Hedera Consensus Service and MVC Track-and-Trace Platform Now Fully Integrated for Pharmaceutical Supply Chain Compliance and Finance
WASHINGTON and DALLAS, May 24, 2021 /PRNewswire/ -- Medical Value Chain, "MVC", the Bahrain-based subsidiary of US based AVC Global, who provides the Kingdom of Bahrain with the leading track-and-trace platform for global pharmaceutical supply chain compliance, today announced the completion of a strategic technology integration with the Hedera network and the Hedera Consensus Service. Hedera Hashgraph is the most used enterprise-grade public network for the decentralized economy
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.
How It Works
- 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.
About MVC, a subsidiary of AVC Global
Medical Value Chain is a subsidiary of AVC Global and it currently operates the Kingdom of Bahrain's Track and Trace system for Pharmaceuticals. It is a leading-edge supply chain track and trace technology solution on a Blockchain with Supply Chain Financing available through an integrated Fintech platform. MVC's value chain platform is designed for government and industry customers for the delivery of pharmaceuticals and medical supplies, which ensures that all global regulatory compliance requirements and financing needs are met. For an overview, visit www.MVC.Global
About AVC Global
AVC's Value Chain platform is designed for industry and government customers to purchase, deliver goods and provide financing while ensuring that all global regulatory compliance requirements are met. The platform is designed to reduce risk, speed cash flows, and increase profit margins, and grow revenue for all participants. The platform's network dynamics advance the development of sustainable value chain infrastructures and ecosystems in the form of their SmartHub and SmartPass enabled networks. AVC Global is headquartered in Washington D.C., with offices in the Kingdom of Bahrain. www.AVC.Global
About Hedera Hashgraph
Hedera is the most used enterprise-grade public network for the decentralized economy. The platform is governed by a council of the world's leading organizations, including Avery Dennison, Boeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), eftpos, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
For more information, visit www.hedera.com, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
For Media Enquiries:
Hedera, Zenobia Godschalk [email protected]
AVC/MVC, CEO David Todd [email protected]
2 https://en.m.wikipedia.org/wiki/Supply_chain_finance
SOURCE Hedera Hashgraph
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