SAN FRANCISCO, July 2, 2019 /PRNewswire/ -- Chronicled today announced that its MediLedger Product Verification Solution which assists drug supply chain stakeholder with complying with the saleable returns requirements of the Drug Supply Chain Security Act (DSCSA), has been launched.
The MediLedger solution is a collaboration between the leading pharma manufacturers, wholesale distributors, and innovative industry solution providers who have come together to create a product verification ecosystem which relies on open standards, blockchain hosted look-up directory, and encrypted peer to peer messaging to enable the Pharma industry to check the authenticity of prescription medicines as required by DSCSA. The launch of this network comes five months in advance of the regulatory deadline in late November 2019.
MediLedger Product Verification is an output of the MediLedger Project which has been coordinated by Chronicled, a San Francisco based technology company who for more than four years has leveraged blockchain to power smart, secure supply chain solutions. Chronicled is helping the pharmaceutical industry to launch a permissioned blockchain network based on open standards and specifications. The nodes are distributed and operated by industry participants and technology providers who serve the industry. This is possible due to unique cryptographic constructs Chronicled has developed which solve data privacy challenges.
Susanne Somerville, CEO at Chronicled, explained, "Our industry has come together over the last 18 months to define, build, and test the MediLedger Product Verification Solution. We are especially thankful for the collaboration of the incumbent solution providers who are hosting and operating this truly decentralized blockchain network. We believe this is only the beginning of industry problems that can be solved using this innovative technology."
This launch an important step in Chronicled's plans to address the Pharma industry's most acute problems using the MediLedger Blockchain Network. Additional protocols are planned which will allow compliance with upcoming DSCSA requirements and to enable significant cost-saving improvements in the industry's revenue management processes.
About Chronicled Based in San Francisco, Chronicled is a software technology company leveraging blockchain to bring trust, efficiency, and automation to global supply chains. The company is developing solutions to enable decentralized blockchain networks that support multi-party supply chain ecosystems. The decentralized network architecture extends trust boundaries and enforces cross-organization business rules without revealing private and/or competitively sensitive data. The company is a founding member of Enterprise Ethereum Alliance, Trusted IoT Alliance, and Mobility Open Blockchain Initiative and has an active presence in Pharmaceuticals and Precious Metals and Minerals industries. See:http://www.chronicled.com andhttp://www.mediledger.com.