Brand replicas, fake industrial parts and counterfeited pharmaceuticals, the so-called “fake industry”, is growing rapidly each year and has turned fraud and theft into some of the toughest challenges that businesses as well as consumers face today. Vault Security Systems aims to tackle this grave issue with ivault, the world’s first blockchain-powered solution to prevent counterfeits from entering the supply chain and help trace registered valuables in case of loss. We tried to get more details about this groundbreaking technology from the founder and CEO of Vault Security Systems AG, Arman Sarhaddar.
Why did you choose this arena of business? How has ivault transformed over the years?
It all started with a theft. I left my personal belongings in a storage facility in the US. When I came back to collect my things, the room was completely empty. That was a very emotional experience for me. My recording studio, collectors’ items, family belongings: everything was gone. As this was not enough, the surveillance cameras were turned off. I had no chance of getting my valuables back. Fueled by this personal experience, I started ivault. Since the formation of the business, we decided to adapt the business model to lost and found for consumers, and also to offer counterfeit protection for businesses, using a state-of-the-art blockchain solution.
Tell us about the ivault app and its effectiveness.
The ivault app is our B2C solution and lets people secure their belongings directly from their phone. If a registered item is reported lost or stolen, ivault users in the vicinity are notified via the app. If a user finds something, they can check the database if that item was already marked as lost. The unlucky owners can also easily set a finder’s fee, thus, giving community members an incentive to go actively looking for lost items. There are billions of items that get lost every year. On the train. On the bus. On a park bench, and on the street. I think everybody has had the experience of losing something precious to him or her. With the ivault app, people get a chance to get their valuables back.
How is ivault turning the industry’s challenges into opportunities?
Counterfeit is a massive and often underestimated challenge to nearly all industries. Nowadays, the damage from counterfeit is estimated at a billion dollars a year, and it constantly increases. That is a high number, yet what it means for affected companies is much more tangible: Clothing replicas are being produced in environmentally damaging conditions and often under the worst imaginable working conditions. In the manufacturing industries such as aviation or automobile, having counterfeited parts can have severe consequences. If even a single part is fake, it can cause a dangerous problem and result in the loss of lives. The industry where the consequences are most visible is probably the pharma industry. Pharmaceuticals are faked on a massive scale. This results in more than a million deaths a year. Now, with the upcoming COVID-19 vaccinations, there are already warnings in every country about fake vaccines.
Those are the challenges of today. ivault has developed an effective anti-counterfeit solution and can turn this challenge into an opportunity for every company, every product, and every consumer. We also offer more than fraud-protection: With our solutions, the consumers can be actively engaged, and brand awareness and brand recognition can be increased.
Explicate how businesses benefit from ivault?
Businesses can benefit a lot from counterfeit protection alone, yet we also include consumer engagement with our solutions. First of all, by using blockchain technology, our solutions are tamper-proof yet scalable. Regarding counterfeit protection, benefits are less reputational damage, traceability, and fewer warranty claims. Businesses can also use our solutions to give consumers transparency regarding manufacturing conditions. By creating a new communication channel with consumers, there are also benefits when it comes to engagement, interaction, and last but not least customer relationship.
What are ivault’s vision and mission?
Our vision is to become the world leader in providing the most trusted database, supply chain management, and service platform for registering, locating, and identifying lost, stolen, or counterfeit assets. ivault’s aim is to establish solutions that will not only increase security but also benefit society. Making the world a little better – one asset at a time.
Our mission is to provide effective, affordable, and accessible solutions, helping both businesses and consumers protect their most valuable assets. We do this by using blockchain technology in combination with other modern technologies and by taking our customer needs into consideration in both development and implementation.
What is ivault’s business model?
ivault is active in B2B and B2C. Our mobile app is our B2C solution and we are using a subscription model for that. For our B2B blockchain platform and technologies, the SaaS business model is mainly dependent on our partners’ requirements. We take a more flexible approach in this field since we want to be open for companies of every size, while also providing customized and efficient service.
About the CEO
Arman Sarhaddar is proudly self-employed since 2003. After initially studying medicine at the University of Vienna, he devoted his time as an insurance broker, later from 2000 on as an Investment banker in New York, Atlanta, and Miami. He worked for big investment firms in various markets and after that managed companies with up to 50 brokers in the US. He is devoted to helping people through innovative products in investments, technology, and healthcare. In 2018, he founded Vault Security Systems AG. Ancient and alternative medicine fascinates him which inspired him to found Golisan where he is the CEO. He is also an Investor Relations Manager at Vaccentis.
“Our B2B platform enables businesses to secure their supply chain by implementing the distributed ledger side of blockchain technology.”
“ivault‘s target audience is every business or private citizen that needs to protect assets from forgery or theft. This includes any organisation that needs to ensure a secure, recorded, timestamped, and traced supply chain.”