SINGAPORE – 26 June, 2018 – Linfinity and Alishan Group have formally signed a strategic collaboration agreement to jointly build a trustworthy and traceable anti-counterfeiting supply chain system based on blockchain technology. This is another milestone after Linfinity’s MOU signings with six organizations worldwide, which have seen the launch of pilot blockchain projects across various industries — Wealth Briefing Asia, Scientific Tradition, Rongde Logistics, RHTLaw Taylor Wessing LLP, RHT Holdings and Crossinvest.
According to the agreement, both Linfinity and Alishan Group will have access to each other’s resources to launch a comprehensive partnership integrating blockchain into the supply chain. These shared resources include Alishan Group’s products and funds and Linfinity’s front-end blockchain technology and human resources. Dr. Yu, CTO of Linfinity, stated that “The current global supply chains are slow and inefficient, and consumers are increasingly demanding the transparency of product sources, which is consistent with the direction of the company’s development. With reliable data, transparent information and interconnected network, this collaboration with Alishan Group enable Linfinity to achieve the traceability of the whole supply chain, from source to end consumers, speeding up product flow and reducing counterfeit costs.”
Linfinity Introduces Blockchain Technology to Alishan Group’s Supply Chain to Combat Proliferation of Counterfeit Goods
Through this collaboration with Alishan Group, Linfinity will create an anti-counterfeiting traceability system for their entire supply chain – from manufacturers and carriers to distributors and the end consumers. Manufacturers submit digitally signed product information to the chain, which ensures that the product source information cannot be tampered with. Subsequently, carriers, distributors, and consumers submit abstracts of the commodity circulation information to the chain, ensuring that the logistics information, ownership information and the order of circulation cannot be tampered with.
Through these tamper-resistant products, source, proprietary and transfer order information, the number of security checks needed will significantly lessen resulting in a faster flow of goods. From the perspective of dynamic game mechanism, the end-consumer can verify whether the ownership of purchased goods belongs to the retailer before purchasing a product, which can prevent counterfeit goods from circulating on the chain. Once a counterfeit product is found, its origin can be easily traced by using an algorithm to analyze the real information in the supply chain. The digital signature ensures the authenticity of all participants within the supply chain. Considering the cost of production, time spent, and inflated sales numbers involved in the counterfeit goods industry, Linfinity will be able to eradicate the problem of fake goods in the supply chain ecosystem. In addition, due to the automatic clearing and settlement technologies in each segment Linfinity can greatly promote the value circulation of the supply chain ecology, saving a significant amount of labor costs and red tape.
The strategic collaboration with Alishan Group will further promote the cooperation between Linfinity and Alishan Group from end to end, marking another important development for Linfinity within the blockchain industry. Mr. Anndy Lian, CEO of Linfinity, said, “There are endless possibilities for Linfinity’s blockchain technology to integrate into different supply chains. As we advance into an era where such technology is expected, Linfinity wants to be the frontrunner in transforming the supply chains across industries to ensure the authenticity of products and services and help to promote trust among different players. Regardless of industry, it is time for innovation and to capitalize on new opportunities. Our upcoming plans will continue to increase awareness of the benefits of blockchain technology, as well as to start more collaborative pilot projects to transform supply chains in different sectors globally.”
Linfinity is committed to building a reliable and traceable anti-counterfeiting supply chain underlying blockchain technology. Linfinity establishes such 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.