VMC Global, a tech startup based out of Bahrain, has announced a new partnership with logistics company Cox Logistics Group that will help with the distribution of pharmaceutical products.
The partnership was made public in a report published on the Gulf Today website earlier today. Per the report, both firms will launch a SmartHub logistics warehouse, which will help with relief material and drug distribution across the Gulf Cooperation Council.
Reducing Lags and Increasing Supply Chain Efficiency
The report confirmed that the warehouse platform would run on a blockchain service, and it will provide IoT sensors and Track & Trace services. It will also give both firms the opportunity to use the smart contracts-based SmartPass feature to ensure proper compliance with customer compliance requirements.
At the same time, users will be able to use the platform to make international remittance and supply chain finance settlements. Both firms have claimed that the warehouse will help to speed up and enhance both cold and non-cold storage food products and medical supply distribution. At the same time, it will help to eliminate the need for paperwork and take out lags from administrative issues and bureaucracy.
Husain Rajab, chief investment officer at the Bahrain Economic Development Board (EDB), reportedly said, “The project aims to build on Bahrain’s world-class digital infrastructure, which would enable the Kingdom to become a major regional logistics hub.”
The innovation is coming at a time when regions require more aid and pharmaceutical materials to help treat the coronavirus pandemic. With hospitals facing deadlines and an increasing number of coronavirus patients, it’s now more imperative to ensure that medical supply distribution is optimized across borders.
Blockchain Helps with Medical Supply Distribution Amid COVID-19
Even in the West, several medical organizations have come to rely on blockchain to help ensure the proper distribution of medical supplies. Recently, Northwell Health, a New York-based healthcare group that controls over 800 hospitals, announced that it would be joining IBM’s blockchain ecosystem.
Per recent reports, the healthcare firm will be taking advantage of the Rapid Supplier Connect network, IBM’s cloud-based service that uses blockchain tech to connect businesses providing coronavirus relief materials with suppliers.
IBM already announced that it would be providing the service free of charge to users until August, and Northwell is hoping to capitalize on that to help make supply distribution in New York City much more effective.
Speaking with Forbes Magazine, Phyllis McCready, the Vice President and Chief Procurement Officer for Northwell Health, explained that the shortage of resources has made it more challenging for the firm and its hospitals to vet new resource suppliers.
She added that due to this, they’ve had to create their own group purchasing organizations. They’ve also aligned with non-traditional medical suppliers to ensure that their stockpile is properly maintained. By teaming up with IBM, they can at least conduct the vetting and processing services effectively and get the right personal protection equipment for healthcare workers.