SINGAPORE, June 1, 2018 /PRNewswire/ — Founded in Singapore, Linfinity is the world’s first distributed supply chain platform based on blockchain, Internet of Things and Big Data technology, that is commercialising FMCG products. It aims to transform the supply chain industry by building a trusted and traceable anti-counterfeiting supply chain through blockchain technology.
Today’s global supply chains are slow, inefficient, and susceptible to fraud and negligence. This, in combination with consumers’ increasing demand for greater levels of transparency regarding product origins, is exactly what Linfinity plans to address in its blockchain system for supply chains. With reliable data, transparent information and interconnected networks, Linfinity enables traceability of supply chains from source to end consumer.
The application of blockchain technology in the supply chain industry enables the following advantages within the ecosystem:
- Enhanced transparency — A product’s journey can be documented across the supply chain from origin to destination, increasing trust between players in the ecosystem.
- Scalability — Any number of users can participate in the supply chain and engage in the transfer of information.
- Better security — A ledger, such as the blockchain, would self-regulate the system improving on previous internal audit inefficiencies.
- Engaged stakeholders — Using an incentive model (using tokens, cryptocurrency and a system of smart contracts that automates payments), it allows automation of payments and quick transactions. This creates an active ecosystem that benefits all parties involved.
- Increased innovation — Once a blockchain system is in place, smart contracts can be used to increase efficiency and integrate with the rest of the system.
Mr Anndy Lian, CEO of Linfinity Singapore, said, “As the demand for transparency increases for products, the application of blockchain to this system will not only improve supply chain efficiency, but allow reliable collection of data. Throughout the various points in the supply chain, the data will be handled in a secure, digitised and verifiable manner. This will allow consumers to access accurate and trustworthy information about the product that previously was unavailable to them, as well as ensure that the product is authentic.”
Linfinity Introduces Blockchain Technology to Various Supply Chain Industries
Moving ahead to raise greater awareness in the blockchain space, Linfinity has several upcoming collaborations across various industries, which also includes conducting a blockchain roundtable to facilitate open discussion around blockchain.
Linfinity has signed Memorandum of Understandings (MOUs) with six companies — Crossinvest, RHTLaw Taylor Wessing LLP, RHT Holdings, RONGDE Logistics, Scientific Tradition, and WealthBriefingAsia on 31 May, Thursday. These MOU signings will mark the start of strategic collaborations between industry partners and Linfinity to explore blockchain together.
Under the terms of the memorandum with Scientific Tradition and RONGDE Logistics, Linfinity will introduce its blockchain system to their supply chains in order to increase effectiveness and efficiency. The introduction of Linfinity’s blockchain system to Scientific Tradition’s supply chain will protect their research from fraud and negligence and provide a transparent overview of product origins to their consumers.
The MOU signings with Crossinvest and WealthBriefingAsia signal the agreement between partners to contribute knowledge and expertise in their respective fields to facilitate the blockchain ecosystem at different points of the supply chain. Linfinity’s partnership with RHTLaw Taylor Wessing LLP and RHT Holdings will entail pilot trials implementing blockchain technology for future projects involving the clients of RHT across multiple industries in Singapore and the region.
Mr Tan Chong Huat, Managing Partner of RHTLaw Taylor Wessing LLP, said, “Linfinity’s partnership with RHTLaw Taylor Wessing and RHT Holdings creates exciting opportunities to collaborate and value add to this ecosystem. We look forward to commencing these pilot trials for our future projects, as well as to support and further the work that Linfinity is doing within the supply chain industry. With the transparency and accountability afforded by blockchain technology, we believe this can be a gamechanger, and with further potential for this technology across various sectors, it is something we are excited to be a part of.”
In line with Linfinity’s partnership with WealthBriefingAsia, Linfinity is proud to announce that it is the official blockchain partner for this year’s WealthBriefingAsia Awards. Held on 31 May, Friday, at the Westin Singapore, the WealthBriefingAsia Awards is a prestigious event showcasing the best and brightest of the private banking and wealth management space. As part of this partnership, Linfinity was involved in the presentation of awards to the winners during the event. This is the first year that WealthBriefingAsia and Linfinity will be working together.
Additionally, Linfinity will be holding a series of roundtable discussions across the region. The first roundtable discussion will be held on 1 June, Friday in Singapore to offer a “how-to” approach to deploying blockchain technologies across industries like logistics, finance, retail, and many more. Through these roundtable discussions, Linfinity aims to forge strategic partnerships and introduce its blockchain system into supply chains across various industries.
Linfinity is committed to building a reliable and traceable anti-counterfeiting supply chain underlying blockchain technology. Linfinity establishes such a platform with reliable data, transparent information, efficient cooperation and interconnected network to cope with the practical business pain points and development demand of corporate users.
Crossinvest is a multi-generational family-owned group that exemplifies the finest Swiss Private banking traditions. The independent external private wealth management company offers bespoke and exclusive discretionary management, financial advisory and family office services to its family of clients.
About RHTLaw Taylor Wessing LLP
RHTLaw Taylor Wessing LLP prides itself as a law firm that delivers international capabilities, locally. As a firm based in Singapore, RHTLaw Taylor Wessing LLP offers clients access to a network of more than 3,300 legal professionals across 69 offices in Asia, the Middle East and Europe and the United States via its membership with the Taylor Wessing network and ASEAN Plus Group (APG).
For more information, please go to http://www.rhtlawtaylorwessing.com/
About RHT Holdings
RHT Holdings is the Leading Professional Services Group in Asia. The Firm consists of six subsidiaries namely, RHT Capital, RHT Communications & Investor Relations, RHT Compliance Solutions, RHT Corporate Advisory, RHT i-Assets Advisory and RHT Management Services. RHT Holdings is part of a highly networked, multi-disciplinary group of companies.
For more information, please go to https://www.rhtholdings.com/
About RONGDE Logistics
RONGDE Logistics is a logistics support company that strives to take logistics to the next level. The company provides access to 40 prime movers with GPS tracking, 400 container chassis, emergency recovery trucks, SCDF approved vehicles and more.
About Scientific Tradition
Scientific Tradition was founded by Jannie Chan, who spent millions of dollars on Lingzhi research and even has a Lingzhi named after herself. Ms Chan is also the co-founder of The Hour Glass and was the longest serving president at the Retail Association Singapore.
WealthBriefingAsia has over 20 years’ experience of providing information to the international financial services sector. It is the Asia-focussed daily news and analysis service of the WealthBriefing Network.