Fake fighter YPB Group is adding blockchain to its anti-counterfeit arsenal
- Date: 30th April 2018
- Category: Innovation, Blockchain
- Origin: YPB
Special Report: Brand protection tech YPB Group is planning to add blockchain to its product suite — and considering funding the project through the alternative capital markets associated via a Token Sale.
Today YPB released details of its plan, including the appointment of specialised blockchain advisor Enhanced Society, who will help the company weigh up the move.
Blockchain is best known as the basis of digital tokens (or cryptocurrencies) such as bitcoin. But it has many other potential applications such as enforcing digital contracts and securing supply chain records.
YPB stressed any potential Token Sale Event (TSE) had not yet been finalised — but said “a successful TSE would unequivocally benefit shareholders.
“Given Blockchain is a natural extension of YPB’s existing activities and the new applications could be readily commercialised given YPB’s experience and existing market access, YPB concluded that it would be a suitable candidate for raising funds for the Blockchain development in the alternative capital markets.”
A successful TSE would fully fund YPB’s development and commercialisation program.
The announcement builds on the company’s proprietary PROTECT DETECT CONNECT product suite. Full details of token design and operation are still being kept under wraps.
The platform helps clients protect their brands and vital documents from counterfeiting and theft through the use of PROTECT codes (which are like super QR codes) as well as providing the tools to connect with end-users.
Scanning these codes at points in a supply chain provides forensic-level security at low cost to minimise brand damage and consumer harm and can provide information direct to the consumer at the final destination.
Once the product is in the customer’s hands, YPB’s customer engagement software kicks in, enabling brands to leverage investment in packaging to build detailed profiles of otherwise invisible and unknowable customers as well as operating a personalised, digital marketing channel directly to any smartphone.
Blockchain was a logical extension of existing capabilities, YPB said.
“YPB has concluded that inclusion of blockchain in the YPB Anti-Counterfeit product suite roadmap would be highly valuable as blockchain will increasingly feature in authentication and supply chain applications and being an early proponent will create clear commercial advantage for YPB.”
Detail of the company’s moves have attracted attention from the ASX compliance team – resulting in a price query earlier this month and disclosure of the proposed TSE at the ASX’s request.
YPB stressed the business model for the TSE was still in development, and was progressing through feasibility.
YPB would seek further specialised legal advice in order to reach a firm decision on whether to proceed.