On May 17th, 2018, Neuromation decided to give its platform more strength and security by partnering with Linfinity, which should greatly benefit their Asian market. During this collaboration, Neuromation has committed to process and analyze the data it read from Linfinity’s blockchain, along with the IoT supply chain. Additionally, Neuromation plans to create datasets that deal with large-scale interactions, which should help them create production management solutions that involve artificial intelligence.
The first product to come from Neuromation and Linfinity together will be dealing with one of the biggest issues that the Asian market seems to have – counterfeiters. To put this issue in perspective, a joint report in 2016 by OECD & EUIPO stated that counterfeits account for over a half-trillion dollars a year in the industry. At least 85% of the counterfeits reviewed in the report were from Asia.
In a statement from the two companies, they said,
“Counterfeit products are a problem not only for manufacturers and distributors, but for consumers as well. We all pay the price for fake goods. With Neuromation's expertise in data and AI, and Linfinity's expertise in blockchain-based supply chain systems, we will provide the technology needed to identify and remove counterfeit goods, at scale.”
The main step in these transactions will be to collect and evaluate the data from every link in the blockchain, which includes everyone from raw material suppliers to the consumers. As a result, authentic products will be immediately recognized, while counterfeit products are exposed for what they are. This type of efficiency manages the chain in a way that is secure for all parties involved.
With these results, anyone that uses Linfinity will have solutions for their products, which will impact industries like logistics, tobacco and alcohol production, fruit distribution, and cosmetics. Annually, these industries account for $3.5 billion in revenue annually.
Maxim Prasolov, the President of Neuromation Digital Economy, said,
“Our partnership with Linfinity is part of our strategic development of the Asian market. Linfinity's customer base in China, Korea and Singapore strengthens our position across the region. This project is a prime example of Neuromation's AI Platform and synthetic datasets solving real-world problems for industry. This is a major driver of demand on the NeuroPlatform and we look forward to working closely with Linfinity.”
In return, Linfinity’s CEO, Xiaotong Wang, responded,
“Linfinity is pleased to strengthen its relationship with Neuromation. We are committed to a long-term partnership to develop industry solutions throughout Asia, and beyond.”
Linfinity was created in 2017, covering the blockchain markets in Singapore, China, and Korea. With the team of over 50 engineers and specialists, it should be no surprise that five languages are covered for consumers. With their end-to-end supply chain solutions, the introduction of additional security from counterfeiters is a positive step towards validity.