ivault secures supply chains and fights counterfeit and fraud using blockchain technology. Now, according to CIO Bulletin we are among the 30 Most Influential Companies of the Year 2020.
The interview with CIO Bulletin below focuses on counterfeit protection and fraud prevention in B2B, which is also the basis for our B2C platform, a global lost and found database based on blockchain. We also provide you with the 7 main benefits of our innovative, scalable and sustainable blockchain solution for supply chain management – altogether a major competitive advantage for companies.
The counterfeiting market is not only causing trouble for manufacturers of luxury goods. Pharmaceutical companies, pharmacies and patients who are dependent on drug treatment also suffer from the consequences of counterfeit products.
Unfortunately, fatal incidents occur time and again.
Blockchain for supply chain management
Earlier this year Vault Security Systems AG was recognized by CIO Applications from Silicon Valley as one of the best blockchain solution providers in 2020.
Last month CIO Bulletin approached us as well. CIO Bulletin is a leading platform and central resource for information about business & IT executives. Technological innovations are at the forefront of its print and online productions. Decision makers receive support to help them make the right choice in shaping new corporate strategies and achieving corporate goals.
The initial situation: Today’s standards in counterfeit protection can hardly compete with the booming counterfeiting market. The consequences are not only financial losses for companies. Cheap counterfeit clothes, for example, are produced under environmentally harmful and inhumane conditions. Above all, however, it is the production and distribution of counterfeit drugs that causes health damage and deaths.
In particular, the current situation around COVID-19 is shamelessly exploited. There are already warnings about fake news and fake vaccinations in every country. But since lockdown, people also order a lot of other drugs over the Internet, which is teeming with bogus and fake drugs.
This is where we must take action as quickly as possible! In order to be superior to the counterfeiters, a technological innovation like our B2B solution is urgently needed.
According to the experts at CIO Bulletin, we are therefore one of the 30 Most Influential Companies of the Year 2020.
Competitive advantages with blockchain technology
ivault‘s mission is to establish a new standard in counterfeit protection with the help of blockchain technology – for every company, every product and every single consumer.
We have summarized the 7 key benefits of ivault below, so you see the competitive advantage companies can gain by implementing the ivault blockchain:
1. Sustainable blockchain solution
Our Blockchain has nothing to do with FinTech and cryptocurrencies like Bitcoin or Ethereum. Bitcoin Mining is known for its environmental impact and high energy consumption. The distributed ledger technology can also be implemented in an environmentally friendly way as in our case: We need just as much energy as your computer at home uses, when you access the Internet.
The supply chain transparency provided by our blockchain solution can also be used to inspect production conditions in terms of sustainability. On top of that, the ivault blockchain can be integrated into an existing supply chain management system to increase counterfeit protection. This is what we did for the Swiss company Golisan.
2. Scalable blockchain solution
Our blockchain for supply chains is scalable. We can perform 100,000 transactions per second when needed. In comparison, scalability in the crypto sector has become one of the biggest challenges, especially for Bitcoin and Ethereum. This is due to the somewhat outdated, energy-consuming proof-of-work algorithm. ivault, on the other hand, does NOT use this algorithm.
3. Cybersecurity (InfoSec)
With blockchain, data is stored in a decentralized manner, which increases cybersecurity immensely compared to other technologies. All entries are individually encrypted. This means that once information has been entered, it can no longer be changed or tampered with. This is the highest possible level of information security nowadays.
In comparison, most companies store important data on a centralized server, that is: all in one place. This server can easily be hacked – something we hear about almost every day. If it crashes due to a hacker attack, the company itself might no longer be able to access its own data. Costumers, on the other hand, complain that they cannot access the company’s digital services anymore.
Thanks to the distribution of data to several nodes (individual computers) in a global network such attacks are no longer possible with our blockchain application.
On top of being one of the most secure technology available so far, the blockchain is anonymous. We do not steal data from our users. More about the advantages of blockchain technology can be found here.
4. Supply chain transparency and traceability
Thanks to ivault, every production step in the supply chain is traceable. For this purpose, each entry is time stamped. The manufacturer knows at any time where a product is located, from the supplier to the distributor and the final destination, the end consumer. In this way, it can be easy to trace where counterfeit products infiltrated the distribution chain.
In this way, the entire supply chain will also be much more transparent. The modern end consumer thinks about manufacturing conditions, e.g. sustainability a lot. The manufacturer can use our B2B solution to provide the environmentally conscious consumers with the desired transparency regarding production conditions.
If a buyer scans the QR code on a Golisan product, he gets all information about the ingredients, our suppliers, etc. – full transparency. The Swiss company is thus unrivaled on the market for food supplement…
5. Consumer trust
All of this has a positive effect on the relationship with the customer as well. ivault is a new way of connecting, a connection between manufacturer and consumer. The blockchain-based communication channel can increase trust in a brand even after previous damage caused by counterfeiting. This can also help rebuild the companies’ image and increase brand awareness.
6. Damage reduction
Financial losses are reduced because counterfeit products can be detected much earlier – before any major damage is done. End users are also less likely to be harmed by cheaply produced imitations such as counterfeit drugs.
7. Counterfeit protection and prevention
The fact that it can be traced where the counterfeiters have infiltrated a supply chain also serves to prevent counterfeiting attempts. The efficiency of the blockchain in terms of traceability and supply chain transparency is an effective deterrent, because counterfeiters do not want to stumble into the spotlight of such a superior technology for counterfeit detection…
For companies like Golisan, who have already implemented our technology, this competitive advantage is very important. ivault enables them to build a new relationship of trust with customers.
For the competition, on the other hand, it is becoming increasingly difficult to make up for this deficit.
Upcoming speech at 2020 AIM Congress
A few days ago a personal invitation by Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, reached us. We are very pleased to announce CEO Arman Sarhaddar’s speech at the 10th Annual Investment Meeting in Dubai.
“AIM Digital is the largest deal-making virtual platform for the global investment community launched by the UAE Ministry of Economy and the Annual Investment Meeting. With the theme “Reimagining Economies: The Move Towards a Digital, Sustainable and Resilient Future,” this major initiative is scheduled on 20 – 22 October 2020.
The very first digital edition of the Annual Investment Meeting will utilize virtual technology to generate, showcase, and facilitate the most attractive and secure investment projects and opportunities for investors from different parts of the world, providing boundless possibilities across diverse sectors leading towards economic recovery, transformation, and sustainability.”
Vault Security Systems AG is listed in the category “Future Cities” among this year’s speakers from renowned companies such as Siemens, Microsoft, Pfizer, General Electric, Philips, Agility, Cigna Insurance, Hyperledger and many more.
There are clearly no more words needed to explain the potential of our innovative application ivault. We hope you have the chance to take part in this great digital event.