Blockchain startup TBSx3 has joined a consortium with DP World Australia, DB Schenker and an industry leading container line and is now eyeing entry into the Middle East.
The blockchain partnership is aimed at fighting the worldwide trade of life-threatening counterfeit goods and comes on the heels of TBSx3’s blockchain trials to secure cargo across the global supply chain.
Those trials in May 2017 were the largest of their kind in the world and tracked the distribution of wines from Coonawarra, South Australia to the port of Qingdao in northeastern China. The trial was verified by KPMG.
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.
“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 at TBSx3.
“TBSx3 is growing fast and is planning to set up an office in the Middle East,” he added.
Paul Scurrah, CEO of DP World Australia, said of the new partnership, “I knew 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.”
DB Schenker’s chief information officer, Charlie Mcdonald, added, “data security is the core to modern business risk management and we are excited by blockchain’s potential in this area. The concept of protecting that data through a distributed ledger system holds great promise.”
TBSx3 is working to expand the consortium to include a global leader in the IoT industry.
“We are willing to do business with anyone serious about ridding the world of fake products and protecting consumer trust,” said Vandevelde.