Commenced 10 pilot programs with customers for the Laava Smart Fingerprint® product tag and authentication platform
Tested product concepts across multiple categories
Projected improved integrity of documents, and thus reputation of Australian enterprises
Projected improved competitiveness for Australia in the global economy by enabling more secure and faster export
Commercial engagement with the food export industry, export agencies and research into document integrity
Laava hired additional employees
The AustCyber Projects Fund is a $15 million, three-year initiative designed to help the Australian cyber security industry grow and take ideas global. Since launching in 2018, AustCyber has provided this funding to projects that are making a real contribution to growing Australia’s cyber security ecosystem, guided by the Sector Competitiveness Plan.
One of the participants in AustCyber’s Projects Fund was Laava.id , who used their involvement in the Projects Fund Program to commence 10 pilot programs with customers for the Laava Smart Fingerprint® product tag and authentication platform, as well as to tested product concepts across multiple categories.
Counterfeit goods make up an estimated 3.3% of world trade, and this is projected to cost US$4.2 trillion from the global economy by the end of 2022. The losses are not just financial either. Fake medicines are responsible for one million deaths annually.
Over 65% of Australia’s food production is being shipped internationally with A$9.6 billion of food sent to China in 2020 alone. These products are known for their high quality, great taste and good reputation, but increasingly, they have been substituted with inferior products using the same labels, jeopardising our export opportunities.
In fact, a look at the beef market in China shows that for each kilogram of beef sold, 3 kilograms are not from the country on the label, 3 kilograms are not the cut advertised and most surprisingly, 3 kilograms are not beef at all.
Laava disrupts the grey market by allowing consumers the opportunity to verify that the products they’re purchasing are genuine.
About Laava ID
Laava is an Australian technology company who is passionate about protecting products from global counterfeiters and connecting business owners directly with their consumers.
To help safeguard Australia’s exports, Laava has developed Laava Smart Fingerprint®. These labels, applicable to any product, are a low‐cost, secure and brandable visual mark of trust and drive the Laava Authentication of Things® platform. They are optically read and matched online to enable authentication and adaptive storytelling to the device reading them. The system bridges the gap between a physical product and checking its credentials digitally for the cost of a printed label.
Laava Smart Fingerprint® utilises patented optical technology developed in conjunction with CSIRO. A cryptographically generated and optically captured Laava image is matched by Laava on their secure servers before any content is allowed to be transmitted.
By adding a visible mark on appropriate products and services, Laava adds to the integrity of documents of all types by enabling anyone to test the authenticity of that document or product. This adds to the reputation of Australian enterprises operating within a trusted ecosystem. A multitude of new applications may be developed to add to Australian employment, improve productivity and increase the collaboration between businesses and research institutes in Australia. This will also translate security and identity research into economic outcomes.
Learn more about Laava.id at their website.
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Find out more about the other projects involved with the AustCyber Projects Fund.