Parity Technologies and MediLedger Network Announce Partnership to Deliver Blockchain-Powered Solutions to the Life Sciences Industry

San Francisco (ots/PRNewswire) - Companies to apply technology originally
developed to address drug safety, to pricing accuracy, chargeback automation,
and other supply chain solutions

Chronicled, the technology company behind MediLedger Network, has entered into a
partnership with Parity Technologies, the developer behind Polkadot and
Substrate; together the two will leverage modern peer-to-peer communication and
blockchain technologies to improve the integrity and efficiency of the Life
Sciences supply chain.

The MediLedger Network is the leading blockchain-powered network for
automatically settling trading partner transactions in the Life Sciences
industry. Over 77 pharmaceutical firms are participating in the MediLedger
Network, including 9 of the top 10 pharmaceutical manufacturers, as well as
leading healthcare distributors and Group Purchasing Organizations (GPOs).

MediLedger was developed using Parity's blockchain framework, Substrate, which
also powers Polkadot, the 8th largest cryptocurrency by market cap.

MediLedger was initially created to tackle drug supply chain safety, and under
this new partnership that framework will be applied across a diverse range of
areas, including: product data verification on drugs returned to distributors,
and settling drug discount reimbursements between manufacturers and distributors
(chargebacks).

Substrate provides unparalleled flexibility for MediLedger, enabling the
development of blockchain solutions to meet the demands of any use case. At
present, MediLedger solutions utilize a permissioned network configuration, and
their new capacity to interoperate with other blockchains such as Polkadot,
creates an exciting wealth of opportunities for innovation with permissioned
and/or public hybrid use cases, or tokenization within Life Sciences.

"We discover exciting new use cases every day for the application of blockchain
and Web 3.0 technologies," says Susanne Somerville, CEO of Chronicled.
"Substrate has been designed to adapt to the future, and will enable us to
innovate and fulfil whatever needs the industry requires of us"

Pricing discounts offered to pharmaceutical dispensers across the U.S. are
governed by the contracting and chargeback processes, which have historically
been supported by dated technology such as EDI, and in some cases, emails and
spreadsheets. Through MediLedger, partners can align on customer eligibility and
pricing in real-time, all the while maintaining chargeback accuracy prior to
claims being shared with suppliers.

It's a breakthrough for the industry, and will reduce the industry error rates
from approximately 4% to around 0.1% across multiple pain points such as:
chargeback disputes, pricing errors, and inefficiencies impacting cash flow.

1 References https://www.mckesson.com/Pharmacy-Management/Health-Systems/Prescri
bed-Perspectives/Contract-Alignment-and-Chargebacks/

About Parity

Parity Technologies (https://www.parity.io/) is a core blockchain infrastructure
company. It is creating an open-source creative commons that will enable people
to create better institutions through technology. This started with work
building Ethereum. Today, Parity is focused on Substrate, an industry-standard
blockchain framework. It has used it to build Polkadot, a decentralized web
blockchain meta-protocol, securing and connecting crypto-economies to the world.

About Chronicled

https://c212.net/c/link/?t=0&l=en&o=3246789-1&h=1443746186&u=http%253A%252F%252F
www.chronicled.com%252F&a=Chronicled , a San Francisco-based technology company,
enables automation, trust, and automatic settlement for inter-company
transactions in the Life Sciences and Healthcare industry. Through the industry
leading blockchain-powered MediLedger Network, Chronicled offers trading
partners a new way to manage revenue, automate manual processes, and eliminate
revenue leakage, while ensuring pricing accuracy and efficiency for health care
providers and dispensers. To learn more, visit https://c212.net/c/link/?t=0&l=en
&o=3246789-1&h=4083122504&u=http%253A%252F%252Fwww.chronicled.com%252F&a=www.chr
onicled.com .

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Logo: https://mma.prnewswire.com/media/1731380/Chronicled_Logo.jpg

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Media Contact:

Úrsula O'Kuinghttons
Director of Public Relations
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Additional content: http://presseportal.de/pm/160773/5127967
OTS: Parity Technologies