Australian, Mark Toohey, has launched a startup called TBSx3 to develop a blockchain-based system intended to stall counterfeiters.
Toohey, founder and director of the company, states that his “TBS times three” comes from three layers of protection built into the company’s anti-counterfeiting solution – encryption, logistics tracking, and blockchain.
Innovation Australia reports:
TBSx3 recently completed the first field test of its platform, sending a pallet of Coonawarra wine on an 8,100 kilometre journey to Qingdao in China. Transport and logistics giants DP World, DB Schenker and Hamburg Sud all participated in the trial and the results were verified by KPMG.
A report earlier this year in the China Policy Institute journal by Anqi Shen, a reader in law at Teeside University in the UK, noted that as much as 30 per cent of wine sold in China may be counterfeit, and 70 per cent fake.
Read more about the product an applications in the food industry at: