More and more companies are using the chain of blocks to verify the origin of different products and the life cycle of them

In the Yuzhong district of the Chongqing municipality, in the center of the People’s Republic of China, it is being considered to use blockchain technology to guarantee the quality of medicines and food.

For this reason, the Food and Drug Administration of that entity announced, this January 31st, the inclusion of blockchain technology in its operations. The news was covered by the official newspaper of the Communist Party of China: The People’s Daily.

Prime Number Chain Technology Chengdu Co. Ltd. is the name of the company that will provide the blockchain technology for the system to be implemented by the Chinese District Food and Drug Administration.

The procedure to guarantee the quality of food and medicines will be carried out through the monitoring of the life cycle of the different products, which will allow applying measures against counterfeiting. Thanks to this idea, the blockchain-based traceability system will give companies the power to centrally manage the registered tracking information, to consult the chain in case of needing data about certain products.

Deng Ke, CEO of PrimeNumber Chain Technology Chengdu Co. Ltd., said that this new system will not only improve the government’s regulatory measures, but also the efficiency in the supervision of these processes. The traceability system of the blockchain platform will also provide a centralized management of information for companies in order to allow them to consult the information of the products.

Advanced steps in China

Luo Lin, Undersecretary of the Group of the Construction Management Committee of the New Petrochemical District of Yuzhong, also revealed that Chongqing Yuzhong has been the first and only China district to create a blockchain technology promotion committee.

Prime Chain Network, from Chengdu, is a company of industrial applications which works in the design and innovation of products based on blockchain technology. Among them, there are several structures, such as the chain of financial custodian, the chain of data transactions, the chain of credit information, the ABS chain, the integral chain and the logistics chain, directed to the business sector.

The firm already has solidity in that industry, specifically in application and productivity. According to local media, this company has already requested more than ten core patents related to blockchain projects.

Even when the Cyberspace Administration of China introduced new regulations for the bockchain companies that operate in the country, in early January the China’s self-regulatory bank organization and the China Banking Association announced they will launch a block-based platform to improve the efficiency at work where this sector takes place.

The project is called “China Trade Finance Inter-Bank Trading Blockchain Platform” and its objective is to use the blockchain technology to direct the financing of trade, transactions and other financial services.

Successful companies in the world, such as Walmart, are using blockchain technology to verify the quality of different products. The companies that most use this system are those which handle perishable products or the ones that can be altered for resale.

With this advance, the Chinese territory is showing the adaptation and acceptance it has for blockchain technology, which little by little occupies fields that go beyond the world of cryptocurrencies, thanks to its ability to store, safeguard and organize data transparently.

By María Rodríguez


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