With LINFINITY’s recent successes in developing their DApp supply-chain management system, and with a swathe of announcements, conference appearances, a website overhaul, and the signing of MOUs with big names in the healthcare industry including Herbriller and Scientific Tradition, the Singapore-based blockchain company, looks, as it always has, towards infinite possibilities beyond Asia.
INEFFICIENCIES, MISCOMMUNICATION AND UK SUPPLY CHAINS
The great difficulties of supply-chain management, especially for smaller businesses, lie in just how vast and complicated the system can become. In a small, import-export-based economy, these problems can quickly drain a significant amount of time, effort, and money from businesses as they expand. In the UK, supply chains are dominated by inefficiencies and miscommunications, costing businesses over £1.5bn per year.
30th August this year saw LINFINITY hold its first roundtable conference in London’s financial centre at Canary Wharf – the LINFINITY Forum – after a series of successful talks with key industry players in Singapore, South Korea and Japan. One can understand their reasoning for picking Britain as its first step towards international acclaim. “We wanted to make the UK our first stop outside of Asia due to the strong level of interest we received from parties within various industries in the UK over the past few months,” shared LINFINITY CEO Anndy Lian at the conference. “There is a considerable market for LINFINITY’s service offerings in the area of supply chain financing, and the LINFINITY Forum will aim to bridge that gap.”
Mr. Lian makes a good point. In terms of technological advancement, the UK has been at the forefront of innovation since the dawn of the Empire – being the first country to fully industrialise in the 17th century, and continuing the trend even today with an impressive command over goods shipping through the Channel and beyond. However, while technological advancements have increased the workload for traditional supply chains, and while logistical improvements have significantly sped up trade between mainland Europe and Britain, the financial and security aspects of supply-chain operations still rely on traditional, boots-to-ground and paper-based processes, with an alarmingly low rate of adoption of automatic technologies. The NHS, widely lauded as the greatest healthcare system in the world, still relies heavily on manual transportation for its patient records, and a vast majority of computational infrastructure relies on network architecture from three decades ago. Patient records and financial information is regularly lost or deleted irretrievably. It is clear that the UK system needs a dramatic update.
BLOCKCHAIN TECHNOLOGY FOR THE BRITISH PUBLIC
In October this year, communication standards agency OFCOM announced the receipt of £700,000 from the Department of Business, Energy and Industrial Strategy to explore the applications of blockchain technology to improving how UK telephone numbers are managed. The idea behind this is that as traditional telephone numbers migrate from analogue services to fully-managed IP servers, blockchain will be able to efficiently manage and allocate numbers to telecoms providers.
This, amongst other blockchain-based developments, have received immense support from the British public. MPs have recently suggested a major adoption of blockchain on a regulated basis so as to more efficiently manage crypto-asset markets and protect investors from money-laundering. A House of Commons select committee suggested that though blockchain currently comes with a “litany of risks” – a lack of compensation schemes, for instance – appropriate regulation on a decentralised level “could lead to positive outcomes for the crypto-asset market, including the move towards a more mature business model and increased liquidity.”
In addition, a recent YouGov survey (November) found that 93% of the British public were aware of Bitcoin and blockchain technology, with the 18-24 age group reporting a 9% rate of buying cryptocurrencies, and more than a quarter of this group preferring decentralised blockchain-based finance to traditional methods of payment.
This represents a major shift for the UK in becoming one of the global centres for blockchain research and development. The aforementioned NHS patient records issues might be solved with the judicious application of cryptographic methods to storing, updating and retrieving patient data – this would successfully circumvent the current issues of paper-based patient notes being lost, or data being inefficiently moved between patients and GP surgeries.
LINFINITY DApp IN THE UK
LINFINITY’s latest success comes down to their innovative DApp – a system of keeping track of individual products throughout the supply chain. Japanese haircare company Herbriller has successfully ported all client and product information onto blockchain, allowing for greater security, a significantly decreased risk of counterfeit products being created and distributed, and the maintenance of transparency between the business and its clients. Currently, LINFINITY aims to roll out DApp on the scale of fast-moving consumer goods first, before potentially applying the same general principles to other areas.
Within the UK, a similar system to DApp may be employed to, for instance, manage stock ordering and distribution for small shops and businesses at a small-scale level, manage company exports and imports at a mid-range level, or, for its loftiest ambitions, keep track of cargo shipped across the Channel or efficiently manage shipping forecasts – the latest statistics on UK trade with the EU state that over £107bn changes hands between the two economies each year. LINFINITY hopes to tap into this rich – in every sense of the word, considering it accounts for anywhere between 12-15% of EU trade – logistical infrastructure, using FMCGs as a natural starting point.
