In 2019, Li Dak Sum Yip Yio Chin R & D Centre for Chinese Medicine at The Chinese University of Hong Kong (CUHK) and Modernized Chinese Medicine International Association (MCMIA) developed a blockchain-based system, HerBChain. This system is for duly recording the parameters and data of the manufacturing and supply chain of Chinese medicinal material and products. Supported by the Sustainable Knowledge Transfer Project Fund (S-KPF) of CUHK, HerBChain Co., Limited was registered in Hong Kong in 2021 to run and maintain the platform.
In September 2022, HerBChain Co., Limited was successfully approved as charitable institution, which is exempt from tax under section 88 of the Inland Revenue Ordinance, or to the Government, for charitable purposes.
「HerBChain」is a one-stop platform, aiming at:
- Providing information on QC of herbal material and products
- Facilitating online and offline transactions
「HerBChain」uses blockchain technology for tracking, as it is tamper proof, highly encrypted and high data security. ‘Six ‘nodes’ of the manufacturing and supply chain, Plantation base, TCM manufacturing factory, TCM processing factory, Retailer, Distributor and Testing laboratory, were included.
The Company operates in non-profit manner, and is applying for charity status, to ensure impartiality and credibility.