Blockchain-based Singapore Company to Curb Fakeries - Reuters

 

Blockchain-based Singapore Company to Curb Fakeries

Blockchain-based Singapore Company to Curb Fakeries

Wed Jan 2, 2019 - 05:30am UTC

LINFINITY recently formally signed a Memorandum of Understanding (MOU) with the Japanese hair care company Herbriller, and will enter a new developmental phase for its upcoming anti-counterfeiting and source tracking DApp-based trial.

Orchard Road, Singapore – January 2, 2019

LINFINITY, the world’s first distributed supply-chain platform, is a Singapore-based company aiming to build an ecosystem for anti-counterfeiting that is transparent, easy-to-manage, traceable, and, most importantly, secure.

Anndy Lian, the CEO of LINFINITY, describes blockchain’s capabilities when applied to the supply chain astutely, saying at the 6th Global Leaders Forum held in Seoul earlier this month: “The core of the counterfeiting problem is not the fake markets themselves but the supply chain system that has been deeply hidden and embedded behind the scenes within many different industries… in order to solve the pernicious problem of counterfeit goods manufacturing, existing traditional supply chains must be upgraded with the support of the exceptional anti-counterfeiting systems present within blockchain technology.”

LINFINITY’s system, which aims to roll out to the already-impressive repertoire of companies it works alongside within the next few years, is named DApp – and is designed, according to the company whitepaper, to synchronise and authenticate information travelling between different entities – businesses, clients, and so on – by ‘chaining’ data between diverse process within any supply chain.

The key selling point for DApp is simple – once uploaded, data on a specific product, transaction, or event can never be artificially altered. This hits potential counterfeiters where it hurts for two reasons: firstly, the data that is needed to create a false product (that is usually indistinguishable from the real thing at first glance) is entirely inaccessible to anybody without the credentials needed to decrypt it. Secondly, even if a counterfeiter did have access to the information stored in DApp, it cannot be removed or edited at all. This means that information about every product in the system, from the moment the materials needed to create it are gathered until the moment of sale, is recorded at every stage. There is simply no way for information on that single product to be manipulated, even if its data encryption was reversed.

For an SME which wants to maintain its high-quality selling point for its products, DApp is definitely the safest and most secure option – and, currently, the only viable one. LINFINITY reached out to Herbriller to offer DApp as a solution to help combat the problem of counterfeit hair care products.

Herbriller styles their goods as “the number one 100% natural white hair cover products”. Their collaboration with LINFINITY, and the subsequent moving of information into DApp’s secure platform, allows for all sensitive information about their range of products to be fully encrypted and securely distributed, allowing for only those with the correct authentication to view, update, and manage their product data. Their founder, Mr. Hirofumi Watanabe said: “We are confident in our quality and the ingredients used in our products, so we have decided to keep our company open and transparent by storing all of our product information on LINFINITY’s blockchain platform during this trial.”

With cooperation with Herbriller confirmed, LINFINITY will enter a new developmental phase for its upcoming anti-counterfeiting and source tracking DApp-based trial. LINFINITY will continue to develop new technological breakthroughs during the process of working with Herbriller, and, in return, will bring Herbriller’s blockchain-supported hair care products into international markets.

Mr. Lian has great hope for the future of the supply chain industry now that DApp is edging closer and closer towards a full release. “Blockchain allows for small and medium-sized enterprises (SMEs) to envision new applications for their products and services. The greatest value of information co-chaining is to make information available, transparent and safe in every link of the supply chain, which is beyond the reach of traditional supply chains. Compared to larger enterprises, SMEs are more flexible, and therefore more willing, to embrace the latest cutting-edge technology. It is based on this point that LINFINITY promotes the development of the blockchain industry with SMEs in particular, while at the same time promoting its own commercialisation process, in the hope of bringing quality services to cooperative enterprises.”

For more information about LINFINITY and their future activities, please visit www.linfinity.io or contact pr@linfinity.io.

Contact Info:
Name: AC
Email: Send Email
Organization: LINFINITY
Address: 1 Scotts Road Shaw Centre #20-03/04 Singapore 228208
Website: https://www.linfinity.io/

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