Blockverify

Details

Client

Blockverify is a London-based blockchain company that helps businesses worldwide fight counterfeit issues. The purpose of Blockverify project is to introduce transparency to supply chains with the help of decentralized data distribution features of blockchain technology.

The platform has been presented at a number of major international conferences, including the World Economic Forum in Switzerland and Blockchain Expo Global in the UK.

Microsoft Corporation is one of the ultimate end-users of the developed solution.

Challenge

Supply chains in pharmaceutical, jewelry, electronics, and retail industries have been long affected by counterfeit products. Due to limited oversight in monitoring the transfer of goods, fraudsters are able to easily introduce fakes or cheap item copies at various stages of the supply chain process. The black market of counterfeits and their illicit trade is growing by 20% annually resulting in billions of lost revenue.

Existing anti-counterfeit technologies are considered vulnerable as they: 

• Can be hacked or duplicated by counterfeiters;
• Cannot identify products down to the item level;
• Are often applicable to only one specific industry.

Blockchain Supply Chain Security

High security is the main feature of blockchain technology: every new transaction adds a block that is immutable and timestamped, which makes it easy to track a product, prove its origin, and reduce the risk of selling fakes in the end. In the case of our supply chain and anti-counterfeit solution, the system’s blockchain serves as a database channeling transfer of licenses and other valuable information. Data transfer from supplier to manufacturer, from manufacturer to distributor, from distributor to retailer and from retailer to consumer via blockchain is highly secured. The information inside the blocks cannot be altered post-factum, which eliminates the ability to commit theft and fraud.

How Tracking Supply Chain History Works

• Each item is labeled with a unique ID called Blockverify tag;
• The tag is used at all stages of the supply chain for recording the history of transfers, ownership, locations, etc. permanently on the blockchain;
• Having been scanned by all actors along the supply chain, the tag is finally validated via a mobile app by the ultimate consumer at the time of purchase.

Solution Architecture

Blockverify is built on the Graphene blockchain. The most critical features of the framework are strong security and scalability related to transaction speed. The Graphene-based PoC built by our team is able to push over 3000 transactions per second.

Parties involved in the supply line can always acquire access and view parameters and transaction details. The solution supports 2 modes of access: private and public.

The blockchain-based process of item certification and verification increases reliability and builds trust among all supply chain participants. By verifying goods with this tamper-proof system they can be assured that the items received are genuine.