Startup Technology: Stamping Out Counterfeit Goods with Blockchain Technology and Internet of Things (IoT)

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Counterfeiting is a massive economic problem that results in billions of dollars in lost business revenues each year, and it exposes corporations to fraudulent materials and defective parts.

Within the global pharma space, between $75 billion and $200 billion in counterfeit drugs are sold each year. In the electronics industry, fake parts cost component manufacturers about $100 billion annually. And in the European luxury goods market, about 10% of all items for sale are counterfeited, representing approximately $28 billion in lost value.

IoT provides unique identification and traceability, and blockchain provides a tamperproof chain of custody information. Pairing them can create a shared, distributed ledger capable of recording the origin, location, and ownership of raw materials and products at each stage of the value chain—giving manufacturers, partners, and customers the transparency and authentication they need. Blockchain with IoT, because of its ability to immutably track and share genealogy across multiple stakeholders, can inhibit counterfeiting in ways that traditional technologies cannot.

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Stamping Out Counterfeit Goods with Blockchain and Internet of Things (IoT)

Over the past year, Boston Consulting Group and Cisco Systems have explored the promise and impact of blockchain and the Internet of Things (IoT). The result is a three-part series that studies the practical applications and economic benefits of using blockchain with distributed IoT networks.

Startup Stories - These women entrepreneurs aim to transform the fresh food supply chain in India and tap into a market worth $2 Bn

An evolving technology, by QZense founders Rubal Chib and Dr Shristi Batra, aims to minimise and hopefully, eliminate this loss with its IoT solution that quickly and accurately grades fresh food. The technology employs a unique combination of near-infrared spectral sensors and olfactory sensors for analysis of internal spoilage, ripeness, sweetness, and shelf life. 

“The plan is to deploy the technology to the entire supply. However, currently, our immediate target is Indian fresh retailers. This includes the retail chains, e-retailers, and e-tailers since it is convenient and very optimal for them to deploy this technology. We are deploying our technology to the retailer’s warehouses, collection houses, and stores. Our solution will help the retailers and aggregators minimise inventory losses, and capture optimal margins by delivering the finest quality produce to the consumers,” Rubal tells HerStory.

QZense has filed its first patent and is beginning a pilot with Waycool for apples. Having shown the features of spoilage and Brix (sweetness), it also wants to deploy the device at the vendor end. Additionally, it is in conversation with Zomato Hyperpure and Mahindra Agri. It has received an investment from HAX, in addition to Entrepreneur First.

India is the second-largest producer of fruits (81.285 million tonnes) and vegetables (162.19 million tonnes) in the world, and the third-largest fresh retail market with over $500 billion in sales. On the other hand, 40 percent of the food produced in India is either lost or wasted. In 2019, India lost $14 billion in post-harvest food loss.

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These women entrepreneurs aim to transform the fresh food supply chain in India and tap into a market worth $2B

India is the second-largest producer of fruits (81.285 million tonnes) and vegetables (162.19 million tonnes) in the world, and the third-largest fresh retail market with over $500 billion in sales. On the other hand, 40 percent of the food produced in India is either lost or wasted.

Funding Alert: Stride Ventures backs portfolio diary IoT startup Stellapps with fresh debt round

Source:- YourStory Media

Author:- Sujata R Sangwan

Stride Ventures has invested an undisclosed amount in portfolio company Stellapps Technologies Private Limited Technologies, an Internet of Things (IoT) firm operating in the dairy supply chain.

Founded in 2011, Stellapps is a farm to consumer dairy digitisation service provider. It leverages analytics and artificial intelligence through its full-stack IoT platform to enable dairy ecosystem partnerships with financial and insurance institutions, veterinary services, cattle nutrition providers, etc., to drive significant value for each stakeholder, including small farmers.

Through its customer-base, which includes all major private and co-operative dairies, Stellapps currently digitises about 10 million litres of milk worth $3.4 million every day, and directly impacts two million dairy farmers in over 28,000 Indian villages.

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[Funding alert] Stride Ventures backs portfolio dairy IoT firm Stellapps with fresh debt round

Stride Ventures has invested an undisclosed amount in portfolio company Stellapps Technologies, an Internet of Things (IoT) firm operating in the dairy supply chain. This is the second investment by the venture debt fund in Stellapps in less than a year. Previously, the fund invested in the Bengaluru-based dairy IoT firm in December 2019.