Of course, the beauty of DApp is that its underlying principles are scalable enough to apply to almost any mid-sized economic industry, such as transport services. A DApp-like product could potentially be applied to inner-city taxi drivers to keep track of fares, services in particular areas, or average passenger wait times.
For smaller or niche businesses such as record shops, which are enjoying a huge resurgence within the UK at the moment, using a DApp-like blockchain management system alongside traditional databases such as Discogs might significantly decrease wait times, allow for greater freedom of movement of goods between independent locations, or pave the way for a well-maintained client database, both at the logistical and customer levels – meaning that those businesses have an easy way to track exactly where each product they buy and sell comes from, and customers have an indefatigable way of accessing their order information without the risk of that data being lost, stolen, damaged, or edited.
For the very smallest businesses – those which take card and bank transfer payments as standard for ease-of-use purposes, and who may not have a web platform that uses sufficiently strong encryption methods for payment information currently – integration of LINFINITY DApp, as has been seen in Japan with Herbriller, will give customers the peace of mind over what happens to their payment information that a paper receipt, invoice, or email confirmation never could, due to its commitment to blockchain’s immutable faithfulness to transparency and security at every stage of the supply-chain. The added bonus, when small UK companies work with their European counterparts, is that this information is always available to the average consumer, irrespective of time zone, availability, human error, or any other of the thousand problems that might arise when dealing with sensitive client information.
Due to the massive success of Bitcoin and other cryptocurrency adoption within the UK, as well as governmental and non-governmental organisations alike receiving funding for the research and development of blockchain products, the future is looking particularly bright for any company who can pitch the idea of blockchain supply-chain management into the UK’s vast array of financial, logistical and commercial services.
TOWARDS INFINITE POSSIBILITIES
The LINFINITY Forum showed that there is great scope for the development of blockchain products in the UK. With the aim of enhancing the efficiency, speed and transparency of Bank Payment Obligations, online purchases, compensation, and other digital trade settlements, blockchain and LINFINITY play a pivotal role in improving the management, protection and scalability of an aggregated supply-chain financial network.
The successful acquisition of cooperative intentions with several UK companies, with the view to establishing long-term working partnerships, suggests that LINFINITY made a great move in choosing the UK as their next base of operations.
The best part? Both LINFINITY and the UK thrive from it – the former as an emerging powerhouse in supply-chain optimisation, and latter as adding the driving of the fourth technological evolution to its already impressive trendsetting history – first as steam pioneers, then as early-adopters of electricity, thirdly (thanks to a certain Sir Tim Berners-Lee) as creators and stewards of the Internet Age, and today as the first blockchain-based global economic powerhouse.
For more information about LINFINITY and their future activities, please visit www.linfinity.io or contact firstname.lastname@example.org.
Since the beginning of 2018, blockchain technology, and its embedded concepts, have been held in high regard by global economic markets, with countries around the world competing to conduct meaningful and commercially-applicable research and development into the emerging technology, which is widely touted as a leap forward from traditional computational models, security, and network architecture. Among the many distinguished features of blockchain, the enshrinement of trust into its core mechanism, alongside its exceptionally well-developed security protocols, are the most praised. National governments and international organisations have recognised blockchain’s potential as a powerful boost for institutions to improve the transparency of their public affairs, and as a bulwark to assist in the development and maintenance of public services. Blockchain has quickly spread since its inception in 2007, becoming a truly global phenomenon. Twelve years later, the world looks to the future, paying close attention to the application and development of blockchain technology.
After surveying 200 government leaders in 16 countries, IBM’s Institute for Business Value Research published a blockchain study report titled “Building Government Trust”, which shows that by 2018, 90% of governmental organisations plan to invest in blockchain technology.
The US government, for instance, has taken rather a shine to blockchain, undertaking several blockchain exploration and application projects on a broad and deep scale, including for purposes of government procurement, contract reviews, governmental data protection, and distributed network security. The National Institute of Standards and Technology (NIST) recently released a draft report entitled “Research on Blockchain Technology”, focusing on the blockchain technology that supports Bitcoin and other digital currencies, its widespread use, and the future of the industry of cryptocurrency, which has boomed as a new industry of financial service. The European Union (EU) is also seeking to push blockchain legislation through its national parliaments, and to introduce policy surrounding the use and applications of the security technology it provides across its member states. In April 2018, 22 out of 27 European Union countries, including the UK, France, Germany, Norway, Spain and the Netherlands, signed a statement announcing the establishment of a new European blockchain partnership. Such cooperation would “turn the huge potential of blockchain into better civic service”.
