Thinfilm (OSE: THIN; OTCQX: TFECY) Launches CNECT #Blockchain Services to Enable Product Provenance, Supply-Chain Traceability, and Secure Transfer of Ownership
Consumer and enterprise solutions leverage NFC technology to enhance supply-chain transparency and improve consumer experience
OSLO, Norway - May 2, 2018 (Investorideas.com Newswire) Thin Film Electronics ASA ("Thinfilm") (OSE: THIN; OTCQX: TFECY), a global leader in NFC (near field communication) mobile marketing solutions, today announced the launch of CNECT Blockchain Services to enable product traceability and secure transfer of ownership capabilities in the CNECT Cloud Platform. By combining the inherent security and ease-of-use of NFC technology, CNECT Blockchain Services streamline the integration of blockchain's advantages into both supply chain and consumer-facing applications.
Traceability of provenance, transparency regarding freshness, and product sourcing information all affect consumer purchase intent and satisfaction. According to an industry survey1, 94% of consumers indicate loyalty to brands committed to transparency, and nearly three in four say they would likely pay more for such offerings. Changes in consumer awareness and increased regulatory scrutiny make supply chain integrity a priority in a wide range of industries, including food, wine & spirits, pharmaceuticals, health & beauty, and industrial products.
Built into Thinfilm's CNECT Cloud Platform and powered by the Ethereum blockchain app platform, the offering allows manufacturers, brands, and distributors to strengthen supply chains while enhancing NFC mobile marketing engagement with product traceability and transparency information - all through the tap of a smartphone. CNECT Blockchain Services link each product tagged with a Thinfilm NFC SpeedTap tag to a specific, permanent, and unalterable digital history that can be validated by consumers. In this way, brands can increase consumer trust by providing a transparent, easy-to-access account of a product's history, from farm to fork or from production to e-commerce delivery. Consumers interacting with blockchain-enabled NFC smart products and packages can also access dynamic, cloud-driven digital marketing experiences in addition to seeing a full and transparent account of a product's life cycle, including provenance, transport and recycling information, as well as item authentication.
Enterprises can procure unique SpeedTap tags and leverage Thinfilm Blockchain Services to add transparency to their supply chains. The blockchain mobile app - integrated with the CNECT platform - allows enterprise users to verify the history of NFC-tagged items and transfer ownership to others within a supply chain, including manufacturers, distributors, and retailers. Whenever a transaction is made, it is permanently and unalterably recorded in the blockchain to enable future access. It also allows end-consumers to participate in downstream transactions.
"By combining blockchain with NFC, Thinfilm is extending the capabilities of the CNECT Cloud Platform. As NFC allows brands to communicate directly with consumers following a simple tap, blockchain integration ensures trust and transparency that can lead to stronger supply chains and more satisfied customers," said Christian Delay, EVP Software for Thinfilm. "By integrating blockchain services into the CNECT Cloud Platform, Thinfilm is continuing its mission of enabling the Internet of Everything for enterprises and consumers."
Thinfilm CNECT Blockchain Services are available now and are expected to be deployed in market by customers starting in Q3 2018.
1Label Insight, "2016 Transparency ROI Study"
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About Thin Film Electronics ASA
Thinfilm is a leading global provider of NFC mobile marketing solutions. The Company's end-to-end solutions feature hardware, label/packaging integration services, and comprehensive cloud-based management, reporting and analytics. Collectively, these components deliver a powerful 1-to-1 digital marketing platform through which brands of all sizes can connect directly with consumers, all with the simple tap of a smartphone. The resulting disintermediation of search engines, online marketplaces, and social platforms empowers brands to control messaging, enhance consumer dialogue, build loyalty, increase engagement, and drive sales.
Thin Film Electronics ASA is a publicly listed company in Norway with global headquarters in Oslo, Norway; US headquarters in San Jose, California; and offices in Linköping, Sweden; San Francisco; London; Hamburg; Singapore; and Shanghai. For more information, visit www.thinfilmNFC.com.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).
For more information on Thinfilm please contact:
SVP Corporate Communications
Thin Film Electronics ASA
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