SMEs Fall into Frequent Pitfalls When Optimising Their Supply Chains: LINFINITY Has A Solution

Small and Medium-sized Enterprises (SMEs), when beginning to emerge from the market as viable and reliable sources of goods and services, tend to all follow the same pattern. They try to scale up their businesses on all sides at once, beefing up procurement, manufacturing, and logistics alike, but then struggle, at least on an initial basis, to maintain the flow of business as well as they did before. On the business side, this is seen with difficulties in managing client systems, web servers, deliveries, and price renegotiations; on the consumer side, it results in higher prices, longer wait times, and a slight reduction in good quality customer service.

This is a natural byproduct of ‘biting off more than you can chew’, and, unfortunately, the vast (80%) of SMEs never recover from the process of scaling up from a small project to a larger enterprise, and only a third of startups make it to their tenth anniversary. The reasons for this are myriad and complex, usually stemming from the losses accrued by the unlimited amounts of money and time a business could sink into making their small-scale supply-chain system work on a larger and more complex scale. In essence, it is tricky at best, damaging at worst, and likely to put the company out of business.

LINFINITY DApp Introduces Blockchain to SMEs Whilst Maintaining Business Flow

“SMEs still have a long way to go to crack down on fake goods under the framework of traditional supply chains. They have to face not only the overwhelming problem of fake goods, but also the crisis of trust caused by purchased fake goods.”

—LINFINITY CEO Anndy Lian, Singapore Shin Min Daily News, December 18, 2018

LINFINITY aims to improve and streamline the supply chain of SMEs in particular, but paying particular attention to detail regarding the safety, privacy, security, and transparency of company business. The loss, corruption, theft, or mismanagement of data, especially in an SME that is looking to expand in all directions, is perhaps the biggest potential pitfall when migrating client data, reorganising logistics, or ensuring that every commodity produced is legitimate and not under threat of being counterfeited.

To do this, the LINFINITY team have developed DApp, which exclusively runs on blockchain technologies to allow SMEs to add any data which needs to be securely protected against potential threats to an encrypted, accessible system. Its backend code runs on a decentralised peer-to-peer basis, which departs from the traditional supply-chain methods of either storing data on paper, which is prone to loss or adaptation at any time, or on centralised servers, which are vulnerable to both internal company threats and external hacking threats. In addition, DApp works as a consumer-end platform which allows customers to check whether a particular item is a legitimately-produced product or a counterfeit. To do this, DApp accesses a secured copy of a ledger of all items or services tagged by a particular business, and checks them alongside the product or service that is scanned via QR code by the consumer. This allows for complete peace of mind for a consumer, as they know that their chosen product is either verified as legitimate or flagged as fake, and gives companies the peace of mind to know where and when every single product or service of theirs is distributed and sold.

SMEs Benefit the Most from Combining Blockchain with Traditional Supply-Chain Methods

(LINFFINITY DApp beta 1.0 customized for Herbriller)

Given the reliable nature of blockchain’s security architecture, which uses asymmetric cryptography to ensure that every piece of information has been uploaded to the chain by the correct source, and that every piece of data in the chain is only visible to  people with the right authorisation – through a series of public and private keys that exclusively encrypt and decrypt the information they are designed to deal with and no more – this allows for the messy business of migrating data, keeping track of products, and maintaining an up-to-date client and orders database to be kept as streamlined and secured as possible. Traditional supply-chains will always end up losing data in migration – sometimes harmlessly, but mostly in damaging ways which could allow for sensitive data to become public or product information to be leaked to counterfeiters. DApp is specifically designed to deal with that for SMEs in particular, which is what makes it such a uniquely qualified product for emerging businesses in almost any sector which requires the storage and accessing of sensitive information. DApp, then, allows for the maintaining of flow in businesses looking to expand operations in all areas, with only the most minor of updates to internal systems. Through DApp, tagging the items that need tagging, uploading only the business/product/client information that needs uploading, ensuring that only people with the correct credentials are issued the keys they need for their specific areas, and allowing customers to access the entire product system (on a read-only basis) and their account information (on a secure line), most of the security and transparency issues resulting from company expansion completely evaporates – leaving your SME to be far more likely to be one of the 20% to succeed.

