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IT firm Libellum Ltd is launching a new blockchain-powered platform that offers transparent compliance, verification, and product certification for those purchasing from China-based suppliers. Hong Kong-based Libellum’s platform and partnerships with global third-party testing companies mean that purchasing supplies from China will be easily verifiable and secured with blockchain technology.
Fast growing e-commerce industry still faces hurdles
Despite the booming growth of e-commerce, particularly with greater demand from third-party sellers for verified suppliers, the brave new world of online import and export is still fraught with obstacles. One of the biggest concerns for buyers is the difficulty they face in verifying legitimate suppliers from overseas.
But with Libellum, buyers and consumers will have a simple way to look up test reports or certificate numbers issued by third-party companies signed up to the platform. In just a few steps, buyers can verify if a lab test or supplier certificate is indeed valid by matching records on the blockchain. Libellum has confirmed a partnership with one of the largest test labs in Germany, and is also in negotiations with other large third-party test labs from around the world.
Libellum’s CEO Manuel Becvar has nearly two decades of first-hand experience in import and export, giving the firm a huge network of unique contacts, including Top 20 global testing laboratories and thousands of factories located in Asia.
Becvar explained that a solution to supply verification woes would be highly anticipated by stakeholders in the industry, including retailers, importers, e-commerce sellers, regulators, and authorities. He also said that Libellum fulfilled a long-time desire to help connect suppliers in China and Asia with buyers:
“I already give people advice via my educational blog and guidelines on how they can verify suppliers by following a detailed and sometimes (unavoidable) costly background check, but Libellum makes supplier verification simple, fast, and affordable.”
The Libellum platform and token sale
The first usable version of the Libellum platform is scheduled to be released as a Minimum Viable Product (MVP) in February of 2019. Once third-party APIs have been integrated and existing certifications and reports are uploaded from testing laboratories, the live platform is expected to be launched by April or May of 2019.
To raise the funds necessary to support the company’s further development, Libellum has launched a crowdfunding campaign. An early investor token sale is currently open, and a pre-sale will also be held. Funds raised in this campaign will augment private investments that Libellum’s CEO has already gathered for the early development and concept phase.
To learn more, visit the Libellum website or read its whitepaper. Learn about the latest developments from the Libellum team on the Libellum blog on Medium. To participate in Libellum bounty programs, fill in the participation form.