Australian startup UCOT wins $4 million in financing through counter-products based on blockchain-based traceability
Since its establishment in 1983, the “3·15 International Consumer Rights Day†has marked over three decades of efforts to protect consumer interests. Despite government initiatives to tackle the issue, counterfeit products remain a significant problem in China, with many hard-to-detect fakes flooding the market. Even anti-counterfeit labels can be forged, making it extremely challenging to completely eliminate fake goods. However, an innovative solution is emerging from Sydney—UCOT, a promising blockchain-based platform aiming to revolutionize product traceability.
UCOT embeds a unique digital identity chip into product packaging, allowing full tracking of the logistics chain. Every step of a product's journey—from production to final consumption—is recorded on the blockchain, ensuring transparency and immutability. This means that consumers have direct access to the entire supply chain data, enhancing trust and reliability in the products they purchase.
Unlike traditional systems that require scanning at every stage, UCOT automatically detects if a package has been opened, alerting the end user instantly. For sensitive items like meat, which requires strict temperature control during transport, UCOT’s real-time monitoring ensures that any deviation in conditions is immediately flagged. All stakeholders, including suppliers and receivers, receive instant notifications, improving accountability across the supply chain.
Founded by John Baird, a former vice president of a Swiss bank and chief technology officer at Deutsche Bank, UCOT has raised $4 million through token sales, supported by investors such as CollinStar and Sapien Ventures. "When you receive the package, UCOT allows you to check the blockchain via an app to confirm whether it has been tampered with," Baird explained. "This is crucial for high-value or health-related products, ensuring that the manufacturer’s goods reach the consumer directly."
The company also benefits from technical collaboration with top Australian universities, including the University of New South Wales, University of Technology Sydney, and Monash University. These partnerships have enabled UCOT to develop advanced blockchain solutions integrated with 5G IoT technology, enhancing data accuracy and security.
Currently, UCOT has signed memorandums of understanding with several governments and companies, particularly in South America, helping local businesses protect their supply chains. According to the OECD and the National Customs Organization, China has consistently ranked first in the number of counterfeit goods seized since 2011. The issue remains a major challenge, with some entrepreneurs even being criticized for building empires on fake products.
In response, major e-commerce platforms are stepping up their efforts. Last month, Tmall International and Rookie Logistics announced the full implementation of blockchain technology to track and verify cross-border imports. This gives each product a unique "identity card" for consumers to check. Similarly, JD.com launched the AI Catapult Accelerator (AICA) project to support blockchain startups.
As more companies adopt blockchain-based traceability, it's clear that this technology isn't just about protecting consumer rights—it's also about building trust, enhancing brand reputation, and securing a stronger position in the evolving e-commerce landscape. With its potential to transform supply chains, blockchain traceability is quickly becoming a key player in the future of online commerce.
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