Quick off the Mark

However, LINFINITY does recognise that it is the integration of blockchain with traditional supply-chain methods that will lead to greater adoption. At the Future Blockchain Forum 2018, held on December 16th in Seoul, South Korea, CEO Anndy Lian emphasised: “I have seen a great number of innovative projects crop up in the industry from time to time, but they’re all still stuck in their pilot phase… [however] ‘blockchainisation’ of various industries is not a necessarily holistic approach. ‘Blockchain Reform’ here, however, provides a potential solution, and one that LINFINITY has adopted since its inception: by combining blockchain technology with traditional entities as a market strategy – first by building a complete business ecosystem from the enterprise end, and secondly by conducting staged blockchain commercialisation from the top to the bottom.”

In addition, on December 18th this year, the Singapore Shin Min Daily News published a special report on LINFINITY’s efforts to streamline the process of co-chaining: that is, the addition of product, client and consumer data to a decentralised, transparent, and highly secured network, specifically aimed at SMEs – entitled: “Information On-chaining is Not Complicated for SMEs”. “The flexibility and resilience of SMEs will make them the first beneficiaries of blockchain commercialisation,” Mr. Lian states. It is this key belief that underpins the whole of what LINFINITY stands for – and they have been extremely active this year in expanding the market for SMEs.

(LINFINITY CEO Anndy Lian at BlockSpace Asia 2018)

As early as July, LINFINITY launched the Singapore SMEs blockchain special conference, 2018 Blockspace Asia, and teamed up with Singapore’s government agency Enterprise Singapore to provide technical support for the blockchain transformation of SMEs. “The commercialisation of blockchain cannot be achieved by the business community alone. We need to work together with governmental and international forces,” added Mr. Lian. As a member of the Gyeongsangbuk-do Blockchain Special Committee in South Korea, the LINFINITY CEO will collaborate with senior project sponsors, founders and leaders of blockchain industries.

Towards Infinite Possibilities

The clear success for DApp as LINFINITY’s cornerstone product signifies an important step towards blockchain commercialisation.

In DApp version 1.0, LINFINITY built a decentralised information management system for Scientific Tradition, a highly successful Lingzhi healthcare brand. DApp automatically recognises and divides uploaded product information into three parts: static (product name), dynamic (production date, batch number) and visual (product image/video), storing them in an InterPlanetary File System (IPFS) database. All product information is uploaded to the LINFINITY sub-chain, generating a unique QR code for each stored item. Customers can then use DApp to scan the QR code on the product for detailed information and to ensure authenticity.

(Herbriller hair care products)

After this success, LINFINITY has conducted informational on-chaining services for the Japanese haircare brand Herbriller with their latest versopm of DApp. Further blockchain-based anti-counterfeiting and traceability support is to be developed further during the next stages of their partnership. The great bonus is that Herbriller’s series of products have been introduced through this partnership to mainland China, which has naturally given Chinese consumers a clearer look at the world of premium haircare products and promoted Herbriller as the best in the business.

LINFINITY’s presence, both at conferences and in the media, has been especially prolific as a result.

Looking forward, to expanding DApp’s operations into Europe, August 30th this year saw LINFINITY hold its first roundtable conference in London’s financial centre, after a number of successful talks in Singapore, South Korea, Japan and Thailand. Armed with their holistic, combined-approach to rejuvenating SME supply chains, the newly-incepted LINFINITY Forum allowed the business to explore their reasoning behind helping UK-based SMEs through information co-chaining.

If LINFINITY can successfully work with SMEs across both Asia and Europe, whilst making DApp into a system of near-perfect security, reliability and transparency, whilst combining with traditional supply-chain methods to ensure the maintenance of company flow, then blockchain will surely move towards, as said by LINFINITY since its inception, “towards infinite possibilities”.

For more information about LINFINITY and their future activities, please visit www.linfinity.io or contact pr@linfinity.io.

 

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Singapore Shin Min Daily News: LINFINITY Breaking Marketing Myth—Information On-chaining is Not Complicated for SMEs

SMEs still have a long way to go to crack down on fake goods under the framework of traditional supply chains. They have to face not only the overwhelming problem of fake goods, but also the crisis of trust caused by purchased fake goods.

