SHANGHAI, July 9, 2018 /PRNewswire/ -- Chronicled, Inc. has announced the launch of a confidential chain of custody solution at China Trade Development Week (GTDW) in Shanghai. The solution consists of secure product identifiers, mobile Apps, a web dashboard, and blockchain-as-a-service and is ideal for securing chain of custody for high value products. The solution is especially useful when there is a need to demonstrate that products are authentic and to prove their origin back to a bonafide producer.
The launch was announced by Chronicled CMO Sam Radocchia, a co-founder of the company, who was featured amongst a distinguished panel of global leaders by the event's organizers. She presented at a workshop entitled "Brand Protection: Why Countering Illicit Trade and Promoting Market Integrity Are Vital." The workshop was chaired by former Head of The OECD Task Force on Countering Illicit Trade, Mr. David M. Luna. Mr. Luna is now CEO of Luna Global Networks & Convergence Strategies LLC, an international consultancy firm providing strategic advisory services to address some of the security and business challenges facing today's global markets.
"The size of today's global illicit markets is massive," said Mr. Luna. "An array of consumer goods are impacted, from medicines and electronics to shoes, apparel, foodstuffs, and auto parts. They're extremely profitable, so we see a tremendous amount of fake goods, and some are defective, toxic or dangerous and have killed tens of thousands of people. Smart products, cosmetics, movies, watches—you name it, there are counterfeits. The reality is that every IP product can be counterfeited by criminals and illicit networks."
Chronicled has developed a solution capable of proving physical chain of custody using the blockchain, mobile devices, and secure digital identifiers to track physical assets. The strongest of these identifiers are the same encrypted NFC chips that are used in credit cards and government IDs. Lower cost secure barcode, 2D matrix, and QR code technologies are also available, and the system can work at the individual product, shipping unit, or palette level. The system ensures that a product's history can be verified with 100% certainty, including tracking identity transformations of raw materials inputs, and appending documents and data along the chain of custody.
According to the Organization for Economic Cooperation and Development (OECD) and other bodies, the trade in the largest counterfeit markets continues to grow. These include sensitive industries whose products are important to human health, global security and other crucial concerns. The top ten illicit markets as of the most recent available data are: Pharmaceuticals; Food; Luxury Apparel/Consumer Goods; Tobacco Products; Autos/Transportation; Environmentally Sensitive Goods; Corruption and Money Laundering; International Foreign Assistance; Defense; and the Theft of High Value Wine, Art, and Collectibles. Clearly, given the enormous economic impact of these verticals, combined with the public health and safety implications of many, a powerful solution is needed.
"We've worked very hard over the past several years at Chronicled to develop a real solution to this problem - one that has never existed before," said Radocchia, the CMO. "Now, using the blockchain, we have a decentralized platform that is capable of solving some of these problems that have faced industry for decades. We're very grateful for the opportunity to speak and discuss our work with the international community in Shanghai." Among the international organizations present at the GTDW meeting included the World Trade Organization (WTO), OECD, INTERPOL, International Trademark Association (INTA), United Nations, World Customs Organization (WCO), and many others.
Based in San Francisco, Chronicled is a technology company leveraging blockchain and IoT to bring trust, efficiency, and automation to global supply chain ecosystems. The Company is a pioneer in linking physical world economy workflows to blockchain systems and has developed a decentralized protocol and network for supply chain in order to extend trust boundaries and enforce cross-organization business rules without revealing private data. Currently, Chronicled's most active market verticals are Pharmaceuticals, Commodities, and Precious Metals and Minerals. See: http://www.chronicled.com and http://www.chronicled.org