PharmaTrace has successfully secured funding of 300,000 HBAR from the Thrive Hedera program, aimed at advancing the development of a regulated Decentralized Physical Infrastructure Network (DePIN) tailored specifically for the pharmaceutical supply chain.
Currently, PharmaTrace utilizes a track-and-trace system based on Hyperledger Fabric, which provides serialization and compliance tools for clients within the pharmaceutical and healthcare sectors. The newly acquired funding will pave the way for the company’s shift from a private, permissioned ledger to a more open public-permissioned infrastructure that leverages Hedera technology. This transition is expected to enhance interoperability among various stakeholders while simultaneously preserving the privacy of sensitive business information. A significant component of the upgraded network will involve the public verification of supply chain events, increasing transparency and security.
Hedera’s hashgraph technology will play a crucial role in supporting various features of the planned system. In particular, PharmaTrace plans to utilize the Hedera Token Service (HTS) to represent serialized pharmaceutical products, while the Hedera Consensus Service (HCS) will be employed to create verifiable logs of events originating from their existing system. Furthermore, the integration of mirror nodes on Hedera is set to enable regulators and authorized parties to validate specific supply chain events independently, all without compromising the integrity of confidential systems.
In the landscape of track-and-trace solutions, PharmaTrace positions itself alongside notable serialization and traceability providers like TraceLink, Optel, MediLedger, and VeChain. The company’s hybrid model aims to implement a public audit layer, allowing clients to maintain their internal compliance processes without necessitating a complete overhaul.
Additionally, PharmaTrace has announced intentions to introduce a utility token, which will serve operational purposes within the network. This token is expected to be linked to various functionalities, including reporting accuracy, access to the platform, and future governance roles.
Beyond its internal developments, PharmaTrace is also committed to contributing to the broader Hedera ecosystem. The company plans to provide essential resources such as development tools, documentation, and integration frameworks, particularly focusing on regulated supply chains.
This move aligns with PharmaTrace’s vision of enhancing the transparency and security of the pharmaceutical supply chain while ensuring compliance with regulatory standards. The funding from the Thrive Hedera program signifies a pivotal step in reaching these ambitious goals.
