(Aaron Stanley – Coindesk)
IBM advanced its status as a blockchain leader Tuesday with the launch of a supply chain platform designed to streamline flows among buyers, sellers and financiers in the pharmaceuticals space.
The Yijian Blockchain Technology Application System – built in a partnership between IBM and Hejia, a Chinese supply chain management company – seeks to eliminate some of the financing problems faced by the country’s pharmaceutical retailers. Specifically, it targets the country’s underdeveloped credit evaluation system, which it argues can make it difficult to raise short-term working capital.
The platform is designed to bring greater transparency into supply chain networks by tracking the flow of drugs, encrypting trading records and offering an easier means of authenticating transactions. The end goal is to reduce the time small retailers must wait to be paid after delivering medicine to hospitals – which currently can be as high as 60 to 90 days. Click here to read more.