Blockchain Logistics Consortium Formed By Australian Startup TBSx3

Blockchain, Group, News | February 6, 2018 By:

Australian blockchain startup TBSx3, shipment tracker DB Schenker, logistic supply chain company DP World Australia, and an unnamed container carrier have formed a blockchain consortium to tackle the issue of fake goods.

The companies intend to use blockchain architecture developed by TBSx3 to combat the global counterfeit goods industry, protect global supply chains, and help companies restore consumer trust in supply chains. TBSx3 said its blockchain verification system delivers military-grade security across global supply chains. Its use of 44 alphanumeric character security cryptography, compared with the more commonly used six-digit public cryptography, allow it to secure the entire chain of custody.

In May 2017, the companies completed the first field test of the platform, sending a pallet of Coonawarra wine on an 8,100 kilometer journey to Qingdao in China. KPMG advised TBSx3 on the trial and verified the handovers for the integrity of the product during its journey.

Pieter Vandevelde, Chief Revenue Officer of TBSx3, said the goal of the consortium is to reignite trust in every link in the supply chain and create a more transparent, ethical ecosystem of international trade.

“This consortium is just the beginning of our ambitious goal to create a united network of leading companies around the world, working together on a true blockchain platform that will restore consumer trust in their brands,” said Vandevelde. “There is only one way forward to improve the integrity and efficiency of supply chains. It lies in the collaborative efforts from every company involved and I see only one technology that can make that happen: blockchain.”