Australian blockchain outfit TBSx3 has completed one of the largest trials of the technology to secure cargo across the global supply chain, with company founder Mark Toohey hailing it as a first step in combating the trade of counterfeit goods. TBSx3 has developed a blockchain-based verification system that it says delivers military-grade security across global supply chains. The company said its use of 44 alphanumeric character security cryptography, compared with the more commonly used six-digit public cryptography, allowed it to secure the entire chain of custody. TBSx3 managed to get the co-operation of some of the biggest names in the freight business for the trial. DP World Australia, DB Schenker and Hamburg Sud all took part.
KPMG advised TBSx3 on the trial and verified the handovers for the integrity of the product during its journey from Coonawarra in South Australia to the port of Qingdao in northeastern China. The product in question was a bottle of wine from Producer lus.