Chinese government policy has already expressed strong support for the application of blockchain technology to serve the Chinese economy. As early as December 2016, the “13th Five-Year National Informationisation Plan” issued by the State Council listed blockchain, together with big data, artificial intelligence, machine deep learning, and other technologies, as national priorities, with blockchain technology taking centre stage as the key area of interest. Recently, China has begun to set up a national standard for blockchain to promote the construction of a national blockchain standard system, which is expected to be completed by the end of 2019. As head of the third-largest national economy in the world, Japan’s government and society have a positive attitude towards the development of blockchain and digital currencies. In addition to Bitcoin, blockchain technology in Japan has many application cases in other industries, such as real estate deposit certificates, identity authentication, supply chain finance, clearing and settlement.
The South Korean government has been highly influential within the development of blockchain technology across Asia, embracing digital currencies as new pillars of financial security – the second most-used currency in South Korea today is Ethereum, the second-largest cryptocurrency by market share. The Bank of Korea (KOB) reported that the potential risks of digital assets to domestic financial institutions are relatively limited, provided there is some degree of regulation, and the cryptocurrency market will not pose a threat to traditional local financial markets due to its far-removed nature from traditional financial methods. Perhaps as a result of this, several regional cryptocurrencies have been created, including Gyeongbuk Coin, which was launched by the Gyeongsangbuk-do region and has received widespread approval and funding by the national government to the tune of ₩100bn (USD$100m) per year. The volume of these transactions match the similar existing provincial “Hometown Love Gift Cards” payment system.
In order to promote the development of the blockchain industry, the South Korean government has provided significant support. The fourth Industrial Revolution Committee of the South Korean National Assembly mentioned in a report that “Blockchain is the next generation of the Internet, thus it is necessary to vigorously develop the South Korean blockchain industry.” It is reported that the budget for blockchain pilot projects in South Korea in 2018 was ₩4.2bn, with investment for each individual project costing between ₩750-900mn. It is worth noting that the South Korean government recently announced a plan to revise its current tax policy to expand benefits and implement tax breaks for companies focused on developing emerging technologies such as blockchain, an initiative undoubtedly designed to promote innovation and development of blockchain projects. In addition, the South Korean Ministry of Science and Technology announced a major blockchain technology development strategy in June 2018, with the goal of raising ₩230bn (USD$207mn) for blockchain projects by 2022. According to the Ministry’s official statement, this new initiative will train 10,000 professionals in the blockchain industry and support 100 companies, and will expand and commercialise six existing blockchain pilot projects with the full support of the South Korean government.
Additionally, the 6th Global Leaders Forum, held in Seoul in November 2018, invited the world’s leading political and business elites to participate in discussions surrounding the development of blockchain technologies across the whole of Asia according to shared key strategic values – including President Ilves of Estonia; Amazon co-founder Johnathan Kochme; South Korea Blockchain Association President Dae Je Chin; Bitcoin Foundation Chairman Brock Pierce; and, of course, LINFINITY CEO Anndy Lian. Gyeongsangbuk-do province is at the centre of this blockchain-based invigoration of the South Korean digital economy. On November 14th 2018, the province established the “Gyeongsangbuk-do Blockchain Special Committee”, which aims to establish a blockchain centre in the region and attract investment in blockchain-related business. The committee is comprised of 40 people, including top project sponsors, founders and leaders of blockchain industries, such as Brock Pierce, Chairman of the Bitcoin Foundation; Jeffrey Jones, President of the American Chamber of Commerce in Korea; Jonathan Kochmer, former Information Architect of Amazon and Director of Business Development of RChain Cooperative; Annastasiah Mhaka, Co-Founder of the Alliance for Artificial Intelligence in Healthcare (AAIH) and Anndy Lian, CEO of LINFINITY.
This major event shows how South Korea is beginning its efforts in earnest to develop a more inclusive and technology-oriented market for digital currency and blockchain projects, as well as for broader financial technology projects, and by helming these projects has cemented their place as a key nation of cryptocurrency early-adopters.
Mr. Lian, as LINFINITY CEO, is committed to embedding blockchain technology into the supply chain industry, and affirmed South Korea’s current blockchain policy support. He pointed out that the development of blockchain relies on the efforts of the political, academic and business communities, asserting that traditional industries in Korea, such as skin care, have always been at the forefront of innovation, ahead of Western competitors, and, with blockchain, rather than be badly hit, will flourish just as rapidly as before. At the same time, blockchain serves as a clear method to combat the problem of counterfeit goods, which is a particular pain point for the cosmetics industry, causing harm not only to consumers, but also to industry and brand trust. The regaining of consumer trust by eradicating this problem entirely is perhaps the biggest reason why LINFINITY has such an interest in the healthcare and cosmetic industry.
