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A reputed Medical Implant Manufacturer enhanced customer trust in its products by using tokenization for assured component quality and origin.
Tokenization made it possible to authenticate medical implants
Despite regulations and unique serial numbers, counterfeiting of medical implants continues to pose serious health risks. Manufacturers depend on third parties for several key components, and the record keeping of these players is notoriously opaque. A leading medical implant manufacturer turned to tokenization, to protect patients and authenticate its products.
3 Key Challenges For Medical Implant Manufacturers
Dependence On Component Suppliers
Medical implant makers depend on third parties for components. Authenticating the entire supply chain is challenging.
Escalating Influx Of Counterfeits
Around 8% of implants in the market are estimated to be counterfeits - a rise of approximately 15% in the last year.
High Cost of Ensuring Standards
Dedicated regulatory teams add to manufacturing costs. Not every player in the supply chain can afford these overheads.
A Solution Based On Tokenization & Blockchain
The medical implant manufacturer used Blockchain technology to create an unalterable ledger. Non-Fungible Tokens (NFTs) were used to offer unique digital certificates for each implant, certifying its origin and authenticity.
SOLUTION 1
Creating A Transparent Ledger
Storing information on a distributed digital ledger was the ideal solution for ensuring patient safety in this critical sector.
SOLUTION 2
Integrated Verification On Blockchain
Refined protocols were used to streamline the end-to-end authentication and security of the implant, across multiple processes.
SOLUTION 3
NFT Based Transparency
Accurate tracing, to issue a unique token and verify every step and component, required undertaking an upgrade of systems.
TRUST BUILT ON TOKENIZATION
The medical implant manufacturer used Blockchain technology to create an unalterable ledger. Non-Fungible Tokens (NFTs) were used to offer unique digital certificates for each implant, certifying its origin and authenticity.
Restoring Patient Trust
Lives often depend on medical implants. Ensuring safety and standards instantly sets a brand apart from competitors.
Business Profitability
Positive customer perception and better compliance inevitably lead to a manufacturer increasing their market share.
Boost In Implant Authenticity and Safety
Blockchain and NFT technology provide stakeholders with an immutable and reliable record for each implant’s journey.
Better Regulatory Compliance
Data provided from an immutable ledger from the genesis of the implant provides a greater level of trust for the customer.
Qila has created the perfect options for your business to seamlessly onboard tokenization, as well as more advanced integration with dedicated resources.
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The right application of blockchain and tokenization can completely transform the profitability, perception, and market share of your brand. To make this quantum leap now.
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