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Local company Linfinity offers supply chains a solution to combat fraud

Local company Linfinity offers supply chains a solution to combat fraud

Supply chains besieged by counterfeit goods may soon find an answer in blockchain.

Finding out your swish designer bag is a fake might lead to outrage. But manufacturing scams can have far more drastic consequences — both for brands and consumers

Economically, around 2.5 per cent of global imports — about US$0.5 trillion (S$0.7 trillion) a year — are counterfeit, reports the Organisation for Economic Co-operation and Development.

The human cost is higher. In 2008, an estimated 300,000 babies in China fell ill after consuming milk powder tainted with melamine. It led to the deaths of six of them from kidney disease.

A GLOBAL PROBLEM

As global markets open up, supply chains have become more complex.

Before reaching consumers, all types of food and products now go through more suppliers, manufacturing plants, ports-of-call, storage facilities and retailers, adding logistical complexity to their production.

Despite technological advances and digitalisation worldwide, pockets of analogue interfaces still exist. Where they occur along a supply chain, companies can lose track of inventory, making them vulnerable to fraud.

In the era of Industry 4.0, how can new technologies help snuff out risky inefficiencies?

BLOCKCHAIN TO THE RESCUE

One Singapore-based company aims to build an ecosystem for anti-counterfeiting that is sustainable, trusted and traceable.

Linfinity, positioned as the world’s first distributed supply chain platform that harnesses blockchain, IoT (Internet of Things) and Big Data technologies, seeks not only to improve efficiencies from end to end, but enable reliable collection of data.

Mr Anndy Lian, chief executive officer of Linfinity Singapore, notes that rising demand for transparency in the entire production process, from procurement to logistics, has made the application of blockchain critical.

With more accurate data, businesses can make better decisions to reduce waste.

IMPROVE EFFICIENCY AND STAMP OUT FRAUD.

WAGER ON A DECENTRALISED LEDGER

At the core of Linfinity’s solution offering is the blockchain, a decentralised, distributed ledger that lives in the cloud and records contracts, transactions and events in an encrypted form.

While the most oft-cited use of blockchain technology currently is Bitcoin, blockchain has the potential for much wider application across industries.

Blockchain has been touted as a “transformational” or “foundational” technology — a game changer akin to how the Internet revolutionised information, the economy and society in the late 1990s.

Specifically, the use of blockchain technology in the supply chain industry offers these advantages:

· Enhanced transparency: A product’s journey can be documented from origin to destination, increasing trust among players in the ecosystem.

· Scalability: Any number of users can participate in the supply chain and transfer information to one another.

· 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 (e.g. tokens, cryptocurrency and a system of smart contracts that automates payments), it allows automation of payments and quick transactions, actively benefiting all parties involved.

· Increased innovation: Once a blockchain system is in place, smart contracts can be used to increase efficiency, integrating with the rest of the system.

PROTOTYPING THE FUTURE

As companies push ahead in a fast-changing environment, an agile, test-and-learn approach is key. Early this year, Linfinity commenced its Linfinity blockchain project, published a White Paper and started testing its service platform.

The firm also established Linfinity Talks, a global roadshow platform that demonstrates blockchain projects, and sought out strategic collaborations with various companies.

It has signed Memorandums of Understanding with companies in Singapore, the United Kingdom and Taiwan, with more lined up. These partnerships span different industries from finance and legal to logistics and fast-moving consumer goods. They will see Linfinity’s implementation of blockchain technology improving efficiency and transparency of supply chains.

This month, the company launched its own digital currency, Linfinity tokens (LFT) on Chinese-based exchange CoinEx.

Says Mr Lian: “We are serious about asserting ourselves as a player within the blockchain industry. With our launch on the market, we hope to be able to foster and encourage inter-platform trading with Linfinity tokens.”

TOWARDS INFINITE POSSIBILITIES

As hype about blockchain grows, so have the number of questions about its usage, limitations and potential applications. Even so, it is likely that the technology will take years — even decades — to mature, and its deepest implications may not be immediate.

The adoption of new technologies takes time, and needs the buy-in of policy makers, industries, corporations and end users.

Mr Lian notes that while blockchain remains a relatively new approach to supply chain management, companies need to anticipate government challenges and regulations ahead.

Nonetheless, blockchain’s decentralised nature makes it difficult for governments to intervene. They cannot totally ban access to blockchain, as they did with Facebook in China.

Mr Lian adds that even as Singapore’s government fine-tunes its registration processes and taxation, companies can rest assured that Singapore would embrace technological advancement, rather than preven t it.

After all, a future with greater transparency, efficiency and authenticity is a future worth building.

