In short, ivault, our revolutionary product is once again in the spotlight: CEO Arman and COO Urs are interviewed by well-known CNN journalist Amanda Kayne. Watch the full-length interview below. You will certainly gain some new insights about the ivault Blockchain.
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Companies benefit from ivault
In our last blog post we told you about Arman’s successful appearance at the 2019 InsurTech Summit in Istanbul. A video was posted on LinkedIn, which you can watch here. But today we have even bigger news for you!
CNN Money’s ivault interview will be broadcast on television by CNNMoney Switzerland from May 27 to 31, 2019, and naturally, our product is the centre of attention as CNN anchor Amanda Kayne speaks with our CEO, Arman, as well as our COO, Urs.
For over 20 years, CNN’s Amanda Kayne has been known for her insightful reporting and engaging interview style. With a history of hosting guests ranging from Bank Julius Baer to SIX to Google, among others, it’s hardly surprising that she asks the right questions.
Chief Executive Officer and Founder Arman Sarhaddar starts by describing the product. For those who don’t yet know, ivault is a global network that registers and identifies its users’ assets, for example, lost or stolen items. This not only has advantages for the individual user, but companies such as Golisan also benefit from the innovative use of distributed ledger technology. These companies can use ivault to prevent counterfeit products from entering their supply chain, thereby damaging their reputation and destroying their customers’ trust.
We already know how Arman developed the idea from one of the first videos about ivault. Arman told the story of a personal theft that prompted the idea for the new platform. Having this techonology back then would have made it possible to track his stolen belongings.
Urs E. Gattiker, Chief Operating Officer, explains in more detail how blockchain technology works in the video below, and how easy it is to track if, for example, original parts were used to repair elevators or airplanes. Whether luxury goods like cars and watches or plant-based dietary supplements like Golisan‘s products (which have already been registered in the blockchain), you probably won’t find another technology that makes it so easy to ensure the safety of products in every imaginable area.
As Urs clearly explains, information security (InfoSec) also plays a vital role for Vault Security Systems AG. And hardly anyone knows more about data privacy and cybersecurity than Urs. Our team attaches great importance to ensuring the GDPR compliance of our customers organisations, according to EU standards.
So, what’s the goal now?
In the interview (see video above), Urs addresses a massive global problem:
…the latest data from the OECD already show that [in] 2016… 6.8% – and by the year 2020 it will be 10% – of all imported products into the EU, […] are counterfeit. And that’s what we want to reduce.
There could be far more counterfeit products than the study by the Organisation for Economic Co-operation and Development (OECD) and the European Union Intellectual Property Office (EUIPO) found, since there is probably a high number of unreported cases. The extent and effects of counterfeit or fake products can be devastating.
With ivault, this number can be drastically reduced, as it is easy to trace whether a product is original or not. The decentralised database ensures that information regarding a product can no longer be changed after being entered as part of registration or noting repairs. Such a change would require verifying thousands of public and private users’ computers before the blockchain would accept and integrate it.
For Vault Security Systems AG, the focus is always on customer service. Nothing is more important than meeting the demands of our users and keeping our promises. As Amanda Kayne puts it, “Sounds like the ideal solution for companies with great responsibility…” That is why we make sure our platform shares this responsibility, making the task of staying accountable considerably easier for our customers.
In your opnion, what other businesses should be using the ivault blockchain to protect their supply chain, so you can trust their products? What other issues would you like to see discussed in our blog? Do you still like information about FinTech, MedTech or luxury goods? Join in the discussion and let us know in a comment below. We will respond soon.
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