The FedEx Institute of Technology has partnered with pharmacy services company Good Shepherd Pharmacy to create a new blockchain-based platform for quicker distribution of cancer medicines.
Both organizations are developing a blockchain platform, called REMEDI, to retrieve unused medications from cancer patients and pass them on to economically disadvantaged patients.
Good Shepherd, a Memphis-based nonprofit membership pharmacy, specializes in supplying prescription medications to uninsured Tennessee residents.
CEO Phil Baker said, "In Tennessee alone, over $10 million worth of perfectly good prescription medication gets flushed down the toilet every year. Blockchain is the solution for that problem. The REMEDI project (REclaiming MEDicine) will divert valuable medication into the hands of patients who would not otherwise use it."
FedEx Institute, which operates in tandem with the research infrastructure of the University of Memphis, will host an event called "hacknight" with Blockchain 901, a professional organization working to expand the tech workforce in the Memphis area. The event on July 10 is expected to attract blockchain experts to discuss the proposed initiative by Good Shepherd.
Cointelegraph reported, citing FedEx CEO Fred Smith, that blockchain is the next frontier that's going to completely change worldwide supply chains. In February, the company had joined the Blockchain in Transport Alliance or BiTA.
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