South Korean startup company has developed a solution that prevents fake cosmetic products from being distributed by applying blockchain technology and QR codes.
This solution records every distribution process from shipping to purchasing into blockchain and it allows anyone to easily check whether a product is real or not through QR code mobile recognition. Company’s goal is to solve problems that could not be improved from legacy system structure through blockchain technology.
BlockOdyssey (CEO Yeon Chang-hak) attracted investments from Amore Pacific Group and a techie startup accelerator called FuturePlay.
BlockOdyssey’s solution applies electronic signature to a QR code for authentication of a genuine product and makes records into blockchain network. It has implemented a private blockchain platform through PBFT (Practical Byzantine Fault Tolerance). Its solution prevents forgery, falsification, and illegal copy by insiders or outsiders during distribution process.
Because this solution uses a universal QR code scanner, it has increased level of convenience for consumers. BlockOdyssey finished developing a prototype through support from Amore Pacific and ‘Tech-Up Plus’, which is a beauty startup promotional program by FuturePlay.
“Amore Pacific Group decided to invest in us and we are currently discussing projects related to our blockchain and QR code-based authentication solution from many angles.” said Director Kim Byung-moo of BlockOdyssey. “Our goal is to develop a blockchain platform that can effectively replace legacy systems within distribution areas of large corporations.”
BlockOdyssey is a company that develops blockchain platforms for businesses. For its service, it focuses on developing enterprise solutions unlike other blockchain startups that raise funds by issuing tokens or carrying out ICO (Initial Coin Offering).
BlockOdyssey’s solution’s goal is to solve current distribution management systems that are centralized through decentralized blockchain technology. It prevents serious problems such as insiders with rights to access database and copy of codes for authentication of genuine products.
BlockOdyssey is also preparing a project to improve point systems.
It plans to make breakdown of transactions between partners and breakdown of how mileages were accumulated and utilized transparent through its blockchain platform. It is going to process creation and exchange of points through blockchain technology while maintaining current mileage processes of different brands to improve cooperation between brands.
“We are currently preparing for commercialization of a private blockchain project for authentication of genuine products with global pharmaceutical companies and South Korean companies.” said CEO Yeon Chang-hak of BlockOdyssey. “Through investments from FuturePlay and Amore Pacific Group, we are going to enhance blockchain solutions within distribution areas.”
Staff Reporter Park, Jungeun | jepark@etnews.com