E-commerce is arguably one of the most important industries of the 21st century with rising user bases and attractive pricing. It has contributed greatly to economic development across the globe by creating new jobs and avenues for producers, consumers, suppliers and even third parties. No one has been spared from the e-commerce wave with a significant portion of the world’s population participating in the online purchase of a range of goods as diverse as clothes, electronic devices, furniture, accessories and even groceries. The interest in e-commerce from all circles has even lead to a shift in the payment sector with people moving away from traditional methods and towards online payments for all services which have arguably made life easier. Corresponding to the many pros that e-commerce displays, there is also a distinct rise in the possibility of fraud.
A major issue that can be said to plague the industry is the verification crisis. It is necessary to ascertain whether the other entity with which one is dealing with is trustworthy and validate the credentials they possess. This is essential considering the large amounts of money that are involved in most of these business deals especially between producer and supplier. This can be best represented through a test case. Consider the case of a foreign buyer in China, who will have to verify the authenticity of his supplier personally or through a third party, comply with all international and trade laws. The only way to verify the validity of certificates is for them to contact the certification authority which is expensive, time-consuming and also reduces trust within the system.
The system requires an efficient and effective solution with far-reaching capabilities. An ideal proposed solution is Libellum. Libellum solves these problems by enabling users to look up validation certificates or reports from testing laboratories on the interface. If valid, then all relevant information will be visible on the Libellum platform and can be used to confirm the authenticity of involved entities. Libellum links buyers, suppliers and third-party testers in order to avoid fraud or embezzlement. Libellum is based on two major technologies.
- A digitally encrypted QR code with all information verified by third parties.
- Data stored on the Libellum blockchain that is both immutable and transparent ensuring security and traceability.
Brains behind Libellum
Libellum is the brainchild of Co-founder Manuel Becvar, who also acts as CEO and has worked in China for more than 15 years as a Product Manager for many of Europe’s leading corporations. This was followed by a period in which he built his own e-commerce company that includes an educational blog ImportDojo and sourcing company AsianWest. Other members of the core team include Co-founder and COO Duncan Cassar – an e-commerce and brands expert and a veteran of several large firms like AmazonUSA and Shopify as well as a partner in ImportDojo, and software engineers Stanko C`ulaja, Daniel Jurjevic`, and Nikola Potrebic` with experience in several programming languages like Java, C and web development languages.
The team is also assisted and guided by experts in the industry like Patrick Sam – a 15 year veteran of the IT industry who has worked with Swisscom as a Product manager and as Global Lead Process Architect for CSC, Stefan Stoeckli – an independent advisor with over 20 years experience in sales, marketing, and advertising for startups and established firms alike and Benjamin Buergi – a blockchain enthusiast and legal eagle based in Switzerland with experience at UBS Switzerland and the Financial Market Authority.
Libellum at present
Libellum is at present conducting talks about a preliminary partnership with some of the Top 10 Testing companies under an NDA. The platform has also undertaken discussions with some of the leading sourcing sites. Libellum has also initiated the setting up of a development team based in Switzerland and Serbia and registered the company in Hong Kong. An Advisor and Communications team has also been built and letters of intent have been received from large testing companies to implement the platform following positive MVP development. The organization is at the moment focussing on finalizing its roadmap and platform features.
Roadmap & Milestones
- Building partnerships with Third Party Companies like Asisinspection and TUV, etc.
- Forging a partnership with sourcing sites like GlobalSources and Alibaba.
- Developing an MVP ( Minimum Viable Product ) of the Web-based application.
- Development of web app Alpha phase
- Building partnerships with Third Party Companies and Sourcing Sites
The existing model of testing employed by most firms is complex and often has multiple bureaucratic levels. These testing companies have to work with large databases consisting of thousands of entries concerning manufacturers and suppliers while smaller firms rely on outdated infrastructure instead of using a more efficient means of testing.
