BTC Wires: In recent times, it is quite evident that
BTC Wires: In recent times, it is quite evident that general masses of China are experiencing a food and drug safety crisis with the latest scandal surfacing to the scene relating to the fraudulent rabies vaccine for babies. If we are to believe the technology experts, blockchain technology has the potential to solve this problem of lack of transparency prevailing in China’s food and drug industries.
The recent scandal which caught the attention of the government officials involved Changsheng Biotechnology. The company is said to have forged documents of rabies vaccine for babies, which includes vital product inspection records.
China’s Food and Drug Administration are looking into the matters and parallelly the police department is carrying out their investigation. The leading players in the blockchain circuit in China, which include names like Li Xiaolai have taken the matter to the national level. They are demanding for the disruption of the existing pharmaceutical industry and adding distributed ledger technology in the system with an aim to restore the public confidence in the somewhat tarnished health care system.
On the flip side, the research department of Tencet came up with a statement that the mere introduction of the blockchain technology will not solve the existing issue. As per the report, even if the accused Chinese Biotechnology company would have used the blockchain technology, there would still be enough chances of frauds happening. Tencet further clarified that government
regulation is necessary for the use of the blockchain technology.
Leonhard Weese, the president of bitcoin association of Hong Kong supported the argument put forward by Tencet as it believes that the solution for the drug and food safety issues does not merely lie in the implementation of blockchain technology. Instead, it suggests the introduction of different kinds of decentralized and transparent system, which would be faster and cheaper.