Could you give us an overview of Vault Security Systems and the factors that spurred the formation of the company?
We offer a blockchain technology-based database platform called iVAULT, and a search engine toprotect the supply chain from counterfeits. The idea of iVAULT first came to mind when I was moving from the U.S. to Switzerland. During the shifting process, I lost a few of my personal belongings, which I had stored in a storage facility and which were very valuable to me. Investigating the issue, I found out that it was an inside job as storage facilities are highly secured and under surveillance, and no outsider can get access to a certain floor without having a key. Since cameras were not working that day, I was convinced my theory was right. At that time, an idea struck my mind—What if I put every physical item into a database with serial numbers? I would then have all the information recorded. With that idea being patented, it led to the formation of the company.
How does iVAULT helps your clients to solve the challenges they face?
Our iVAULT platform enables businesses to secure their supply chain by implementing the distributed ledger side of blockchain technology. According to the International Chamber of Commerce, the number of counterfeited products is skyrocketing, especially in e-commerce that results in the loss of billions of revenue for genuine companies. Therefore, we came up with a platform that utilizes blockchain to secure the supply chain, applicable to both businesses as well as consumers. It helps businesses trace their product throughout the supply chain from the production of the item until it reaches the end-users as all transactions are recorded and time-stamped. Blockchain enables the highest security as once a transaction is recorded in a block, no one can change it and this thus guarantees the authenticity of the goods.
Our B2B platform enables businesses to secure their supply chain by implementing the distributed ledger side of blockchain technology
Once the items reach the end-user, the authenticity of the bought product can be verified by customers. Furthermore, iVAULT enables consumers to protect their valuables and assets. With our iVAULT global search engine, consumers can easily retrieve their lost or stolen items in real-time by shielding their valuables with blockchain technology.
Please elaborate on the features and functionality of your platform?
The iVAULT platform is accessible by web browser. There are two ways our platform can be used: as a product owner or as a supplier. Once an account with iVAULT is established, a product owner can invite trusted suppliers. The product information is either added manually or using a QR code, NFC chips, or RFID chips. The information includes the material and ingredients used in the product and where they came from. From the birth of the product until it reaches consumers, every detail is recorded with a timestamp to bring transparency to the supply chain processes. If anyone wants to access this information, they can quickly scan the product using their phone and check all the details of the product on the website.
Could you give us a use case of how you can help clients with the implementation of the platform?
Talking to our clients that in most large businesses—such as the elevator business—we realized that many fake parts enter the supply chain. Our platform can help them to understand the full scale of this. In another case, a medical device company lost about 100 million dollars a year through counterfeit products. We can help them to identify fake products in their supply chain and rebuild their image and reputation. Even in the automotive industry, our platform can add value. For example, in the business of selling classic Ferraris and Porsches. Since they are expensive and cost around $5 to $6 million, customers want to ensure that every part in the car is original. Our platform gives them that assurance as blockchain technology is tamper-proof, and information once added cannot be manipulated. It thereby provides the highest standard of security in the supply chain.
How does the roadmap look like for Vault Security Systems?
Currently, we are securing the supply chain with iVAULT, but there are numerous possibilities where we can use our platform. For instance, companies want to know who the users of their products are, but most buyers do not spend time to register their product online. Therefore, by working with our clients, we are adding the option to scan the product to each item. Once the product is being scanned, the customers get automatically directed to a website where they can claim sole ownership of the product and fill in their details. This allows companies to know the rightful owner of the product. We are working on expanding the reach of our platform to different sectors, including medical devices and pharmaceutical companies. There is an urgent need to bring transparency into the supply chain of pharmaceutical companies as it involves human life. A counterfeit drug can cause more harm than a disease. Therefore, we are aiming to spread our platform into the healthcare industry within the next year. From a geographical standpoint, we are planning to expand into the European Union, Great Britain, and South America.