Retailers armed with artificial intelligence tackle Asian counterfeiters
Counterfeiters in Asia cost businesses billions of dollars each year and China, which accounts for a mind-numbing 70 per cent of counterfeit goods seized globally, is the world’s leading counterfeiting superpower.
But counterfeiters in China and throughout Asia are about to face an unprecedented level of scrutiny from the retail industry, an industry armed with artificial intelligence, blockchain technology, and a partnership between two companies, Neuromation and Linfinity.
Under the partnership, Neuromation, a leader in AI development, will process and analyze data for Linfinity’s blockchain and IoT-driven supply chain solutions. Neuromation will also produce large-scale synthetic datasets for further development of AI-powered production management and consumer behavior solutions for use by Linfinity. Synthetic data is used to train AI algorithms, the brain of smart software application, on how to perform their assigned tasks.
The partnership’s first product will focus on one of Asia’s most notorious problems – counterfeits. According to a 2016 joint report by OECD & EUIPO, the global counterfeit goods market accounts for nearly half a trillion dollars yearly.
“Counterfeit products are a problem not only for manufacturers and distributors, but for consumers as well,” said Maxim Prasolov, President of Neuromation. 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 AI-powered platform to be created through the Neuromation/Linfity partnership will collect, record and analyze data at every link in the chain, from raw material suppliers, manufacturing facilities, carriers, distribution centers, points of sale – and from consumers themselves. Because the platform will be created on a blockchain, information will be recorded on a shared ledger like a shared Google doc.
Every participant on the chain will maintain a copy of the shared ledger, making it virtually tamperproof. The result – retailers will be able to immediately recognize fraudulent vs. authentic products in the supply chain.
The partnership will develop solutions for Linfinity’s entire client base that includes large and medium-sized enterprises in logistics, tobacco and alcohol production and distribution, fruit distribution and cosmetics, with combined annual revenues of over $3.5 billion.
“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 platform and we look forward to working closely with Linfinity,” highlighted Prasolov.
Linfinity CEO Xiaotong Wang: “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.”
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