Hedera Consensus Service Will Be Integrated with AVC Global and its Subsidiary MVC’s Track-and-Trace Platform for Pharmaceutical Supply Chain Compliance
Washington DC, and Dallas, TX – January 12, 2021 – U.S. based AVC Global, a leading-edge supply chain platform with track and trace technology and supply chain financing available through an integrated, blockchain-based fintech platform, and its Bahrain-based subsidiary Medical Value Chain, “MVC”, who provides the Kingdom of Bahrain the leading supply chain track-and-trace platform for global pharmaceutical supply chain compliance, today announced a strategic technology integration with Hedera Hashgraph, the enterprise-grade distributed ledger that serves as “The Trust Layer of the Internet.”
AVC Global has one end-goal in mind: to provide a quantum leap in how supply chains perform intelligently, providing the right product at the right time, in the right place, across industries and borders, while optimizing cash flow across the supply chain, reducing risk and fraud.
Authenticity, compliance, validation, clearance, certification, financing and auditability are core requirements to realize the full potential for the next generation of global supply chains. To achieve these fundamental objectives, AVC and its subsidiary MVC are completing an integration with Hedera Hashgraph’s Consensus Service (HCS).
HCS is the first Distributed Ledger Technology (DLT) network service to provide the validity and order of events and transparency into the history of events over time, without requiring a persistent history of transactions. As a result, the HCS provides the benefits of fast, fair, and secure consensus at a lower cost than any other public distributed ledger network.
AVC and MVC require high-throughput, encrypted content, trusted timestamps and ordering, fast finality, and an immutable, verifiable and auditable log of events. AVC concluded in its research and testing that Hedera exceeds in each of these key areas.
In addition, with governance as a key concern, especially when working for a National Government, AVC and MVC needed to leverage a network with transparent governance. The Hedera network is governed by a growing group of large, highly respected enterprises and institutions, including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
Serial entrepreneur Leo A. Giacometto, Co-Founder and Chairman of AVC Global and President of MVC, commented, “Our platform harnesses Distributed Ledger Technology and our “SmartHub” is a key component of the platform ecosystem. It is the hub of ingress and egress into the AVC/MVC network and is the foundation for establishing cryptographically verifiable and auditable "ground truth.” It works with a variety of inputs to validate Smart Contracts through our “SmartPass”, which is utilized for compliance, certification, clearance, and digital supply chain financing and settlement.
David J. Todd, noted entrepreneur and co-founder and CEO of AVC/MVC said, “The “SmartPass” process is revolutionary in its own right. It is structured to comply with dynamic document and data structures, financial and regulatory regimes based on governing terms and conditions that can vary throughout the supply chain while maintaining the verifiable integrity of the established “ground truth” along a complex journey through the supply chain. To accomplish this requires the most robust consensus and auditable 3rd-party governance possible. The AVC team believes that is precisely what Hedera has achieved, and we are excited to take this next step in the evolution of technology together with them.”
Mance Harmon, CEO and co-founder of Hedera Hashgraph, said, “AVC/MVC are leading the industry with its ability to enable supply chain networks to maintain trusted "ground truth", as materials move through the end-to-end supply chain. As the world gears up to distribute new vaccines globally, to millions of people, with complex requirements, never has the need for this transparency and security in the pharmaceutical supply chain been more urgent. We are pleased that AVC, and MVC, who currently runs the Track and Trace Program for the Kingdom of Bahrain, has integrated the Hedera Consensus Service into their platform to help provide this transparency and computational trust.”
About AVC Global
AVC's Value Chain platform is designed for industry and government customers to purchase, deliver goods and provide financing while ensuring that all global regulatory compliance requirements are met. The platform is designed to reduce risk, speed cash flows, and increase profit margins, and grow revenue for all participants. The platform's network dynamics advance the development of sustainable value chain infrastructures and ecosystems in the form of, their proprietary, SmartHub and SmartPass enabled networks. The AVC Value Chain platform is designed for a new generation of regenerative and transparent cross-border supply and distribution systems that better serve people, governments, communities, and markets. AVC Global is headquartered in Washington D.C., with offices in the Kingdom of Bahrain. For more details, visit www.AVC.Global.
About MVC, a subsidiary of AVC Global
Medical Value Chain is a subsidiary of AVC Global and it currently operates the Kingdom of Bahrain’s Track and Trace system for Pharmaceuticals. It is a leading-edge supply chain track and trace technology solution on a Blockchain with Supply Chain Financing available through an integrated Fintech platform. MVC’s value chain platform is designed for government and industry customers for the delivery of pharmaceuticals and medical supplies, which ensures that all global regulatory compliance requirements and financing needs are met. For an overview, visit www.MVC.Global.
Hedera is the world’s leader of a decentralized public network on which developers can build secure, fair applications with near real-time finality. The platform is owned and governed by a council of the world's leading organizations including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
For more information, visit www.hedera.com, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
For Media Enquiries:
CEO David Todd