Note: This piece was ghostwritten for a client. It is uploaded here purely for portfolio purposes.
WaBi wants to save peoples lives. With the movement of counterfeit goods at an extreme high, Anti-theft company Walimai is looking to provide a solution. By offering a tamper-free label and tracking products on blockchain technology, they may have found one.
What Is WaBi & How Does It Work?
WaBi focuses on the authentication of products, mainly food safety. It is designed by a company called Walimai, who actually has their own anti-counterfeit system that ties into the blockchain technology.
It does this by linking physical assets to digital ones on the blockchain. These assets consist of everyday goods like alcohol, pharmaceuticals, and cosmetics, among other products. Walimai places tamper-proof QR labels on any shipped goods so customers can scan them and confirm if the product is counterfeit or not, while providing information on its history. Each RFID has a unique encrypted ID, a Dynamic Code, and stored Geographical Data. Then, the customer can buy that product with WaBi token. It is a simple but efficient and even necessary solution to the counterfeit goods epidemic.
In 2013, the OECD estimated over $461 billion USD in fake imported goods alone, with total imports in world trade hitting around 17.9 trillion USD. On top of this, the World Health Organization revealed that 64 percent of imported drugs in Africa are fake.
Because each product is (ideally) recorded into the immutable blockchain, WaBi can try to counter the usage of counterfeit goods with a device most people have: a smartphone. WaBi provides incentive by allowing users to engage in a loyalty program that rewards them as they scan-in purchases.
WaBi has an extensive history, and a big plan for the future:
- 2013: A group chooses RFID as the base technology for their solution. The team then chooses Walimai is the name for their company.
- 2014: Business starts in Hangzhou, China. Founders celebrate but are poisoned by fake whiskey during their celebration. The company helps to turn around a top-5 infant formula producer from April to January of 2015. Walimai is called one of the most innovative companies at a Forum in Moscow.
- 2015: Walimai in talks with the worldwide top producers of baby formula and alcohol. The company gains a grant from Jiaxing and incorporates themselves into the Zhejiang province in China.
- 2016: RFID labels are revamped, iOS and Android apps created. Walimai opens on online shop with positive community reception.
- 2017: Walimai builds a presence in physical shops. A pre-ICO is launched and finished in August. It reaches 100% of its goal. In December, Walimai allows consumers to start purchasing products through WaBi. Expansion into other baby stores commences.
- 2018: Incorporate pharmaceutical products. Begin talks with Fortune 500 companies in food, alcohol, and pharmaceutical industries. Grow portfolio and redesign websites. Launch multiple master nodes, partner with influencers, and begin to incorporate WaBi into other payment systems.
- 2019: Expand WaBi to other countries, partner with insurance companies.
The two founders are Alexander Busarov and Yaroslav Belinskiy. Alexander founded Early Bird consulting and worked at McKinsey & Company. Yaroslav has helped solve problems like pollution and food safety in China. Each is fast-moving and bright entrepreneurs with a ton of experience.
WaBi has a team of five experienced advisers behind it:
- Mario F. Pazos: Worked as a Business Analyst at Microsoft, Senior Marketing Manager at Sony, Senior Vice President at Citi, and Vice President at MasterCard. Has an MBA from the University of Miami and over 13 years working as an investor.
- Igor Livant: Worked as an Executive Director at Goldman Sachs, an Associate Principal at McKinsey & Company, ran his own consulting firm and now works as VP for Investments at TELF AG, a commodity trading firm.
- Long Chiu: 18 years of experience developing campaigns that connect consumers through brand affinity and loyalty programs.
- Mark Zavadskiy: Senior position at global e-commerce company Alibaba. Former business journalist, and Bureau Chief and Correspondent at several multi-media companies in both Russia and Asia.
- Bruno Mercier: Independent Board Member and Advisor to a number of PE/VC funds, start-ups and corporations. Formerly CEO of Sun Art Retail Group and Pernod Ricard China and Thailand.
While the Reddit and Twitter platforms don’t receive much interaction from the team, the Telegram provides the most direct way of communication.
Currently, WaBi is only available on Binance and IDEX. It is still in very early stages, however. Chances are high it will hit places like Kraken and Bittrex as time goes on, as the idea here is solid and will likely pick up traction.
WaBi can only be purchased via Bitcoin, Ethereum, or Binance Coin. It cannot be mined or gained in some other way, at least for now.
Because WaBi Coin is an ERC-20 token, it can be stored in MyEtherWallet, IMTOKEN, METAMASK, and MIST, among others. Ledger and Trezor wallets will also support it.
What’s Next For Them
Walimai will continue to expand their products in different baby stores and other places that store formula. It will continue to make deals with big companies in the alcohol, pharmaceutical, and baby food industries while working to eventually provide their partners with insurance.
This innovative approach to counterfeit goods deserves more attention. While it is still early in development, the coin will likely pick up a following as it continues to rebrand and expand its product line.