Blockchain To Fight Counterfeit Fraud

Apr 27, 2017

China-based e-commerce giant Alibaba has teamed up with PwC, a multinational professional services network, to develop a system that could help minimize food fraud with the help of blockchain technology. As you know, the blockchain technology underlies Bitcoin.

If Alibaba’s pilot program succeeds, blockchain is going to be used against a type of fraud that affects online marketplaces, specifically food.

The Alibaba Australia project has partnered with Australia Post and nutritional supplement maker Blackmores, aiming to improve the way foods are tracked, reducing the risks associated with counterfeit products on the market.

A pilot blockchain technologies solution model will be developed for vendors that could be utilized by participants across the supply chain. According to ZDNet, a business technology news website, thanks to the blockchain platform, shipments will be tracked in real-time, and there will be increased security and transparency in the fight against fraud.

As Alibaba ANZ managing director Maggie Zhou notes, food fraud is a serious global issue. It costs the food industry billions every year and puts consumers’ health at risk. This new agreement is going to create a globally respected framework focused on protecting the reputation of food merchants and helping consumers be more confident when buying food online.

Counterfeit products have been creating problems for online shoppers in China since e-commerce first appeared in the country.

According to AusPost, popular Australian products such as health supplements, beer, and wine, honey and cherries are being attacked. Given China is Australia’s largest export market for agricultural and seafood products, Australian food exporters have major problems in this regard.

Bob Black, Australia Post’s Executive General Manager, Parcel and eCommerce Services, notes they are delighted Alibaba has invited them to create an innovative platform to track food from paddock to plate, aiming to strengthen the supply chain.

Merchants looking for a reliable and secure e-commerce merchant account should consider turning to emerchantbroker.com, the #1 high risk payment processor in the US. EMB will help you fight fraud and reduce chargebacks successfully. EMB is rated A+ by the BBB and A by Card Payment Options.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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