Anti-counterfeiting blockchain start-up UCOT raises $4m from token sale

A Sydney-based start-up led by a former vice-president of Credit Suisse and chief technology officer of Deutsche Bank, John Baird, has raised $US4 million for its blockchain-based digitised supply chain ecosystem, through a private token sale to investors including CollinStar and Sapien Ventures.

The project called UCOT, which is being developed by Ultimo Digital Technologies in conjunction with UTS, claims its technology will stop criminals selling counterfeit products by tracking every step of the supply chain by embedding a unique digital identification microchip and sensor into the product’s packaging, adding an extra layer of transparency and accountability into the supply chain process.

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