 10% of GrainChain was acquired by Medici Ventures, the blockchain venture arm of online retail giant Overstock, in late 2018.

Recently, a group of global coffee companies teamed up with tech startup Farmer Connect to launch a blockchain platform to track coffee using IBM-developed app.

Medici Bank Launches Private Beta Testing in October

Puerto Rico-based Medici Bank, founded by a direct descendant of the Italian Medici dynasty, launches private beta testing in October.

Medici Bank will be piloting digital onboarding procedures, application programming interface and web portals with five global firms, two or three of which represent crypto businesses, Coindesk reports Sept. 26.

Crypto clients

Medici Bank CEO Ed Boyle elaborated that those firms are expected to demonstrate the bank’s ability to scale to accommodate trading volumes. According to the report, Boyle pointed out the high-performance nature of crypto-related companies, revealing that the bank’s plans have up to a third or half of its entire business be represented by crypto clients.

According to Boyle, Medici Bank joins the shortlist of fewer than 10 crypto-friendly banks around the globe. The bank expects its full launch in Q1 2020, targeting $1 billion in total deposits and assets under management within three years, the report notes. Registered as an International Financial Entity by Puerto Rico’s Office of the Commission of Financial Institution also plans to grow its staff from current six employees to 100 by the end of 2021.

Analyzing blockchain data

Additionally, Medici Bank is reportedly working with unspecified third-party firms to develop tools for analyzing blockchain data by Medici Bank. According to Boyle, such tools will help the bank to improve efficiency of records by shifting from traditional instruments such as paper paychecks.

Focused on digital-centric commerce and investing, Medici Bank was launched by Prince Lorenzo de’ Medici in May 2019.

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