Imagine for a moment that an operator checks the wrong item off a checklist, a raw ingredient is contaminated or fake medicine is switched during distribution. On top of that, billions of dollars are lost in product recalls, commodity loss, inventory replacement, removing goods from shelves, loss of sales and brand reputation.
The effects of poorly managed supply chains continue to trouble governments and businesses today. The World Health Organisation (WHO) reported in 2016 that 10.5% of all drugs sold in developing
countries are either fake or substandard and this has led to tens of thousands of deaths. The fake drugs industry is now estimated to be around $30 billion dollars. In a major review of the problem the WHO has reported that fake drugs is a growing threat.
VeriDoc Global has developed a supply chain solution that leverages blockchain technology and smart contracts. Our system verifies that each step in the supply chain has registered a “digital handshake” that marks exactly when and where the goods have changed hands. This makes it clear who is liable for products every step of the way.