Bying goods from overseas suppliers can hardly be called a secure and trustful thing to do. Lots of new players entering the market often face multiple uncertainties and misinformation, as there are many intruders who are waiting to make the unexperienced newcomers buy into their tricky scams.
China is the world’s current number one supply chain, estimated to reach $2.7 trillion by 2020. But, at the same time, Chinese market is the most opaque one, especially for new buyers. Because of this factor, the vast potentials of the biggest market are limited to the players, who are still ambitious to tap into it. This is where IT company Libellum Ltd based in Hong Kong enters the game, aiming to bring clarity and compliance into the supply chain industry with the help of blockchain technology.
Blockchain-based Libellum will implement its innovative solutions for the verification, certification, and compliance of all market players. The platform aims to unite suppliers, buyers, and testing laboratories under a single and frictionless ecosystem for transparent and trustful exchange of information.
With the company’s CEO, Manuel Becvar, who has over 20 years of experience working in the import/export industry with some of the biggest market players, Libellum will make the purchasing of goods from China a secure and frictionless exchange by publicly documenting the legitimacy of suppliers on the blockchain. Consumers will be able to look up the registration and certification numbers or test reports from authorized companies to determine the legitimacy of the supplier from the comfort of their devices.
As Manuel Becvar commented to the point:
“This is very exciting for retailers, eCommerce sellers, regulatory bodies, authorities and importers around the world. It has been my mission to help buyers verify suppliers from China and Asia for many years. 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”.
Libellum has already collaborated with one of the largest third-party testing laboratories in Germany. In near future, the company also plans to partner with some other world’s largest third-party testing laboratories for further debelopments. The negotiations are currently in the process.
By February, 2019, Libellum also plans to launch its Minimum Viable Product (MVP) in order to introduce its platform to a global network of buyers, suppliers, manufacturers, and testing laboratories. After all the third-party APIs will be fully integrated, the platform will be officially launched. The launch is primarily set on spring 2019.
Ahead of these developments, Libellum opened an early investor token sale, and will soon hold a pre-sale. The company has already received private funding for its early development from the CEO.