Australian blockchain company TBSx3 has succeeded in completing a trial to tackle the issue of fake goods. “TBSx3 has developed a blockchain-based
Australian blockchain company TBSx3 has succeeded in completing a trial to tackle the issue of fake goods.
“TBSx3 has developed a blockchain-based verification system that it says delivers military-grade security across global supply chains.”, according to an excerpt from an article that appeared in theaustralian.com.
“The company said its use of 44 alphanumeric character security cryptography, compared with the more commonly used six-digit public cryptography, allowed it to secure the entire chain of custody.”, added the author and technology editor Supratim Adhikari.
KPMG has reportedly advised TBSx3 on the trial and verified the handovers for the integrity of the product that travelled from Coonawarra in South Australia to the port of Qingdao in northeastern China. The product was produced by Ius and was a bottle of wine.
As the article pointed out, the system developed was designed to make sure that the end developer receives what he has purchased in the first place.
The company founder, Mark Toohey, said that a global supply chain that has a military precision, which can monitor product movements, was necessary to fight fake products.
In March, it was reported that the Australian Post has teamed up with Alibaba, the world`s biggest e-commerce company and Blackmores, a renowned Australian natural heath company, to combat counterfeit products in China, while using blockchain technology.
“We are delighted Alibaba has invited us to create an innovative platform, which will track food from paddock to plate, strengthening the supply chain.”, as Bob Black, executive general manager for parcels at AusPost, said in a comment at the time.
“The initiative will leverage our secure, reliable and fast service to support the authentication of Australian products bound for the Chinese market.”, he explained as quoted by the media.
Last year, Barclays and Israel-based start-up Wave have realized the first global trade transaction using the blockchain technology. The transaction reportedly exports cheese and butter worth $100,000 from Omua to the Seychelles Trading company, as cryptocoinnews.com and Reuters (reuters.com) wrote in their news reports.