Periodic Reporting for period 1 - SCAN-2-TRUST (ADVANCED ANTICOUNTERFEITING SCANNABLE CODES 2 ENHANCE TRUST AND ENFORCE TRACEABILITY)
Período documentado: 2018-12-01 hasta 2019-03-31
The aim of the project was to ascertain the technical, commercial and financial viability of Scan-2-Trust and to determine the next actions to ensure that it reaches adequate maturity for successful market entry and guaranteed industry competitiveness.
We determined the operational requirements for our platform with particular regards to reliability, maintainability, scalability and security. We finalised the SW specifications to increase the number of compatible phones and minimizing scanning time. We determined a replacement method for the initially intended robotic system for validation of printed codes i.e. a scan collection system. We have a final design for the inline vision system, with an achievable optical resolution and have determined the right Machine Learning paradigm.
A questionnaire submitted to key stakeholders enabled us to channel our development activities towards a customer-oriented product. We conducted an in-depth market study to identify the size of the target market (global packaging counterfeiting market) and the market segmentation (by geography, type and market vertical). We refined the sales processes and a freedom to operate analysis and can confirm that there are no restrictions to SCAN-2-TRUST commercialization.
We assessed our skills gap for the successful complementation and commercialization of SCAN-2-TRUST and developed a hiring plan. We also developed 4-year financial projections for SCAN-2-TRUST post-project completion. SCAN-2-TRUST is expected to have significant positive impact on our financial performance, increasing annual revenue to €14.8M by the 4th year after project completion.
A questionnaire submitted to key stakeholders enabled us to channel our development activities towards a customer-oriented product. We conducted an in-depth market study to identify the size of the target market (global packaging counterfeiting market) and the market segmentation (by geography, type and market vertical). We refined the sales processes and a freedom to operate analysis and can confirm that there are no restrictions to SCAN-2-TRUST commercialization.
We assessed our skills gap for the successful complementation and commercialization of SCAN-2-TRUST and developed a hiring plan. We also developed 4-year financial projections for SCAN-2-TRUST post-project completion. SCAN-2-TRUST is expected to have significant positive impact on our financial performance, increasing annual revenue to €14.8M by the 4th year after project completion.
SCAN-2-TRUST with its secure graphic (digital fingerprint) contains intrinsic protection against replication. Our authentication algorithm is able to detect differences from an optical scan, making them copy-proof. While many competitors claim that they have a solution to generate unique QR codes, none has the security feature that SCAN-2-TRUST offers. SCAN-2-TRUST is digital-based and we are not bound by a per-unit cost, enabling cost-effectiveness through low marginal costs. ScanTrust offers a user-friendly experience where the codes are scanned using the dedicated ScanTrust application on mobile devices. No special readers are required. Due to its digital nature, is interoperable and can be scaled up/down for integration into different client supply chains.