• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Upcoming Events
    • Blockchain Economy Summit, Istanbul (July 27-28, 2022)
    • Web3 Delight, Lagos (July 29, 2022)
    • NFT Expoverse, Los Angeles (July 29-31, 2022)
    • World Financial Innovation Series, Philippines (August 16-17, 2022)
    • Coinfest Asia, Bali (August 25-26, 2022)
    • Game On! (September 8-9, 2022)
    • MetaWeek, Dubai (September 11-14, 2022)
    • Future Tech Event, Oman (September 12-13, 2022)
    • METAVSUMMIT, Dubai, UAE (September 14-15, 2022)
    • NFT Show Europe, Spain (September 17-18, 2022)
    • TOKEN2049, Singapore (September 28-29, 2022)
    • Blockchain Expo North America (October 5-6, 2022)
    • AIM Summit, Dubai (November 21-22, 2022)
  • Past Events
    • Event Horizon
    • Blockchain Life
    • BlockShow Europe

Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies

Trade on the world's major crypto exchanges:
Binance | FTX | Huobi
  • News
    • News Feed
    • Cryptocurrencies
      • Bitcoin
      • Altcoins
    • Payment solutions
    • Exchanges
      • Binance
      • bitFlyer
      • Bitfinex
      • CBOE
      • CME
      • Coinbase
      • Coincheck
      • Coinfloor
      • Nasdaq
      • Poloniex
    • Regulations
      • Australia
      • Belarus
      • China
      • Europe
      • India
      • Iran
      • Israel
      • Japan
      • North Korea
      • Philippines
      • Portugal
      • Russia
      • South Korea
      • Thailand
      • Turkey
      • Venezuela
      • Vietnam
      • United States
    • Blockchain platforms
    • Crypto news in brief
    • Stats & trends
    • Reviews
      • Ambrosus
      • ATN
      • Dash
      • Green Power Exchange
      • Power Ledger
      • ShapeShift
      • Waltonchain
      • Cryptocurrency market capitalization can top 4 trillion USD, under conservative estimates
    • Opinion
    • Sponsored
  • Press Releases

PR: Major life sciences and healthcare companies join Chronicled’s MediLedger Project working group

May 5, 2019 By Crypto Reporter PR

Leading life sciences and healthcare companies Pfizer Inc., McKesson Corporation, AmerisourceBergen Corporation, and Premier Inc. have joined the MediLedger Project Contracting and Chargebacks working group, a second working group running in parallel to the ongoing DSCSA working group started in 2017. MediLedger is an initiative of Chronicled, Inc., a San Francisco-based technology company, that builds blockchain-powered ecosystems and supply chain solutions.

Chronicled has begun work to design a protocol to dramatically improve the complex process of chargebacks, with work underway to finalize design in Q1/Q2 and aims to begin testing this protocol in Q3 2019. Medicines today are often sold via wholesale distributors, with pricing and eligibility contracts negotiated separately, and parties made whole on the price difference through a chargeback framework. Sharing of information across parties is challenging and creates many inefficiencies across the parties. MediLedger’s protocol aims to eliminate friction by connecting the disparate parties on a common network and automating the contract reconciliation and chargeback processes. The design phase is underway with a plan to begin testing this protocol in Q2/Q3 2019. Working group participants believe this will reduce costly errors, enable healthcare participants to operate more efficiently, and lower the cost of patient care.

“This innovative approach has the potential to transform how chargebacks work for the industry, allowing us to deliver better services to our members,” said Bill Marquardt, Vice President of Product Strategy and Planning for Premier Inc. “We are excited to collaborate with our partners to deliver these improvements.”

MediLedger continues to make significant progress toward establishing a truly decentralized blockchain network for the pharmaceutical industry. The network, which remains on track to go live by Q2 2019, has succeeded in establishing a protocol for saleable return drug verification that meets current 2019 DSCSA regulations. This solution provides full functionality, including GTIN lifecycle management, product change of ownership (M&A scenarios), and request and response messaging. In coast-to-coast testing, the network displayed request and response times of less than 400 milliseconds. The solution is complete and will be ready for commercial use and integration later this year. The Contracting and Chargebacks would represent the second solution available in the network.

MediLedger’s open protocols are available to anyone in the industry who wants to participate in the system, reducing aspects of “vendor lock-in.” Users’ data is kept safe behind a firewall, with information only being shared with the trading partners a user specifically chooses. There is no central repository of all data – the blockchain serves the purpose to cryptographically connecting records. And the system has no “super user” access – even Chronicled, the network manager, does not have access to its users’ private and/or competitively sensitive data. “This is what makes the project so special,” said Susanne Somerville, Chronicled’s CEO. “It’s distributed, it’s decentralized, and the data is private. Even though Chronicled is providing the technology, industry users operate the software themselves.”

All of these initiatives represent progress toward creating a network and ecosystem where competitors and trading partners can dramatically improve the processes they use to conduct business across the industry value chain.

MediLedger uses blockchain technology to achieve three things. First, it stores synchronized public data, ensuring that everyone is using the same “source of truth.” Second, it holds an immutable record of transactions that have taken place, but in a confidential way that safeguards valuable business intelligence. Finally, it utilizes smart contracts to enforce business rules and execute transactions to ensure the integrity of the system.

“These are the things we believe a blockchain should be used for,” said Chronicled CTO Maurizio Greco. “Blockchain technology, in the context of MediLedger, ensures that there is one source of truth, and we can design it so only the license holder can create records for its own products, for example. This may seem like a simple illustration, but it is revolutionary.”

About Chronicled
Based in San Francisco, Chronicled is a software technology company leveraging blockchain to bring trust, efficiency, and automation to global supply chains. The company is developing solutions to enable decentralized blockchain networks that support multi-party supply chain ecosystems. The decentralized network architecture extends trust boundaries and enforces cross-organization business rules without revealing private and/or competitively sensitive data. The company is a founding member of Enterprise Ethereum Alliance, Trusted IoT Alliance, and Mobility Open Blockchain Initiative and has an active presence in Pharmaceuticals and Precious Metals and Minerals industries.
See: https://www.chronicled.com and https://www.mediledger.com

Filed Under: Press Releases

Primary Sidebar

Follow Us

Press Releases

Axelar, Aurigami, and Trisolaris Join Forces to Bring Secure Cross-Chain Lending and Liquidity to NEAR Protocol’s Aurora

August 9, 2022

THORWallet DEX Integrates Rango Exchange to Expand DeFi Swapping Possibilities

August 8, 2022

Asia’s Largest Web3 Event TOKEN2049 Hits 200 Sponsor Milestone, Announces New Headline Speakers

August 8, 2022

Project Eluüne: StarGarden Expands to Polygon Amid Multimillion Dollar Funding Round

August 5, 2022

Longevity: Rejuve launches AI-powered app to remove privilege from the fight against ageing

August 5, 2022

CME Group to Launch Euro-denominated Bitcoin and Ether Futures on August 29

August 5, 2022

BitMEX launches the first-ever FX perpetual swap contracts, bringing crypto innovation to worldwide forex markets

August 4, 2022

CoinDCX announces UNFOLD 2022, a Web 3.0 event to showcase India’s role in building a new internet economy

August 4, 2022

NFT Expoverse

WFIS2022

Coinfest Asia

MetaWeek

Future Tech Event

NFT Show europe

AIM Summit

Footer

Crypto Reporter is an online magazine about digital currencies and blockchain technologies
About us
Contact us
Submit press-release

Search

2017-2022 Crypto Reporter