Singapore Startup Wants Change In Perspective On Blockchain
Blockchain has become a buzzword for many businesses, and more Singapore-based companies have ventured into blockchain amid an overall openness toward the digital technology in the island nation.
Singapore-based supply-chain platform Linfinity has become a proponent of the technology. It is trying to get people to look beyond the hype to recognize blockchain’s benefits through dialogue sessions in Singapore and elsewhere in Asia. “We want to move away from the traditional perspective of cryptocurrency—blockchain is not just about bitcoin,” said Chief Executive Anndy Lian, who started Linfinity last year.
The startup’s monthly Linfinity Talks, which cater to retail investors and the community, provide audiences with a basic education in blockchain technology. It also aims to reduce distrust towards blockchain that often stems from unpredictable cryptocurrencies and unreliable founders who disappear from investors’ view after an initial coin offering, said Lian.
In addition, the firm is holding discussions with C-Suite executives, as well as forums tailored to the interests of crypto enthusiasts. These address larger questions, such as how blockchain will affect current tech infrastructure.
Besides arranging these talks, Linfinity is a supply-chain platform that uses blockchain’s “distributed ledger”, or a network of nodes that work directly with one another to validate transactions, to combat counterfeit goods and create a secure tracking system. It aims to track goods, such as cosmetics and pharmaceutical products, as they travel from the start of supply chains, where raw materials are harnessed, to factories and eventually the consumer.
Linfinity equips these goods with cameras, scanners and GPS tracking devices to monitor the whole process. Details such as the names of the people handling the goods and the products’ expiry dates are documented on the blockchain and cannot be modified, helping to create a transparent system, said Lian.