Blockchain alliance battles fake products
Australian companies 1-Stop Connections and TBSx3 have partnered to develop blockchain-based security architecture designed to combat fake products and increase supply chain transparency.
The alliance will seek to target fake medicines in particular, which Interpol estimates kill one million people a year.
Michael Bouari, chief executive of integrated port logistics company 1-Stop Connections, said the alliance between 1-Stop and TBSx3 is “a new and powerful weapon against the penetration of supply chains by fake product".
TBSx3 founder and director, Mark Toohey, added: “There is a dark underside of the irrepressible growth in global supply chains. Sea freight volumes have increased six-fold in 50 years. This huge growth has created opportunities for expertly packaged fake product including fake medicine that is killing huge numbers of people each year.”
The companies have combined TBSx3’s cryptography and blockchain security with 1-Stop’s Vehicle Booking System (VBS).
By combining these technologies, the companies hope to reduce the time goods are delayed during custodial handovers and transhipment.
Mr Bouari stated: “In 2015 in the first month after 1-Stop Connections' Vehicle Booking System VBS was implemented, terminal volumes were up 18% with the same equipment and labor; by this month it has increased by 44%. The result of implementing a port-wide booking system has been a dramatic reduction in both traffic congestion and traffic pollution.
“The technology being developed by TBSx3 is of great interest because it combines the data currently held in silos by the various supply chain participants. Now we will all be able to have a new level of trusted transparency across the entire supply chain.”
The alliance comes less than a month after the completion of a global road and sea supply chain trial of the TBSx3 technology, where TBSx3 security architecture tracked the movement of bottled wine from rural South Australia to the port of Qingdao in north-eastern China.
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