XOX Bhd recently announced their strategic partnership with AntChain, and is planning to develop customised blockchain solutions for the pharmaceutical sector.
This will be developed on the local telco’s TraX platform, which is powered by AntChain’s Traceability-as-a-Service (TaaS) solution that is combined with the Internet of Things (IoT) technologies. AntChain is a blockchain solution created by Ant Group, an affiliate company of Alibaba.
XOX Chief Operating Officer Ng Kok Heng explained that the blockchain solution developed on TraX will be able to provide scalable and cost-efficient solutions to companies, at the same time preventing fraud and ensuring product authentication.
What is blockchain?
Blockchain is a series of time-stamped, immutable data that is managed by different computers. These computers are not owned by anyone, having no “central authority”, thus blockchain is being described as a “democratised system”.
The reason why blockchain is lauded as a great solution in the past few years is due to its ability to help businesses become more cost-efficient.
Blockchain and the IoT provide an immutable, shared platform for all actors in the supply chain to track and trace assets; saving time, resources and reducing fraud.Research author Morgane Kimmich to CNBC
Its ability to track and trace assets will also greatly benefit the current food and pharmaceutical sectors, as more consumers are aware about food source, production methods, as well as product authenticity.