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Fälschungsschutz Blockchain Supply Chain 2020

Supply chain: Counterfeit protection with blockchain – a competitive advantage?

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.

Fälschungsschutz Blockchain Supply Chain 2020

Blockchain for counterfeit protection and supply chain transparency: Everyone talks about Bitcoin, but there is much more to blockchain than cryptocurrencies. Soon the first corona vaccines are on the market… as well as counterfeit drugs. ivault for supply chains is one of the best solutions available in the fight against fraud and counterfeiting.

 

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.

Supply Chain Fälschungssicherheit bei Golisan: Die Nahrungsergänzungsmittel von Golisan haben nun das ivault verified Label auf der Produktverpackung und je einen eigenen QR-Code auf der Etikette.

Supply chain management and counterfeit protection at Golisan: Golisan food supplements now have the ivault verified label on the product packaging and a unique QR code on each product’s label.

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.

Corona Medikamente Fälschungen, Fälschungsschutz Supply Chain

Whether we talk about imitations of branded clothing contaminated with harmful substances, counterfeit medicines or faulty replicas of spare parts for motor vehicles or even airplanes: Counterfeit products have serious consequences for us and our entire environment. Solutions for supply chain transparency, traceability and counterfeit protection are desperately needed.

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.

Blockchain AIM 2020: blockchain for supply chain and fighting the pandemic

Blockchain for supply chains: Register now for the the FC Session 8: “Keynote: Future of Blockchain and its Impact on Supply Chain and fighting the Pandemic?” on October 21, 2020 at 15:00 to 15:20.

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.

 

Arman Sarhaddar iVAULT at InsurTech Summit, Istanbul, Turkey

Inspiring speech about ivault at InsurTech Summit 2019

In short: At the 2019 Global InsurTech Summit in Istanbul, CEO and founder of Vault Security Systems AG Arman Sarhaddar, gave an inspiring speech about the ivault blockchain and the future of the innovative use of distributed ledger technology. The event was a great success for all of us and the compliments stacked up quickly… Read this article in German here.

Click here to watch the interview on LinkedIn

InsurTech Summit 2019: the ivault speech

 

In the last blog entry you were given a concrete example of what the cooperation between Golisan GmbH and ivault looks like. Companies can now protect their supply chain from counterfeit products in a very simple way and thereby guarantee customer confidence in the authenticity of their optimally protected products.

After visiting the World Economic Forum in Davos at the beginning of 2019 we also mentioned that parts of the management team were going to Istanbul to attend another big event: the Global InsurTech Summit 2019 in Istanbul.

Vault Security Systems at the 2019 InsurTech Summit in Istanbul

ivault @ Global InsurTech Summit 2019 in Istanbul, Turkey

As one of the speakers, Arman was once again able to eloquently and charismatically explain the ivault blockchain’s enormous market potential to his listeners. It brought people closer to the many advantages and opportunities that users of our global platform for the protection of material goods will benefit from when they register their products or possessions. This applies to large corporations and businesses as well as to private users who want to protect their luxury goods like watches, cars, or original works of art.

The InsurTech Hub Istanbul team then wrote:

Dear Arman,

We would like to extend our sincerest gratitude towards you for your motivational speech during the conference held in Istanbul. Your views on developing an effective insurtech strategy and its execution have broadened our horizons.

Please accept our appreciation for such a commendable job. Every participant will take your words into practice. You have covered essential elements of insurtech strategy and your description of how to execute it is remarkable.

We once again would like to thank you for such a wonderful speech and hope to get a chance to hear such speeches from you in future also.

Luckily, this interview from the InsurTech Summit was posted to LinkedIn a few days ago. So we are able to gain some insights without having been there. Arman’s keynote presentation on topics such as ivault FinTech or InfoSec (information security), and cybersecurity was not the only focus of the team’s visit to Turkey. In addition, we also wanted to forge new contacts with interesting people who also represented their companies there.

Photos of the event can also be seen here.

iVAULT @ Global InsurTech Summit in Istanbul, Turkey

ivault @ Global InsurTech Summit 2019 in Istanbul, Turkey

But after this successful appearance the founder and his company hit the ground running and will soon move on to the Kapsch Security Day 2019 on 25 April 2019 in the Aula of Sciences in Vienna. This event deals with current security threats, as well as technological innovations and trends in the field of physical, organisational, and IT security. As you can see, it is an event ivault must attend.

So, in case you did not make it to Istanbul, here you have another opportunity to meet Arman Sarhaddar in person. But, if you don’t make it this time, your next opportunity will certainly come sooner, not later – guaranteed!

What is your opinion? Did you attend the InsurTech Summit in Istanbul as well? What was your impression? In your opnion, what other businesses should be using the ivault blockchain to protect their supply chain, so you can trust their products? Join in the discussion and leave a comment. We will respond soon.