At present, the buyer is required to either call the testing company directly or login to their database and perform manual data entry in order to access certification details regarding the concerned manufacturers. Sometimes data is not stored securely and some even require payment as companies will not share information with everyone and may require buyers to traverse across a number of websites until a suitable result is obtained. Libellum counters these issues with one platform for all concerned parties.
Libellum simplifies the entire certification process. Each certificate is assigned a Main Identification Number while testing companies assign a unique QR code or hash address to the supplier. This method ensures that any user can just scan the code via the app and get all related information immediately
The partnership with sourcing sites is equally beneficial as having a supplier on their platform authenticated via a QR code helps sourcing sites like Alibaba and GlobalSources improve their safety and reputation while assuring users who are willing to purchase from these third parties of peace of mind.
Moreover, all the information displayed is blockchain verified. This serves a threefold purpose:
- This ensures that no third party can change the information stored on the platform ie, Ensuring the security of information on the platform.
- Ensures that no entity holds all the information which in turn reduces the likelihood of attacks succeeding and sensitive information being breached due to hacks ie, Decentralization.
- Enables the elimination of entities that are not in accordance with platform regulations which is made easier because of the multi-step verification process and data security measures implemented ie, Transparency.
Additionally, Libellum aims to organize regular meetups in order to familiarize the industry with their product and also build strong strategic partnerships for the future.
- Develop an MVP of the Web application
The MVP is developed in order to showcase the features of the platform for testing companies and sourcing sites. Their inputs are gathered in order to finetune the platform and add more features in addition to the basic ones already developed. The MVP is, in essence, an intermediate product developed to satisfy consumers and give an idea of the final product. Further documentation, upload if certificates and relevant data to the blockchain is performed to improve usability.
- Develop Web app Alpha Phase
Once requisite funding is secured, the early version of the product is developed to bring aboard partner companies. Essential tasks involved include,
- Developing the platform back-end.
- UX/UI design
- Third party code auditing and Bounty system for bug reporting.
- Provide the database with supplier and certificate information.
- Integrate all existing certificates with QR codes or Hash address.
- The final step is the launch of the wallet to handle both fiat and cryptocurrencies.
- Beta Soft-Launch to clients.
- Begin development of apps for iOS and Android.
- Begin API development
- API development
The API is a key part of the Libellum platform that allows its users to add the platform/data to their systems with ease. This starts with the development of the strict API code using the inputs form a large section of users. API access to systems guarantees that the efforts of Third Part companies are minimized and automatically upload new data to the platform. Third parties are given only read-only access to prevent data breaches. Libellum also plans to partner with a major supply chain company based on the platform to cross-share data allowing users to track goods and shipments via the app and is increasingly beneficial for large shipments.
- E-commerce Plugins
Similar to the API this is a means for the customers that are e-commerce sites like Amazon and Shopify to integrate seamlessly with the app and cross-check products from verified suppliers. The aim is to :
- Make sure that all products loaded on e-commerce sites are legally compliant.
- Save time for stores to check individual products.
- Help e-commerce sites to reduce time and costs involved in the verification of compliance.
Each product has its own required regulations to be followed like DOP for food, certifications for batteries and toys. The integration that the Libellum platform offers allows stores to immediately verify origin and quality of products and suppliers. Since all data on blockchain is immutable and verified by third parties, users are ensured of security.
How does it work?
The Libellum project will be released in 2 formats – a web app and mobile application ( Android first and iOS to follow). Both versions allow users to access the interface and browse through provided data and lists. The data is classified as:
- Manufacturer List – This is a fully verified list which allows users to filter by country, region, and industry. This will allow users to search the platform for verified suppliers depending on their requirements and contact them for required products.
- Certification or Test reports List – Here all the industry certifications are listed and users can browse through and if needed order or filter as required. This aims at a seamless integration of supplier, manufacturer, and user.
- Additional Functions – These are new ideas that will be added to the platform through collaboration with suppliers, manufacturers, and users.
