Current supply chain issues and how can blockchain solve them?
Some of the biggest challenges we face in many sectors today are counterfeiting, human error and relying on an element of trust, due to the ineffective methods of tracking we are using currently.
This blockchain technology can help deal with these issues outlined above because it allows for enhanced transparency and removal of any fraudulent activity, due to the fact that once activity is recorded onto the blockchain, the results can not be amended.
There is no central authority due to its decentralized nature and there will be access to all necessary information for customers and authorized stakeholders. Much of the tracking will be automated, removing the need for human input, so the autonomous tracking at every step of the supply chain process should provide us with reliable, comprehensive and trustworthy results when we scan the label of a product to see its history.
1. Vechain (VET)
Put simply, Vechain is a supply chain cryptocurrency which will allow for full, trackable viewing for a product, stemming from the initial stage in its creation, all the way through the supply chain process (being tracked every step of the way) to the shelves, until it reached the customer.
Initially, the manufacturer puts a unique identifier (RFID tag) on each package so it gets scanned through every stage of the supply chain process until it reaches the end consumer. The customer will then be able to scan the label with their mobile phone app and see all the relevant, recorded information.
Sunny Lu, CEO and Co-Founder
Sunny Lu has experience in IT and Informational Security for many luxury brands including Luis Vitton China, Christian Dior, Givenchy, Dom Perignon and other brands, as well as Co-founding BitSE
Partner in PwC China, having worked there for 14 years. Experiences include Security assessment and regulatory compliance.
CEO for DNV GL in the Greater China Region, having worked there for 19 years. Before then, he worked for Saic Motor. Experience includes supply chain management, product assurance for food & beverage, healthcare and aerospace niches.
Worked for two of the Big Four accountancy firms; Doilette & PwC. He is the CFO / co-founder of Vechain with extensive experience in IT General controls, Security, Governance and Risk management.
Prof. Margret Rui Zhu
PhD in Finance from University of Texas at Austin USA, Professor Zhu is currently researching corporate finance, risk management and the interaction of capital / product market.
Chief Scientist at Vechain, PhD in Computer Sciences from the University of Southampton and is the R&D director at Vechain. He has been published in international scientific research journals for his contributions as a postdoctoral researcher for the University of Kent, UK.
Global Digital Transformation Director at DNV GL. Experience includes Strategic Planning, Mergers and Acquisitions, Business Development and international operation management. He has been working on a blockchain-backed projected which will allow for ship certification.
General Manager for Vechain. Has 3 years of experience at Goldman Sachs, had an internship at Shell and had various managerial positions at Barclays. He holds an MBA from the prestigious London Business School, ranking 1st in Europe and 2nd in the world by the Financial times for their Business & Management Studies, 2017.
Leaders in global quality assurance & risk management; audits, advisory services, software solutions, certifications
PwC China and PwC Singapore
Vechain was incorporated into their incubator program. PwC is one of the Big Four auditors that dominate the industry.
Kuehne & Nagel
Asked to ‘smartify’ the air /sea packages for the largest sea freight forwarder in the world & second largest for air cargo forwarder in the world.
The China State Tobacco Monopoly Administration & The China National Tobacco Corporation
Helping to track cigarettes and remove fake cigarettes from circulation, starting with China, which accounts for 30% of the world’s cigarette production.
First ICO which ran on the VEN blockchain, BitOcean is a cryptocurrency ATM provider in Japan, fully licenced by the Financial Services Authority (FSA).
Collateral-back loans to SMEs using cloud computing and AI to match financial resources.
A company which develops nano-chips with photonic properties, called NDCode. These are more resistant to high temperatures, more durable and easier to use. This is a key partnership in the distribution & development of the hardware required for Vechain implementation.
Largest real estate developer company in China
Automobile company which provides their customers with ERP, SCM & CRM solutions, essentially allowing for proof of origin tracking for cars, as well as sharing and calculation of metrics by car manufacturers. This will revolutionize and customize the insurance industry so everyone gets a bespoke quotation dependant on their metrics.
This is a key partnership which should get the VET name into the mainstream limelight and into the western world. This is the moment that the announcement was made on stage (very briefly and casually):
2. WaBi (WaBi)
The Company behind WaBi is Walimali and has been established to solve product authenticity issues. It operates internationaly (but mainly in China) and helps to prove authenticity in the cosmetics, alcohol and baby product niches.
Conceived in 2013, it focused on becoming one of the biggest infant formula producer until 2015. Since then, it has won grants from the Jiaxing municipal government and has launched an IOS / android app alongside the development of a new RFID label, in the years 2015 and 2016 respectively.
In December 2017, the WaBi blockchain technology started to protect baby infant formula and Alcohol products with the technology. This year, they are aiming for the pharamceutical industry as well. This is an industry which wastes a lot of energy in refridgerating all products for the sake of keeping a small percentage intact, because there is not a reliable system of tracking. Tapping into this industry could prove to be very lucrative.
Moving forward, they aim to create loyalty programs with manufacturers, partner with insurance companies and insure products through themselves as well.
Alex Busarov, CEO
Founder of EarlyBird, Startup fundraising platform in China. Alex Busarov is also a Consultant for McKinsey in Moscow and Dubai.
Yaz Belinskiy, Co-founder
Business Development Manager of LP Amina Energy and Environmental. Former Associate Consultant of Bain.
Kitty Xu, Marketing Director
Former Business Advisor of Wofaro, a floral design startup, Marketing Manager of RS Components, and Senior Account Manager of Text100, a global marketing communications agency.
Mario Pazos, Advisor
Former Regional Prepaid & Personal Payments Head at Mastercard
Igor Livant, Advisor
Former Executive Director of Goldman Sachs and Associate Principal of McKinsey
Long Chiu, Advisor
Former Director of Digital Commerce Development of Mead Johnson Nutrition
Mark Zavadskiy, Advisor
Business Development Director of Aliexpress
We can see that June 2018 is going to be a big month for WaBi, with a good chance of a spike in price if the app / partnership announcement / expansion bodes well with investors and generates awareness for the WaBi Brand.
200 different products should be stocked with Walimali protected products by September 2018. The Sales platform will be launched and integration into other loyalty schemes or payment gateways.
By December 2018, WaBi hopes to expand to South East Asia, Latin America and Europe, aiming to resolve issues facing the pharmaceutical industry as well. If they reach their goal of 100 cities and 1000 stores, WaBi will be a key player in the supply chain blockchain industry.