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Libellum: Offering Instant Supplier Verification Through Blockchain Technology

Purchasing especially from countries like China is no easy task. The reason is the supplier verification has become a real issue due to the widespread epidemic of counterfeit products and sub-par quality in production. While e-commerce has definitely increased trade around the world and made it prosperous, the scourge of poor quality products has also affected many purchasers in cases.

One Hong Long-based blockchain/IT company Libellum Ltd has announced a new platform that provides supplier verification, product certification and compliance that is very much needed in the e-commerce vision of the world today. It aims to to make purchasing from manufacturing countries like China as transparent as possible. If one goes on e-commerce sites like Aliexpress, one realizes that most of the sellers are third party sellers and not direct manufacturers and thus there is a danger of many users falling victim to poor quality products. Libellum aims to change that once and for all by providing a transparent supplier verification system. The Blockchain startup aims to provide certification or test reports for products that buyers will be able to access in a matter of a few clicks.

Testing and Further Development

Libellum is currently in preliminary partnership with some of the biggest 3rd party testing laboratories around the world under a Non-Disclosure-Agreement (NDA) including one based in Germany. The CEO of Libellum Manuel Becvar has also worked with top 20 testing laboratories around the world and thousands of factories in Asia for quality assurance purposes.

According to the CEO:

“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”.

The Libellum team has announced that an initial Minimum Viable Product will be launched by February 2019. Once the initial system is ready, thousands of existing certificates, reports and other various third party supplier information will be uploaded and the fully functioning platform will be launched by May 2019.

Token Generation Event

Libellum has announced an initial token event for crowdfunding purposes including a limited pre-sale. Over 50 million LIB tokens will be up for grabs in the initial phase that amount to 50% of the total cap. The token event will start from September 1, 2018 and last till September 30, 2018. Initial exchange rate has been set at 1 ETH= 3000 LIB.

The proceeds from the token event will be used mostly for hiring new team members and development of the new platform. Initial development has been funded personally by the CEO and there are no big investors in the project apart from him.

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