Press Release – June 11, 2020
MONACO FOUNDRY has recently partnered with InLable, a Latvian a science-based start-up founded by a group of passionate entrepreneurs and scientists that are bringing to the market the most versatile labelling and authenticity verification system in the world. Their technology cannot be reproduced or compromised, both physically or digitally.
Raivis Nikitins, CEO of InLable comments: “We at InLable believe that any manufacturer can successfully fight the counterfeits and have full control over its products movement within the supply chain if it has impossible-to-fake label for every item with simple tracking and reliable authentication system. We built our solutions by closely learning our potential clientele and their expectations from our product. We know how to analyze this information and customize our offering to changing market needs.”
InLable technology is based on the white light optical interferometry and blockchain, exploiting surface characteristics to ensure authenticity of objects. InLable developed labels that have the random surface uniqueness on the nanometers scale, therefore it cannot be duplicated or otherwise faked. This technology coupled with its powerful blockchain platform and military grade security will not only end counterfeits but transform and secure the global supply chain.
Security is further guaranteed by adding a profilometric label to an object, which during the process gains a unique form of the surface on the scale of nanometers, and then is measured by any flashlight enabled camera (i.e. smartphone). The information about the label is then reconstructed by a proprietary algorithm and is recorded in the database and/or the Blockchain(optional), to be used for authentication purposes. Whenever an authenticity check is needed, the mark is again measured by any flashlight enabled camera and the obtained information verified with the database and/or the Blockchain.
Brian Frederiksen, co-Founder and co-Managing Partner at MONACO FOUNDRY comments: “For many industry verticals such as the luxury goods sector, counterfeits of their products means losses in the billions. For others like the automotive, airplane manufacturers and especially medical and pharmaceutical sectors, losses are equally significant but they also result in life threatening implications for its customers.
World leading scientists have estimated that more than 10% of medical devices in circulation are fake. A surge in counterfeit medicines means that 250,000 children a year are thought to die after receiving shoddy or outright fake drugs intended to treat malaria and pneumonia alone, the doctors warn. More are thought to die from poor or counterfeit vaccines and antibiotics used to treat or prevent acute infections and diseases such as hepatitis, yellow fever and meningitis. The World Health Organization (WHO) warns that there might also be fake cancer drugs made from Paracetamol.
The problem is becoming so severe that up to 10% of drugs in underdeveloped countries are poor quality or outright fakes, costing local economies between $10bn and $200bn a year. In 2018, Pfizer identified 95 fake products in 113 countries, up from 29 fakes in 75 countries in 2008.
InLable’s powerful anti-counterfeiting label and blockchain platform with military grade security makes it impossible to counterfeit products and allows for global supply chain track and trace. Moreover, the ability for a manufacturer, distributor, retailer or a consumer to verify the authenticity of a product with a simple flash from their cell phone is completely disrupting the industry of counterfeiting.
At MONACO FOUNDRY we are honoured to be part of helping InLable change the world in the process increase the bottom-line for its customers and save and improve lives around the world.”