Summary
- Wellgistics announced the introduction of an XRP Ledger-based payment system to over 6,500 independent pharmacies.
- This system allows pharmacies to process wholesale pharmaceutical payments and fund transfers using the XRP Ledger, with records stored on the blockchain while bypassing traditional bank wire steps.
- Wellgistics explained that the payment system complies with the U.S. Health Insurance Portability and Accountability Act and Anti-Money Laundering regulations.
According to Cointelegraph, a cryptocurrency-focused media outlet, on the 16th (KST), Wellgistics, a U.S. company specializing in prescription drug distribution and digital prescription routing, has announced that it will introduce an XRP Ledger-based payment system to over 6,500 independent pharmacies.
The system, co-developed by Wellgistics and pharmaceutical software company RxERP, enables pharmacies to handle wholesale pharmaceutical payments and fund transfers on the XRP Ledger. With this, all transaction records are logged on the blockchain, allowing pharmacies to bypass traditional bank wire processes.
Wellgistics explained that this system complies with healthcare and finance-related regulations, including the U.S. Health Insurance Portability and Accountability Act (HIPAA) and Anti-Money Laundering (AML) guidelines.
Brian Norton, CEO of Wellgistics, stated, "Owners of independent pharmacies are more progressive than many people think," adding, "They understand the potential of blockchain."
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