Zixin Pharma to Use Blockchain to Track Traditional Chinese Medicine
Tang Shihua
/SOURCE : Yicai
Zixin Pharma to Use Blockchain to Track Traditional Chinese Medicine

(Yicai Global) Sept. 6 -- Zixin Pharmaceutical Industrial, a producer of traditional Chinese medicines, will work with a blockchain technology company to improve product safety by setting up a tracking system. A genetic data center is also in the works.

The Jilin province-based company signed an agreement with Beijing Lianhuo Information Service under which they will create a system to trace the entire production process from raw materials to finished products, Zixin said in a statement yesterday.

The ability to track products can help boost consumer confidence in a field that uses flora and fauna as raw materials, especially expensive ones such as ginseng. Zixin is a major producer of the oval-shaped herbal root, which mainly comes from China's northeastern Jilin province.

Blockchain is a publicly visible, mainly anonymous digital ledger that records transactions using cryptography. Its main use to date has been in the trading of cryptocurrencies such a bitcoin.

Zixin also plans to build the world's largest data-sharing gene center with blockchain technology. The partners will set up a lab that incubates startups focused on blockchain and big data in healthcare. They will sign an agreement later to determine the details of these future projects and financing.

Editor: Emmi Laine

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Keywords: Business Partnership , Traditional Chinese Medicine , Ginseng , Blockchain Technology , Traceable Technology , Genomic Sequencing , Big Data , Zixin Pharmaceutical