[PRESS RELEASE – South Bend, Indiana, 23rd February 2023]
SIMBA Chainthe builder of Blocks, an enterprise-grade platform that abstracts the complexities of blockchain development to make the innovative technology more accessible across multiple blockchains and services, today announces the integration of Alitheonthe provider of FeaturePrint®, the machine-vision-based solution for authentication and traceability of physical goods.
The go-to-market partnering agreement enables Alitheon to provide its customers with the ability to certify the authenticity and take ownership of digitized physical items using the blockchain-based FeaturePrint® system. SIMBA will extend Alitheon’s FeaturePrint to its own customer base, allowing them to first authenticate, and then trace, physical products through the entirety of their commercial lifecycle.
FeaturePrint® allows for immediate authentication of an item using a smartphone using an advanced optical AI technology that digitizes items. SIMBA provides the infrastructure to enable the omnipresent tracking of real-world items through the blockchain by tying each physical item issued by a manufacturer to a unique NFT which acts as the item’s digital twin. From here, both the NFT and the item can be tracked from warehouse to customer to second-hand buyer and beyond, eliminating the possibility of replication, fraud or counterfeiting.
Bryan Ritchie, CEO of SIMBA Chain, said: “The global gray and black market and counterfeiting industry has proven to be highly resistant to modern day technical solutions designed to curb the problem, while physical policing simply cannot match the scope and scale of the issue . By registering and digitizing physical items on the blockchain we can create an immutable public record of each item, and then follow its path from retailer to customer and beyond.”
Using NFTs to represent physical items on the blockchain enables industrial materials like aircraft and automotive parts to be tracked in real-time through the supply chain, effectively eliminating risks associated with counterfeit parts or inadequate maintenance. Blockchain technology can also be used by diamond producers to confirm the quality and ethical sourcing of their precious stones using immutable data which proves the origin of the gemstones.
SIMBA Chain provides governments and enterprises with interconnective blockchain-based solutions to address a number of areas, including supply chain management, financial accountability, medical data processing, and manufacturing lines. SIMBA recently ported the parts supply chain for Boeing’s F/A-18 combat aircraft onto its blockchain-based system, cutting time consuming paperwork costs by 40%, and reducing parts waste by 15%.
In industries spanning aviation, automotive manufacturing, pharmaceuticals, luxury goods, and collectibles, counterfeiting and gray market activity poses an estimated $4.5 trillion annual challenge to brands and manufacturers. These activities have negative impacts on revenue, brand integrity, and, in some cases, the security and well-being of customers.
The Alitheon SIMBA offering presents undeniable authentication of the physical item, coupled with an immutable ledger for storing ownership and other essential data. This ensures that any sales, upgrades, and maintenance activities are safely recorded for the entire lifespan of the item’s usage. The transparency and immutability provided by this solution surpasses current solutions, including certificates of authenticity, guaranteeing end-to-end verification and security for both the physical and digital aspects of the product that can’t be altered by anyone on the network.
About SIMBA Chain
Incubated at the University of Notre Dame in 2017, SIMBA Chain (short for Simple Blockchain Applications) provides a scalable enterprise platform that simplifies blockchain development. With fewer barriers to entry, companies can build secure, scalable, enterprise-grade solutions that integrate seamlessly with existing data systems. SIMBA implementations generate value for major government organizations, enterprises, and blockchain companies as a production-grade platform that enables public, private, or hybrid deployments. Visit simbachain.com to learn more.
Alitheon® is a Bellevue, Washington-based leader in advanced optical AI and creator of FeaturePrint®, a patented system connecting the physical and digital worlds via a secure and immutable link. FeaturePrint digitizes for items and products, what fingerprints are for people – a one-of-a-kind, unique identifier that does not require you to mark, modify or add anything to the item. Using just a camera, FeaturePrinting enables authentication, identification, and traceability of individual items out of millions of similar objects. With FeaturePrint, counterfeits are avoided, misidentification of parts is eliminated, and the use of wrong products is minimized. FeaturePrint is currently used for numerous track, trace, and authentication purposes across automotive, pharmaceuticals, aerospace & defense, medical equipment, precious metals, and luxury goods & collectibles.
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