Founded in Singapore, Linfinity is the world’s first distributed supply chain platform based on blockchain, Internet of Things and Big Data technology, that is commercialising FMCG products. It aims to transform the supply chain industry by building a trusted and traceable anti-counterfeiting supply chain through blockchain technology.
Today’s global supply chains are slow, inefficient, and susceptible to fraud and negligence. This, in combination with consumers’ increasing demand for greater levels of transparency regarding product origins, is exactly what Linfinity plans to address in its blockchain system for supply chains. With reliable data, transparent information and interconnected networks, Linfinity enables traceability of supply chains from source to end consumer.
The application of blockchain technology in the supply chain industry enables the following advantages within the ecosystem:
- Enhanced transparency — A product’s journey can be documented across the supply chain from origin to destination, increasing trust between players in the ecosystem.
- Scalability — Any number of users can participate in the supply chain and engage in the transfer of information.
- Better security — A ledger, such as the blockchain, would self-regulate the system improving on previous internal audit inefficiencies.
- Engaged stakeholders — Using an incentive model (using tokens, cryptocurrency and a system of smart contracts that automates payments), it allows automation of payments and quick transactions. This creates an active ecosystem that benefits all parties involved.
- Increased innovation — Once a blockchain system is in place, smart contracts can be used to increase efficiency and integrate with the rest of the system.
Mr Anndy Lian, CEO of Linfinity Singapore, said, “As the demand for transparency increases for products, the application of blockchain to this system will not only improve supply chain efficiency, but allow reliable collection of data. Throughout the various points in the supply chain, the data will be handled in a secure, digitised and verifiable manner. This will allow consumers to access accurate and trustworthy information about the product that previously was unavailable to them, as well as ensure that the product is authentic.”
Linfinity Introduces Blockchain Technology to Various Supply Chain Industries
Moving ahead to raise greater awareness in the blockchain space, Linfinity has several upcoming collaborations across various industries, which also includes conducting a blockchain roundtable to facilitate open discussion around blockchain.
Linfinity has signed Memorandum of Understandings (MOUs) with six companies — Crossinvest, RHTLaw Taylor Wessing LLP, RHT Holdings, RONGDE Logistics, Scientific Tradition, and WealthBriefingAsia on 31 May, Thursday. These MOU signings will mark the start of strategic collaborations between industry partners and Linfinity to explore blockchain together.