Libellum will implement the blockchain due to the immense security and verification advantages, and data-intensive approach it provides. The blockchain is a digital record keeping method where records can be viewed by all but modified by none. To add new blocks to the chain, a complex encryption must be solved using a powerful machine. This solution then requires verification by other members which prevent falsification of records. The blockchain takes note of the movement of all products in the supply chain from A-C, and also allow detection by A and C if any attempts of fraud have been attempted by anyone including intermediaries.
Implementation of the new blockchain model is in three ways, Public Blockchain where all public information like case, supply and certification details are stored, Private Blockchain where companies with sensitive information can be kept securely and accessed only via a digital ID, and Smart Contracts that are used for communication and execution of simple tasks on the platform.
The development roadmap plotted out by the company is over two phases each taking up a duration of four weeks in between the 12th and 20th week.
Phase 1 of development is estimated to take about 16 to 20 weeks and covers a few subsections. The concept phase is the first of these. High-Level Architecture design, security concepts, user interfaces across web apps and mobile apps, both Android and iOS versions, the API required for Inspection companies, the plugin API for the e-commerce marketplace are some of the concepts that were designed or fleshed out during this period of the Development phase.
The next step is the Clickable prototype which includes Environment Setup Development and Testing. Other major tasks carried out through this period are Front-end development including UI/UX, Angular JS and Mobile Optimisation, and Branding and Implementation Setup.
The last of the first phase is the MVP ie Minimum Viable Product development. This includes tasks like the setup of the Libellum and Utility Coin setup, defining the Technology stack, development of the back end and integration with QR codes, Front-end development and its subsequent connection to the backend and the final tuning of the UI/UX.
Phase 2 of the development cycle concerns a period of 12 to 16 weeks and is mainly related to the Beta version. One phase is the Beta phase where the mobile view is optimized and the Web platform is improved as and where necessary using the feedback received from the MVP.
Inspection companies require an API to allow for easy integration of services with the platform. Here process management, security concepts, backend implementation, frontend development and testing of both back-end and UX/UI are some of the tasks implemented.
E-commerce sites need plugin API to perform the tasks of process management, backend and frontend development, testing, and security.
Libellum has its native token represented as LIB and has an exchange value of 1 ETH = 5250 LIB. Funds raised through the initial sale of tokens, scheduled for September 2018, will be used towards Core development (40%), Hiring (40%), Marketing (15%) and Administration (5%) in previously designated proportions (in brackets). Early investors are also offered LIB at discounted rates and premium benefits like discounts, free memberships, free lookups and Beta access.
A total of 100,000,000 tokens is possible with 50,000,000 available for sale in the ICO. The transactions are performed using ETH and early bids are limited by a minimum purchase of 5 ETH. All users are subject to KYC/ AML procedures and registration is subject to compliance.
The token sale will be conducted in two phases – one for the early investors and the second one is the main sale. The first phase is on a first come first serve basis and 10% of the total tokens ie 10,000,000 tokens are available for purchase. In the second or main sale, 40% of the tokens ie 40,000,000 tokens are available to users. Funds raised will be directed towards partnership building and strengthening the platform. If tokens remain unsold a public sale may be organized later as per the number of tokens.
Tokens are distributed in the following manner. 40% for Token sale, 25% for Libellum Ltd, 15% for Research and Development, 10% for the EIP ( Early Investor Programme) and 5% each for Bounty & Marketing and to the Advisors.
The 25% kept by Libellum is divided into two – 15% to be used for funding development and marketing of the platform and the remaining 10% to be locked in a smart contract for a period of 12 months.
EIP gives users many benefits like reduced prices and bounties. Contests and contribution schemes are also possible in the Libellum ecosystem.
Libellum aims to provide the following to its customer sections.
Suppliers – View, track and validate all certifications, ensure they are up to date, data is secured and customers can be satisfied with authenticity using Libellum.
Testing Companies – Make certificate tracking easier, receive push notifications on certificate expiry and reduce the requirement for large databases.
Buyers (Foreign & Offices) – Reduce manpower, time and effort in the validation process, easy access to data when required.
For More Details of Libellum:
ANN Thread: https://bitcointalk.org/index.php?topic=4855801.0
Post By Anton De Mel
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1770640