Reuters Special Report | LINFINITY - Blockchain-based Singapore Company to Curb Fakeries

2019-01-02 16:41:01

On January 2, 2019, Reuters, one of the four major international news agencies, published a special report on LINFINITY, entitled Blockchain-based Singapore Company to Curb Fakeries. The article described how LINFINITY uses blockchain technology to build a trustworthy business ecosystem to solve the problems posed by counterfeit goods, and promotes the development process of its own commercialisation through both continuous cooperation with various Small and Medium-sized Enterprises (SMEs) and its commitment to innovative blockchain research and development.


(LINFINITY on Reuters)



The article explains that the proliferation of counterfeit goods has always been a global problem. The annual direct losses caused by fake goods in the world are as high as several billion dollars. For those SMEs that are in the process of greater development, they not only need to spend significant amounts of time and energy to alleviate the problems caused by the proliferation of fake goods, but also have to take into account the pressure of the company's own business expansion – which results in a vast majority of SMEs failing entirely. The culprit is not the “fake market” as an entity, but instead is the result of a series of traditional supply chain structures behind it that have fallen into disrepair and disrepute. The Singapore-based blockchain company LINFINITY hopes to utilize blockchain’s security and traceability features to continuously update and optimise their homebrewed answer to the problem of fake goods, LINFINITY DApp, through deep cooperation with traditional businesses, thus building a LINFINITY business ecosystem of “blockchain + supply chain” industries, which hopes to solve the pain points inflicted upon these industries by the scourge of fake goods.


In November 2018, Japanese haircare brand Herbriller officially signed a MOU with LINFINITY, which will provide a full range of blockchain services for the Herbriller series of products. Through information on-chaining, product information is packaged and uploaded onto LINFINITY’s blockchain within DApp, and a unique QR code containing product information is generated accordingly to the product in question. By scanning a given Herbriller item with LINFINITY DApp, product details saved in the blockchain can be queried and reviewed, allowing for individual consumers to see where exactly each product has been along the supply chain. This clever characteristic endemic to blockchain allows for product information to remain open, transparent and completely untamperable by third parties – ensuring the authenticity of products.


It is worth noting that for both Herbriller and LINFINITY, while DApp is one of the most important part of LINFINITY's business ecosystem, the value of the cooperation is far more than the sum of its parts. In addition to providing users with information about the products on the chain, it can also provide the most authentic sales information from the market, such as sales channels, regions and scope, consumer preferences, and so on – which allows Herbriller to optimise and adapt its own products and marketing strategies to align with market demand. Moreover, in order to reach more consumers and show them the quality that Herbriller has carefully developed and maintained since its inception, LINFINITY has brought Herbriller into the Chinese market, both in an informational sense and in reality – as LINFINITY and Herbriller held a number of offline product demonstrations and experiences in China. “This is just the beginning. With LINFINITY’s rich overseas marketing resources, LINFINITY will bring Herbriller to more countries and even a wider global market,” said LIFINITY CEO Anndy Lian.

He also elaborated on the possibility of the application of blockchain technology, “SMEs may become the first beneficiaries of blockchain commercialisation, and this is entirely dependent on their flexible nature and their willingness to accept cutting-edge technology. LINFINITY will always take the real needs of the market as the starting point, and cooperate with more enterprises to help them complete the improvement and upgrading of their supply chain through blockchain –  and we commit to making unremitting efforts to promote the development of blockchain commercialization.” 

About Reuters:
One of the earliest international news agencies, operating across 128 countries, and currently one of the largest news agencies in the UK, is one of the four major news agencies in the West. It is mainly responsible for providing news sources for other news agencies. Their content is based on all kinds of political and financial data, and enjoys a stellar global reputation for its fast and accurate news. In 2018 the Pulitzer Prize for Feature Photography was won by Reuters.



(The Original Article on Forbes)



Links to original article: https://www.reuters.com/brandfeatures/venture-capital/article?id=71326

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


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