Supply chain transparency and brand protection: Now it’s official. CIO Applications ranks ivault in their top 10 best blockchain solutions of the year.
ivault was already referred to as one of the best blockchain ideas at the World Economic Forum WEF 2020 in Davos.
Now, the renowned magazine CIO Applications awarded Vault Security Systems AG with the blockchain solution ivault as one of the Top Blockchain Technology Solution Providers 2020. Our platform offers the highest transparency for supply chains and best product and brand protection to date by preventing the unnoticed entry of counterfeit products into the supply chain.
This blog article provides you with a brief summary. You can read the complete article by CIO Applications here:
ivault: Our patented Blockchain solution
Almost all companies lose value in the market because counterfeit or stolen products become part of their supply chain without their knowledge. The low-quality counterfeit products then arrive at the upset buyers’ as supposed originals.
ivault is an efficient track-and-trace solution that enables the detection of counterfeits in the supply chain. Using distributed ledger technology, ivault makes a completely transparent, traceable and therefore the most secure supply chain possible.
In the interview with CIO Applications, Arman Sarhaddar, CEO and founder of Vault Security Systems, describes how ivault came into being: After he himself had been robbed, he came up with his idea:
“What if I put every physical item into a database with serial numbers? I would then have all the information recorded. With that idea being patented, it lead to the formation of the company.”
Vault Security Systems AG now helps manufacturers of clothing, electronics, pharmaceuticals and more…
How does ivault help to overcome the challenges that companies face?
The global problem is the loss of billions of dollars in revenue on the part of large companies and, on the other hand, the endangerment of human lives by counterfeit products that do not comply with required security standards and, especially in the case of counterfeit drugs, can have fatal consequences.
That’s why we have developed a blockchain solution that uses distributed ledger technology to secure the supply chain and is easy to use for both companies and consumers.
ivault helps companies to track their products through the entire supply chain from manufacturing to end users by recording and time-stamping all transactions. Once a transaction has been registered, it cannot be changed by anyone, guaranteeing the authenticity of the goods.
Essentially, this minimizes the likelihood of counterfeits entering the supply chain undetected.
Understandably, counterfeiters will avoid companies that have the ivault blockchain solution implemented into their supply chain, because they will not make any profit anymore by infiltrating these companies’ supply chains. It is likely they will seize to sell counterfeits via illegal distribution channels too, because every buyer can easily check via the ivault app on every smartphone, if a product is a fake.
Companies can easily implement this blockchain solution, because the existing databases in their supply chains can continue to be used.
Technical characteristics and functionality
ivault is accessible via web browsers. The product information is registered either manually or by using a QR code, NFC chip or RFID chip. The information includes material and ingredients used in the product, as well as data on their origin.
From production to the end user, every detail is recorded with a time stamp to bring transparency to the supply chain. If someone wants to access this information, they can quickly scan the product with the ivault app on any smartphone and check all the product details on the website.
This means that the end user can also easily verify the authenticity of a purchased product. In addition, ivault enables end users to protect private property and assets. With the global search engine ivault, anyone can find lost or stolen items in real time.
What’s next for Vault Security Systems AG?
We are currently focusing on supply chain protection and there are numerous ways in which we can use our blockchain solution.
For example, in the automotive industry, our blockchain solution will have a huge impact. In the case of Ferraris and Porsches, which cost around $5 to $6 million, buyers want to ensure that every part in the car is an original. Our platform gives them the security they need.
We are also working to extend the reach of our platform to various sectors, including medical device manufacturers and pharmaceutical companies. A medical device company, for example, lost about $100 million a year to counterfeit products. ivault can help quickly identify counterfeit products in the supply chain and thus help rebuild a company’s reputation.
There is an urgent need to bring transparency into the supply chains of pharmaceutical companies, as they have massive problems with counterfeit drugs. We have previously reported on this in detail in connection with the ongoing corona crisis.
Moreover, human lives are at stake here.
In the worst case, a counterfeit medicine can cause more damage than a disease itself. We are therefore aiming to expand our platform within the healthcare industry within the next year. Geographically, we want to bring our blockchain solution into the European Union, the United Kingdom and South America.