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The company's goal is to create a new supply chain system based on AI, IoT and blockchain.
With e-commerce and online distribution continuing to gain popularity with the convenience and efficiency it provides consumers and businesses, the need for closer inspection and
Commitment to the authenticity of products from one end of the supply chain is important given the increased counterfeiting that not only threatens to destroy the reputation of genuine companies but also ruins the # 39; Consumer retail experience, which LINFINITY hopes to address with its tools and services using blockchain, Artificial Intelligence (AI) and the Internet of Things (IoT).
The increase in counterfeiting is staggering on a regional and global scale. According to a survey published by the European Intellectual Property Office, 13 economic sectors in Europe have lost about € 60 billion each year due to counterfeit and shoddy products, which account for around 7.5% of annual sales.
Data from the Organization for Economic Co-operation and Development, meanwhile, revealed that global counterfeiting is worth more than $ 250 billion a year, which negatively affects local economies with losses of millions of people through jobs and other productive activities.
"The social losses caused by counterfeiting and sales are not just figures, but also the continually expanding negative effects on their brands and customers," said Anndy Lian, managing director
official LINFINITY. "Counterfeiting is a major problem in global supply chains, causing not only loss of income and reputation, but also potential harm to consumers." Once the business loses trust, it is very difficult to regain trust ".
This is particularly important for the experience of beginners as their impression is not only based on the products they purchase, but also on the reputation and conduct of the company or company from which they purchase the products. Having a mechanism to verify, monitor and authenticate transactions and goods from one end of the supply chain will help solve this problem.
Complete ecosystem
This is the problem that LINFINITY is trying to tackle, according to Lian. The CEO noted that the company's goal is to build a supply chain ecosystem based on the combination of three elements: Artificial Intelligence (AI), Internet of Things and Blockchain.
The core of the ecosystem, he said, is information on-chaining, where raw material information is packaged and loaded into blocks where businesses can have clear control and access over their entire processes. of the supply chain, while ensuring that the information on the chain is safe, transparent and can not be tampered with, increasing the security and the authenticity of the ecosystem.
"In addition, consumers can check the detailed information by scanning the QR code attached to the product to identify the genuineness of the products purchased and track various processes, and also allow the trader to reach mass consumers and ensure that their products reach the 39, goal, "He said.
This will help prevent the usual pitfalls of traditional traders operating under the traditional supply chain system, which is vulnerable to security hacks and the emergence of counterfeits.
Blockchainisation is not complicated
LINFINITY's ability to offer blockchain-based anti-counterfeiting solutions in the retail and supply chain sectors is what makes the company and the tools it offers the most. Lian noted that part of the reason why the blockchain is not yet widely applied in the supply chain and supply chain landscape, despite its obvious strengths and offering to improve these sectors is that many people do not they have a correct understanding.
"Blockchain is not a new concept, but its current practical application is concentrated in the field of digital currency," he said. "Many companies are even less clear about where to start using blockchain technology, thinking unilaterally that moving from the original business model to" blockchainisation "is a rather complicated process."
This is essential for LINFINITY goals: not only to offer tools and services based on blockchain technology, but to share knowledge and understanding of what Blockchain is and what it can offer to their respective activities. "LINFINITY offers several ways to assist business users in their blockchain business applications Blockchainisation is not complicated, companies do not need to upload information about all business processes, but only to pack and upload the necessary information based on their own needs, "said the CEO.
Some of the efforts made by the company are collaboration with other brands throughout the region of Asia and the Pacific. These include the launch of blockchain anti-counterfeiting projects for Scientific Tradition, a local manufacturer of Lingzhi and Herbriller products, a Japanese hair care brand.