LINFINITY is committed to building a trustworthy business ecosystem for industrial supply chains. The core of its anti-counterfeiting traceability technology is to use blockchain to on-chain “supply chain information” to ensure the transparency and security of entire supply chains. This provides a transparent solution to the problem of ensuring authenticity in these affected industries, and allows for the effective delivery of data in traditional supply chains, promoting consumers’ understanding and trust in goods and building up trust bonds between enterprise, merchants and consumers. The latest commercial achievement of LINFINITY is DApp, a mobile app which tracks every link any given supply chain in its entirety. Currently, LINFINITY’s goal is to first apply DApp to Small and Medium-sized enterprises (SMEs) specialising in Fast Moving Consumer Goods(FMCG), with the overarching aim to apply the same principles to other areas.
For now, LINFINITY Dapp beta 1.0 has been officially launched, and it has successfully helped Singapore’s well-known Lingzhi health care brand Scientific Tradition and Japanese hair care brand Herbriller to achieve real-time records of raw materials, origin, production date, batch number, logistics flow, distribution channels, etc., set up a decentralized information management system, and successfully complete the information on-chaining work. With its recent announcement of listing its token on Coinfinit, LINFINITY is expanding its business footprints in South Korea and contributing its efforts to the commercialisation of blockchain technology.
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2019年1月9日-11日，由新加坡教育部-零售研究院、南洋理工学院、Skills Future联合发起，Walletton组织举办的历时3天的”新加坡区块链访问团（韩国行）”在韩国首尔顺利举行。前首尔市市长 Kim Hyeong-joo、德勤区块链研究中心Sim Jun-Sik、嘉泉大学教授 Dr. Dohyun Park等政、商、学要人进行了接待并会晤。LINFINITY CEO Anndy Lian与Upbit CEO Sir-goo Lee也受邀出席，并作授课演讲。
LINFINITY的商业化进程均采用“定制化”服务。目前，LINFINITY已经帮助新加坡灵芝保健产品 Scientific Tradition 与日本护法品牌Herbriller完成信息上链服务。“这两个企业有着截然不同的品牌建设与市场需求。各自商品上链所呈现出的信息自然也大不一样。LINFINITY就是要找到这些品牌商品信息的特点与可能的应用场景，加以突显。这是区块链商业落地的重中之重，也是企业未来商业价值的重要保证。”
“Blockchain is not a one-size-fits-all solution. We must find a customized solution that truly matches commercial needs.”
—Anndy Lian, CEO of LINFINITY
On January 9th-11th 2019, a three-day global blockchain seminar, jointly supported by Ministry of Education — Singapore Retailers Studies, Nanyang Polytechnic, SkillsFuture and organized by Walletton Holdings; was held in Seoul, South Korea, bringing together industry leaders from the political, business and academic communities. Attendees including former Seoul Mayor Kim Hyeong-joo; Jun-Sik Sim of the Deloitte Crypto Research Center; Gachon University professor Dr. Dohyun Park; LINFINITY CEO Anndy Lian and Upbit CEO Sir-goo Lee were invited to deliver key speeches.
In his speech, Mr. Lian remarked: “Blockchain technology can solve many problems, but it does not mean that it can solve all problems. Blockchain is not a one-size-fits-all solution. Blockchain projects must find customized solutions that will truly match their needs.” LINFINITY’s commercialization process is steadily carried out based on this foundation.”
In LINFINITY’s business ideology, there is no such thing as a ‘package’ blockchain solution, LINFINITY adopts a customized model when building enterprise usage scenarios. LINFINITY’s most recent example of this process at work is the completion of information on-chaining services for Singapore’s healthcare brand Scientific Tradition and Japanese haircare brand Herbriller. “The focus and needs of these two brands are very different. This is not just coding the product information to a ‘block’.” Anndy added. Finding the specific application scenario that meets the requirements of the enterprises blockchain aims to integrate with is the most important thing to its commercialization process, both now and in the future.
Blockchain development in Singapore and South Korea have already taken the world by storm. South Korea is the pioneer in both cryptocurrency usage, trading and implementation. Many projects will go Korea to learn about Blockchain. The success for Korea in blockchain gained traction fast thanks to the support of the government. LINFINITY also accelerated its development in South Korea with the recent announcement of local business cooperation and its listing on Coinfinit.
“We are happy to see that more governmental and commercial forces are engaged in this industry. 2019 is likely to be an important year where blockchain ‘commercialization’ begins to gain traction in all these areas, rather than discussing the price of individual tokens. As the scale of blockchain commercialization increases, exploration deepens, it will gradually gain recognition and show its true power of being the next technology innovation. That is what LINFINITY team is doing; to bring the true value of blockchain technology to the general public.”
For more information about LINFINITY and their developments, please visit www.linfinity.io or contact email@example.com.
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