Decentralized pharmaceutical products development and commercialization platform
Partnership of IBM and Sichuan Hejia Co., Ltd. (Hejia) is helping facilitate faster credit rating analysis and thus, quicker supply chain finance by banks for pharma retailers, based on information exchange on blockchain.
Sichuan Hejia (e-visible)
- Drug supply chain
- Tech and pharma retailer
High turnover time of funds for pharma retailers - they find it difficult to raise funds because of an underdeveloped credit system and a lack of established credit evaluation and risk control.
Tracking the drugs throughout the supply chain and encrypting trading records. Transparency of the blockchain establishes the genuineness of the transaction, lowers the credit risk and allows the payment within 48 hours.
Yijian Blockchain Technology Application System is a permissioned blockchain platform and is based on HyperLedger Fabric, code from the cross-industry open-source collaborative HyperLedger Project, led by the Linux Foundation.
Working with IBM, Hejia has established a blockchain-based business network among these supply chain participants back in 2017. By tracking drugs through the supply chain and encrypting trading records, the transparency of the blockchain can help establish the authenticity of the transaction. Since then, Hejia has been partnered with pharmaceutical companies (Sinopharm Group Yunan Co.,LTD., etc), banks (China Citic Bank, Bank of Beijing, etc), real estate groups (Evergrande real state group, etc), railway investment groups, airlines, and many other stakeholders.
This use case first appeared on Chain 76 Use Cases — a review of blockchain technology implementations and deployments in the pharma and healthcare sectors.