SimplyBrand, the world’s first blockchain-based e-commerce verification platform, launched a token pre-sale this week with strategic partner Cobinhood, a cryptocurrency service platform.
By integrating blockchain, AI and crowdsourcing, SimplyBrand aims to end online counterfeiting through a safe and trustworthy digital commerce ecosystem.
With the expansion of e-commerce, brands are finding it more difficult to trace counterfeit goods and prove authenticity in the highly fragmented internet space, leading to massive revenue losses and often damaging brand reputation. In addition, consumers continue to suffer from fraudulent traders of copied products.
“For the past years, SimplyBrand has used data intelligence to successfully protect brand image and drive business results for Fortune 500 and renowned clients, including Asus and popular luxury brands,” said Shanghai-based Kaufman Chang, the founder and CEO of SimplyBrand.
“As we usher in a new era powered by blockchain and AI technology, we believe the whole retail economy will benefit from this organic platform, which truly makes every purchase matter.”
Chang says SimplyBrand is already a well-established company with a proven business model and trusted customers using big-data anti-counterfeiting services. Now it is expanding its expertise in machine learning and AI to a more innovative, comprehensive solution.
“We are able to identify and verify products sold on all the major e-commerce platforms with high efficiency based on data including images, prices, locations, product description, etc. An immutable “blacklist” of counterfeit product will then be created on the blockchain for public reference.”
Chang says this allows brands to remove offending product pages responsively and continuously help to improve AI accuracy. Within this ecosystem, crowdsourced participants who report fake products through the SimplyBrand app can earn token rewards to purchase brand privileged items or sell them on exchange, while brands can buy tokens from the exchange and use them to buy brand-protection services.
“As a result, a virtuous cycle of loyal consumers, companies and other enforcement agencies will be created to eradicate the online scourge of counterfeit products for good.”
SimplyBrand was co-founded by Chang and Ronnie Ng, both alumni of University of Chicago Booth School of Business. Chang is a startup entrepreneur with ventures in cloud computing software and big data security software and Ng is an entrepreneur and marketing specialist.