Our CEO Edo Mwenda grew up in Tanzania and witnessed the devastating effects counterfeit drugs had on the beautiful city of Dar es Salaam. Growing up he always had his mind set on finding the perfect solution to end what has now become a $200 Billion criminal industry. Various solutions have been implemented quite unsuccessfully over the past several decades due to the counterfeiters' rapid adaption to anti-counterfeiting measures. Everything changed when Satoshi Nakamoto released his/her white paper on a peer-to-peer electronic cash system. Edo and our CTO JJ realized early on that the tech underlying this electronic cash system, blockchain, could be utilized as an immutable ledger to create unprecedented transparency and security along the pharmaceutical supply chain. Also, they knew that by adding IoT sensors to each batch of pharmaceuticals, the distributors utilizing our platform would be able to monitor cold chain management and trace a batch of medicine with 100% accuracy in real-time.
Between the pharmaceutical manufacturer and the end consumer, countless opportunities exist for counterfeit and substandard medicines to deteriorate the legitimacy and quality of the supply chain. Even if a batch of medicine is not interfered with by counterfeiters, unverified cold chain management practices can result in substandard medicine and the loss of life. With our technology, each node along the supply chain has the opportunity to verify every transaction. Every consumer can scan a barcode and view each medicine's blockchain-verified provenance as well as its journey along the supply chain to its final destination. We believe this information should be common knowledge and we are building this technology to set the standard.
We believe that implementing our technology has the potential to save hundreds of thousands of lives worldwide. We hope you'll join us on our mission to verify the distribution of medicine on a global scale.