Estonia: Estonian company Neuromation strengthens its position in the Asian market and announces the start of cooperation with Linfinity.
Under the partnership, Neuromation will process and analyze data for Linfinity’s blockchain and IoT-driven supply chain solutions. Neuromation will also produce large-scale synthetic datasets for further development of AI-powered production management and consumer behavior solutions for use by Linfinity.
The partnership’s first product will focus on one of Asia’s most notorious problems – counterfeits. According to a 2016 joint report by OECD & EUIPO, the global counterfeit goods market accounts for nearly half a trillion dollars annually. Most of the fakes, over 85% according to the report, come from Asia.
“Counterfeit products are a problem not only for manufacturers and distributors but for consumers as well. We all pay the price for fake goods. With Neuromation’s expertise in data and AI, and Linfinity’s expertise in blockchain-based supply chain systems, we will provide the technology needed to identify and remove counterfeit goods, at scale.”
The primary solution will collect, record and analyze data at every link in the chain, from raw material suppliers, manufacturing facilities, carriers, distribution centers, points of sale – and from consumers themselves. The net result is an immediate recognition of authentic products for all participants, and material increases in efficiencies throughout the supply chain.
The partnership will develop solutions for Linfinity’s entire client base that includes large and medium-sized enterprises in logistics, tobacco and alcohol production and distribution, fruit distribution and cosmetics, with combined annual revenues of over $3.5 billion.
“Our partnership with Linfinity is part of our strategic development of the Asian market. Linfinity’s customer base in China, Korea and Singapore strengthens our position across the region. This project is a prime example of Neuromation’s AI Platform and synthetic datasets solving real-world problems for industry. This is a major driver of demand on the NeuroPlatform and we look forward to working closely with Linfinity,” highlighted Maxim Prasolov, President of Neuromation Digital Economy.
Linfinity CEO Xiaotong Wang: “Linfinity is pleased to strengthen its relationship with Neuromation. We are committed to a long-term partnership to develop industry solutions throughout Asia, and beyond.”