SimplyBrand, the world's first blockchain-based e-commerce verification platform, has launched a token pre-sale this week with strategic partner Cobinhood, a cryptocurrency service platform.
By integrating blockchain, AI and crowdsourcing, SimplyBrand aims to put an end to online counterfeiting through a secure and reliable digital commerce ecosystem.
With the expansion of e-commerce, brands are finding it more difficult to track counterfeit products and demonstrate authenticity in the highly fragmented Internet space, causing large revenue losses and often damaging the reputation of the brand. Furthermore, consumers continue to suffer from fraudulent merchants of copied products.
"In recent years, SimplyBrand has used data intelligence to successfully protect the brand image and drive business results for Fortune 500 and renowned customers, including Asus and popular luxury brands," affirmed Kaufman Chang, founder and CEO of SimplyBrand.
"As we usher in a new era based on blockchain and AI technology, we believe the entire retail economy will benefit from this organic platform, which really makes every purchase important."
Chang states that SimplyBrand is already a well-established company with a proven business model and trusted customers using big data anti-counterfeiting services. Now he is expanding his experience in machine learning and AI for a more innovative and complete solution.
"We are able to identify and verify products sold on all major e-commerce platforms with a high efficiency based on data, images, prices, positions, product description, etc. An immutable" black list "of counterfeit products will then be created on the blockchain for public reference. "
Chang says this allows brands to remove offensive product pages responsively and continuously contribute to improving AI accuracy. Within this ecosystem, crowdsourcing participants who report fake products via the SimplyBrand app can earn symbolic prizes to buy branded goods or sell them in return, while brands can buy tokens from the exchange and use them to buy brand protection services.
"As a result, a virtuous circle of loyal consumers, businesses and other control agencies will be created to permanently eradicate the online scourge of counterfeit products."
SimplyBrand was co-founded by Chang and Ronnie Ng, both alumni of the Booth School of Business of the University of Chicago. Chang is a startup entrepreneur with initiatives in cloud computing software and big data security software, and Ng is an entrepreneur and marketing specialist.