AGC Inspection (AGCI)- one of the four businesses of Mumbai based ACG Group is drawing plans to launch its new blockchain-based anti-counterfeiting and traceability solution for the pharmaceutical supply chain. The company allegedly has presence in over 100 countries.
The company announced the latest development through a press release in which it said the “Brand Security Platform” will allegedly combine three components- geo-location identification, blockchain and biometrics tracking with the help of Internet of Things (IIOT) which is powered by artificial intelligence (AI)- for “unsurpassed traceability and transparency”.
According to experts, the combination of three components- IoT, AI and blockchain will be incorporated individually or bundled together owning to the requirements of the customers. Furthermore, ACG also said that these customizable products are scalable. Owning to geolocation solutions, these further provide basic data management and full-scale supply chain-wide transparency.
According to sources, the track and trace process could be initiated by applying QR code, data matrix and unique serial number on each package. As a result the system’s trackers will continuously monitor and be able to transmit data such as package’s humidity, location, temperature and other such configured parameters.
Sources further also suggest that the data is analyzed to ensure compliance with various domestic and international mandates.
The system further also offers users the access to real-time data. As a result, the receiving party will be able to validate the drug before purchase by only scanning the code with a POS Scanner.
“(The Platform) is designed to overcome several longstanding obstacles to advanced traceability, including the challenges of establishing single-owner data sets, and the prevalence of digitally broken supply chains stemming from, among other issues, struggles with GS1 universality, personnel error and new business models disrupting traditional procedures, “ commented ACG.