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China is facing a current crisis regarding food and drugs. Among the most recent scams was a fake vaccine for rabies being handed out for babies. As a result, tech-experts are faithful in blockchain tech as an answer to the current situation at hand and shed more light on the current relative industries on food and drugs.
Changsheng Biotech firm was the latest center of controversy after it was discovered to have manipulated inspection results and various documents for a rabies vaccine meant for children. The company is now being investigated by law enforcement and the CFDA. Major businesses involved in blockchain are taking a whole new stance on the situation, namely Li Xiaolai, the nation’s leading BTC millionaire.
The leading figures have been attempting to integrate blockchain tech into the pharmaceutical industry as a means of rebuilding trust in the nation’s health care. Li stated that by adopting tokenless blockchain solutions, many of the issues associated with drugs in China can be handled.
Several blockchain startups have jumped into supply chain management operations as a means of providing full transparency to processes as blockchain and DLT provide the ability to monitor, trace and track the whole chain through accelerated designed to provide the information via scanning. On the other hand, should the biotech company integrated blockchain into its system, it could easily manipulate clients and regulative authorities. Tencent, a research facility explained that fake and altered data is held by the blockchain and thus, further proper regulation is required to avoid such situations.
Hong Kong’s Bitcoin Association President, Leonhard Weese, has voiced his own ideas and believes that the solution to all these drug and food-related issues lies in decentralized systems with proper transparency and incredibly cost-efficient with accelerated performances.
As he explains, blockchain-tech is much slower and far costlier and offers limited data storage. He suggests that the tech requires an initial application like on computers then only before it begins introductions into other systems.”