TBSx3 Launches Consortium With Freight Industry Giants to Fight Trade in Fake Goods with Blockchain

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TBSx3, an Australian startup dedicated to combatting the worldwide trade of life-threatening fake goods with blockchain-based technology, today announced partnerships with some of the largest names in the freight business, including DP World Australia and DB Schenker.

Using blockchain architecture developed by TBSx3, the consortium aims to restore trust in global supply chains and protect the safety of consumers by combating the worldwide trade of harmful counterfeit goods, including food, wine and pharmaceuticals, said the statement. Through a mobile app that TBSx3 has developed, every link in the supply chain –manufacturers, distributors, transporters, customs officials, and consumers — can access the shared data on the blockchain-based platform, thus proving the authenticity of a product.

In May 2017, the TBSx3 team completed a substantial blockchain trial to secure cargo across the global supply chain, tracking the distribution of wines from Coonawarra, South Australia to the port of Qingdao in northeastern China, states the company. The trial used TBSx3’s blockchain logistics platform, which aims to defeat the threats of counterfeits through three layers of protection: cryptographic certainty, logistics tracking backed by artificial intelligence and the immutability of blockchain technology. The trial was verified by KPMG, one of the Big Four auditors.

“Blockchain technology opens new possibilities for industry co-operation. Our aim, with forming this alliance, is to reignite trust in every link in the supply chain and create a more transparent, ethical ecosystem of international trade,” said Pieter Vandevelde, Chief Revenue Officer of TBSx3, in a statement.

Paul Scurrah, CEO of DP World Australia, stated, “It was a great opportunity for DP World to become engaged in a new era of industry collaboration. The scale of the fake goods problem is staggering and our company is eager to work with TBSx3 and our industry partners to provide a lasting solution.”

image: Port of Santos, Brazil, CC BY 2.0

About Adriana Hamacher

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