 

https://www.straitstimes.com/business/local-company-linfinity-offers-supply-chains-a-solution-to-combat-fraud

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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A chain of possibilities: Looking into the future of Linfinity, the token industry, and Blockchain technology

A chain of possibilities: Looking into the future of Linfinity, the token industry, and Blockchain technology

Recently, Linfinity CEO Anndy Lian has been invited to an exclusive interview with Singapore Radio MONEY FM 89.3. He put forward a series of unique viewpoints on the development of blockchain, blockchain technology and the application of blockchain in supply chain industry.

The hype of cryptocurrency and blockchain has not died down ever since the Bitcoin craze in 2017, driving Bitcoin’s value up over 1000%. If anything, the industry and public interest in it is steadily growing, as many are drawn into what they see as an opportunity to catch the wave and get rich.

At the same time, it is because of this very hype, linked to poor understanding among the public, that many have been duped by cryptocurrency scams. This ultimately adds distrust, as well as disinterest amongst many towards the technology altogether.

Linfinity, a Singapore based platform which aims to graft blockchain’s technology into the supply industry just listed its own token onto Hong Kong based exchange CoinEx on 14 July. The primary goal of the company however lies not in the concept of trading, earning, and growing its token value but rather, to eradicate cases of counterfeiting and fake goods from the supply chain industry.

How can blockchain achieve this?

The two defining features of blockchain lies in being tamper proof as well as traceable. This means that with the incorporation of blockchain technology, all information of a supply chain, from merchant, to middleman, to consumer, is recorded and made traceable. The information can only be added on and cannot be deleted nor edited, making it so that all information on the chain to be true and accurate. More importantly, the system is decentralized, meaning that each party has access to the information, rather than having the information gathered in one location, making the system harder to break into and hack collectively.

If implemented properly, this is a huge step of progress for the supply chain business. Previously without blockchain technology, links within a supply chain were complex and not easily available to parties involved, especially to the consumers. As such, in a traditional chain system, the structure is vulnerable to hacking attacks where details such as production date, or the origin of the good may be altered. This naturally leads to the rampant case of false goods being distributed to the public – a serious problem.

Linfinity’s role in the industry

“The introduction of Linfinity will gradually lead to the disappearance of fake goods. Of this I am confident” said Anndy Lian, CEO of Linfinity, in his recent interview with MoneyFM. “The traditional physical anti-counterfeiting method is to confirm authenticity by scanning two-dimensional codes [which can be] easily copied and forged by counterfeiters” he says. “With the distributed characteristics of the blockchain, we can create our own unique certification mark and you can track and verify all the information your product upon scanning your special code”.

For those who are not in the loop, Linfinity is the world’s first ever platform which looks to use blockchain technology on distributed supply chains, and Anndy believes that this is a trend that is sure to take off sooner or later. “This technology is going to be something that is part of our everyday lives. Imagine it as something that industries literally all around the world have neglected.”

 Misconceptions and Education

Linking back to the opening paragraph, Lian also spoke briefly on the misconception surrounding blockchain, and why people automatically equate the technology with cryptocurrency. “The misunderstanding of the blockchain mainly comes from people’s ignorance of it” he said. There is therefore a need to educate the public on the nature of this technology, and to understand its distinction and relation to cryptocurrency.

As it is, Linfinity is only focusing on the development and progression of blockchain technology and does not intend to carry out ICO financing. “Blockchain technology is not just a money game where people can sit back and not do actual work. Those who still believe in that living in a bubble” Lian said. “The sooner everyone realizes this as a fact, the better” he added.

Looking forward

To date, Linfinity has launched its roundtable talk series, visiting Korea and Japan so far and will be moving out of Asia for their next stop, hosting it in UK. In efforts to spread the growth of blockchain technology, the company has also signed over 8 Memorandum of Understandings (MOUs) with various large companies, including RONGDE logistics, WealthBriefing Asia, as well as Alishan Group in Taiwan.

More prominently, Linfinity was part of the Asian Blockchain Summit (ABS) in Taiwan from 2-3rd July 2018. The event remains as one of the world’s most prolific blockchain summits to date, with over 8,000 participants comprising of blockchain enthusiasts, professionals, and political representatives. At the summit, Lian, along with other industry leaders gathered to discuss and analyze the industry ecology, as well as educate the public about the deeper implications and users of blockchain. 

The introduction of blockchain technology into our everyday lives has become an issue of ‘when’ rather than ‘how’ and Lian believes that this direction is the right way into the future: “Technology is progressing every day to make things safer, faster, and easier. As with all new tech, it may get some time to get used to, and we at Linfinity will try our best to educate everyone from industry leaders to the public about these shifts. Those who are unable to catch this wave will inevitably be left behind”.

