An AI and blockchain-powered ecommerce verification platform, simplyBrand, has signed a strategic partnership with cryptocurrency exchange, COBINHOOD. Based on this agreement, COBINHOOD, which is a leading virtual currency service provider with zero-fee charges, will launch the simplyBrand ICO.
simplyBrand intends to use this ICO to scale up global verification of e-commerce services and use its token, SBA, to reward participants. To earn SBA tokens, participants will have to provide human intelligence to engender the platform’s anti-counterfeiting activities. At the end of the ICO, SBA tokens will be listed on COBINHOOD to improve its liquidity.
The Impact of Counterfeiting
Today, counterfeiting has become a global menace. In fact, according to one study, in 2017, counterfeit-induced losses accounted for over $323B USD. With the emergence of e-commerce, the counterfeit morass seems to have worsened. Indeed, customers bank on e-commerce platforms to offer them authentic products. However, that hasn’t been the case as merchants use these e-commerce platforms to sell fake products. Regrettably, these platforms, which allow the unwholesome acts, have excuses for their inability to stop the fake product retailers. While some turn a blind eye to it, others say they don’t have the capability to check thousands of goods sold through their platforms. Ultimately, the onus is on the brands to stop the faking of their products in order to save their reputation and intellectual property (IP).
Can simplyBrand Transform the Industry?
With its sound business model, simplyBrand has established itself in the industry with a primary focus to end the age-long tradition of product counterfeiting. With this end in view, simplyBrand is partnering with reputable organizations to use its platform to end the menace.
As a dynamic company, simplyBrand has transitioned to the new era of blockchain technology. Consequently, the company strategy is to deploy its AI and blockchain capacities for transaction verification and authentification. Upon detecting retailers that infringe upon brands’ IPs, simplyBrand will blacklist them at the drop of a hat. Atop that, simplyBrand will expose the retailers by publishing their information on its e-commerce platform. Indeed, this will serve as a deterrent to peddlers of counterfeit products.
Official Statements
The Founder and CEO of simplyBrand, Kaufman Chang, noted that AI, alongside blockchain technology, will play a vital role in bursting the bubbles of counterfeit retailers.
On the role of SBA tokens, the chief executive noted that they will use the tokens to tip participants of their incentivized reward program. In addition, Chang pointed out that retail giants like Alibaba and Amazon ought to have a transparent system that guarantees an awesome online shopping experience for customers. In conclusion, Chang expressed optimism that COBINHOOD will apply its expertise to lead to a positive transformation.
On the other end, a top representative of COBINHOOD responded by releasing a statement. Popo Chen, the Founder of COBINHOOD, said that simplyBrand is doing a great job of militating against counterfeiting. Chen promised to use their experience and expertise to achieve successful SBA token sales.
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