(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