The internet must have been confusing to everybody in the 1980’s, just as how blockchain may seem foreign and dangerous to many who are unfamiliar with it. Yet, no proof is needed today to justify that the internet has become an integral part of our lives. Similarly, it is only a matter of time before blockchain becomes an inherent facet of our day to day functions. Ultimately, Linfinity plans to serve as an industrial and social bridge, developing solutions to help businesses in varying industries grow and survive while embracing new technologies. The journey ahead might be long and tough but we have to start somewhere, and Linfinity is here to help you do just that.

About MONEY FM 89.3:

MONEY FM 89.3 is an English-language radio station owned by Singapore’s SPH Radio, focusing on business and money-related topics. Its parent company, Singapore Press Holdings (SPH), is one of  the leading media agencies in Southeast Asia. Founded in 1984 to provide multilingual news, SPH  is a leading company in the media industry in Singapore.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Linfinity and Momentum Work Together to Incentivize Their Users Globally

Linfinity and Momentum Work Together to Incentivize Their Users Globally

Linfinity signed a strategic cooperation agreement with Momentum Switzerland in Seoul, South Korea on 18th July to reach a cooperation on the commercialization of blockchain industry and jointly promote the commercial development of blockchain.

Momentum is a blockchain marketing platform created by MobileBridge in Switzerland. Its parent company, MobileBridge, is a multinational company with global influence, helping customers around the world, including Burger King, Dansk Supermarked, Praxis and Volkswagen, to better understand and interact with their customers. As its subsidiary company, Momentum is committed to building the world’s first automated marketing platform based on blockchain and cryptocurrency.

Through the Momentum platform, in addition to earning the membership points, users can also check company dynamics and access personal information. This new customer relationship management model will redefine the traditional membership points system. This cooperation will further integrate Linfinity’s commercial resources at the B-end and Momentum’s marketing advantages at the C-end to jointly promote the commercialization and popularization of blockchain industry and create a new ecosystem for millions of users.

Momentum Founder and President Eyal Oster said,“We are thrilled to cooperate with Linfinity as we see them as a great partner for blockchain and supply chain management. We believe that cooperation between strong teams can drive mass adoption and full utilization of the technology. We look forward to a great cooperation and are already eyeing the first mutual use cases.”

“The ultimate value of the emergence of any new technology is to benefit mankind, so that everyone can enjoy the happiness brought by technology,” said Anndy, CEO of Linfinity. “In the blockchain industry, we are constantly looking for more industry partners to promote the development of the entire industry, and cooperation with Momentum is a good start.”

This cooperation will further integrate Momentum’s cooperative resources in Europe and Linfinity’s market advantage in Asia-Pacific region, and will establish a token exchange mechanism between Linfinity and Momentum. In the future, LFT will be able to be redeemed with membership points on the Momentum platform to further expand the circulation area of LFT and its token value, as well as promote Linfinity’s development in European and American markets.

Linfinity has signed strategic cooperation agreements with several international companies in Taiwan and Singapore, including Alishan Group and Scientific Tradition, aiming to build a reliable and traceable anti-counterfeit supply chain solution underlying blockchain technology. At the same time, by combining LFT Token to the business ecosystem, Linfinity is developing more benefit-distribution models under the new safe and credible cooperation. All ecosystem participants, including suppliers, manufacturers, logistics service providers, retailers and consumers can benefit from it. “Blockchain is still a relatively new concept for some people, but there is no doubt that consumers are the real beneficiaries and promoters of it. ” Anndy added. This strategic cooperation is an important milestone in the transformation of blockchain technology from concept to reality and will greatly promote the commercialization of blockchain industry.

About Momentum:

Momentum protocol (Zug, Switzerland) is set to revolutionize the customer loyalty and rewards market by setting a worldwide standard blockchain protocol used by companies and brands to issue and control their own privately branded loyalty and rewards program stable tokens on the blockchain. The Momentum protocol offers instant exchangeability and liquidity between all tokens at the protocol level so as to give the highest value to the brands and their end consumers. The protocol offers connectors to a loyalty and marketing application middleware plus a 3rd party plugin eco-system and a full API stack. The team consists of Ariel Luedi (Chairman, Zug, fmr. CEO of Hybrid, SAP board member), Eyal Oster (President, Tel Aviv, Israel, Shlomo, Kees de Vos (Tel-Aviv, GM Intel, Netherlands)), Professor Youngsook Park (Korean Chair, UN Millennium Project, Global Blockchain Association).

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j