Singapore Business Review: Fighting Counterfeits in Retail Through Blockchain with LINFINITY
“Counterfeit goods not only deceive consumers, but also bring an indelible crisis of trust to enterprises. It is obvious that traditional anti-counterfeiting means cannot meet the rapid development and demands of modern business behavior — thus, new scientific and technological means must be introduced to help traditional enterprises to mitigate the problem in this industry,” the recent release of the Singapore Business Review highlighted in the special report on LINFINITY’s latest commercial achievement.
Due to its technical sophistication, blockchain is very esoteric and difficult to understand, which discourages the majority of companies from even attempting to engage with it as a viable business platform. Knowing this, Singapore local blockchain company LINFINITY is attempting to commercialise blockchain technology, with an ongoing commitment to informing and popularising blockchain knowledge at the same time. LINFINITY CEO Anndy Lian states that, the integration of blockchain technology with traditional enterprises is not as complicated as one might initially imagine. At present, LINFINITY has been providing blockchain-based anti-counterfeiting services for Singapore healthcare company Scientific Tradition, Japanese haircare brand Herbriller and etc.
LINFINITY has recently turned its attention to the problems which arise from greater data integration between and within businesses. The information collected through traditional big data is rich in volume, but cannot solve the problem of low accuracy. LINFINITY attempts to combat this issue by revolutionizing the storing method using blockchain technology, and analyzing the data collected through IoT devices with the support of AI.
Under the premise of achieving this goal, LINFINITY has adopted a three-step strategy in its anti-counterfeiting technology:
The first phase is to effectively implement on-chaining of commodity information. LINFINITY packages relevant product information relating to a specific product and uploads it to the dedicated LINFINITY blockchain, which generates a corresponding QR code. When customers use LINFINITY DApp to scan the QR code, detailed information of the product can be queried, and guarantees the genuineness of the product scanned, as the information recorded onto the LINFINITY blockchain cannot be attacked, tampered with or influenced by any external factors in the process of circulation — due to the inherent transparency and security of blockchain technology.
（LINFINITY Informaton On-chaining）
The second phase is to achieve commodity anti-counterfeiting. Consumers can obtain commodity information by scanning the QR code behind the LINFINITY Mark, so as to confirm where, when and how (if required, and only if that information is uploaded by the product’s company) that good was produced and transferred from place to place. Customers can query the ownership of goods, effective scan times, etc., with great scope for further possibilities: this is the only way LINFINITY sees fit to use in order to realise blockchain commercialisation.
The third phase is to achieve commodity traceability. LINFINITY puts IoT and AI technology at the heart of the entire supply chain process, which not only clearly controls the logistics and warehousing of goods, but also obtains accurate feedback on the channels and terminal sales of goods so that companies can accordingly adjust the marketing strategies for their products. For consumers, when their rights are infringed by fake goods, they can use the traceability function of LINFINITY DApp to find where the problem is to protect their legitimate rights and interests. This will be the iconic achievement of continuous iterative optimisation and perfection techniques in LINFINITY’s ongoing process of blockchain commercialisation.
In a nutshell, the comprehensive business ecosystem of LINFINITY, consisting of the above three steps, attempts to solve the problem that traditional data processing cannot achieve “precision screening” to ensure that information and feedback obtained by both the enterprise and the client are deeply consistent with their potential “needs”. This is the huge potential of blockchain’s commercial value, and this is the direction LINFINITY has been moving towards.
About Singapore Business Review:
Singapore Business Review is a business magazine that is published by Charlton Media Group. It has an audited circulation of 26,000 and a readership of 83,088 readers in Singapore and regionally. The magazine covers a wide array of topics and focuses on the Singaporean business landscape. The magazine covers conferences, roundtables and events held in Singapore that are related to the business environment in Singapore.
As a credible distributed business platform underlying Blockchain, Internet of Things and Big Data technology, employing a guideline of “Internet of everything and sharing with mutual trust”, LINFINITY is a platform with reliable data, transparent information, efficient cooperation and interconnected network to cope with the practical business pain points and development demand of corporate users.
For more information about LINFINITY and their future activities, please visit www.linfinity.io or contact email@example.com.
Originally published at https://medium.com on February 14, 2019.