—LINFINITY CEO Anndy Lian, Singapore Shin Min Daily News, December 18,2018

(Singapore Shin Min Daily News)

On December 18th, the Singapore Shin Min Daily News included a special report on LINFINITY’s latest project, entitled LINFINITY Breaking Marketing Myth—Information On-chaining is Not Complicated for SMEs. The article focuses on the “Advantages of LINFINFITY”, “Assisting Supply Chain Anti-counterfeiting”, “Commercial Application of LINFINITY DApp” and “LINFINITY Internationalization Development”, describing the business blueprint of a blockchain ecosystem that LINFINITY hopes to build.

The article’s main point of order is that due to the inherent advantage of decentralisation, blockchain technology has been given wide attention and international recognition by both the financial industry and the general public since its inception. However, despite this fame, there is still a dearth of blockchain knowledge in the public domain, and excessive speculation by governments and media in recent years – including excessive media hype over its extrinsic link to illicit enterprises through cryptocurrency, including darkweb markets, human trafficking operations, and the illegal drugs trade – has resulted in most industries that would benefit from the system being reluctant to adopt the technology. The remaining enterprises that are willing to adopt blockchain into their system operations, try as they might, have next to no idea where to start, due to this aforementioned lack of understanding and media scaremongering.

It is based on this that LINFINITY expresses to the outside world the core view that “blockchain technology is not complicated.” LINFINITY CEO Anndy Lian explains this position in the article: “When adopting blockchain technology to internal operations, enterprises have no obligation to upload information on the entirety of every business process, but only to package and upload the necessary information on their products, services, clients or infrastructure, according to their own needs.” This laissez-faire approach to blockchain integration not only helps enterprises to crack down on fake goods, but also to optimise and upgrade the traditional supply chain to a safer, more transparent and exponentially more efficient version. In addition to allowing enterprises to have a clear control over all aspects of their supply chains, enterprises would also be able to accurately collect market information, and therefore gain a clearer understanding of the real market demand for their industry.

In addition, the article focuses on the success of LINFINITY’s cornerstone product, LINFINITY DApp, which is the most important aspect of the company’s ecosystem and signifies an important step towards blockchain commercialization – its first beta iteration has been developed, optimised, and now launched onto the market. After the success of LINFINITY’s work with the medical conglomerate Scientific Tradition, LINFINITY has conducted informational on-chaining services for the Japanese haircare brand Herbriller; with the use of LINFINITY DApp, consumers can query detailed information about products that they have purchased. As an added bonus to this, LINFINITY successfully assisted in bringing Herbriller’s series of products to mainland China, which has naturally given Chinese consumers a clearer look at the world of premium haircare products and promoted Herbriller as the best in the business. LINFINITY hopes to provide further blockchain-based anti-counterfeiting and traceability support to Herbriller during the next stages of their partnership, with the aim of making its brand image in the industry more stable.

“The flexibility and resilience of SMEs will make them the first beneficiaries of blockchain commercialisation,” Mr. Lian states. It is this key belief that underpins  the whole of what LINFINITY stands for – and they have been extremely active this year in expanding the market for SMEs. As early as July this year, LINFINITY launched the Singapore SMEs blockchain special conference, 2018 Blockspace Asia, and teamed up with Singapore’s government agency Enterprise Singapore to provide technical support for the blockchain transformation of SMEs.

“The commercialisation of blockchain cannot be achieved by the business community alone. We need to work together with governmental and international forces,” added Mr. Lian. As a member of the Gyeongsangbuk-do Blockchain Special Committee in South Korea, the LINFINITY CEO will collaborate with senior 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; Eyal Oster, CEO of Momentum; and Annastasiah Mhaka, Co-Founder of the Alliance for Artificial Intelligence in Healthcare, to participate in the blockchain development planning and layout of the Gyeongsangbuk-do region, so as to advance this new opportunity for political and business collaboration in the advancement of the commercialisation process of the blockchain industry.

(LINFINITY on Singapore Shin Min Daily News)

Shin Min Daily News

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Founded in 1967, Shin Min Daily News is a Singapore Chinese Evening News published by Singapore Press Holdings (SPH), focusing on social life and business observations and providing readers with up-to-date information on local and major international issues. Shin Min Daily News and Lianhe Zaobao are regarded as two major mainstream Chinese newspapers in Southeast Asia.

For more information about LINFINITY and their future activities, please visit www.linfinity.io or contact pr@linfinity.io.

 

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