One of the most significant problems that the business community faces globally is counterfeit products. These counterfeit goods and products lead to billions of dollars in losses every year. However, the blockchain could offer a solution to these issues. Block Verify is a project that seeks to harness the blockchain to fight the counterfeit industry. With the blockchain, Block Verify is confident that they can monitor the entire supply chain with ease.
A Solution Through The Blockchain
According to those behind Block Verify, the only way to improve anti-counterfeit efforts is to utilise the blockchain. To achieve this, they will use a private blockchain, which is highly scalable, transparent, and tamper proof. Every product will be given a unique identification number that is then stored on the tamper-proof blockchain.
Anyone can then be able to access this number on the blockchain to verify whether a product is genuine or not. With this solution, things such as medication or anything else can be verified with ease using this solution. Anyone can be able to conduct the verification utilising this technology.
Another issue that this project wants to solve is verification of ownership. Thanks to the blockchain, ownership changes can be permanently recorded via the blockchain for all time. It will also ensure that malicious individuals cannot create duplicate records. The whole concept is reliant on the trustless blockchain. With this project, the blockchain technology will only become more prestigious. This project has the potential to affect everyone on the planet in a positive manner.
Counterfeits Have A Global Impact
Counterfeiting is a global issue that affects everyone on the planet. Not only does counterfeiting lead to lost profits, but it also causes job loses, and millions of lives each year. Despite various efforts by governments around the world, there is over $1.7 trillion worth of counterfeit goods in the world today.
It is especially dangerous when you think about the pharmaceutical sector. Every year, there is about USD 320 billion worth of fake drugs sold. For instance, data shows that about a third of all malaria medication sold in Africa is counterfeit. Despite a global effort to fight these drugs, their sales are only continuing to rise globally.
Existing Solutions Do Not Work
Various solutions to fight counterfeits have been introduced in the past decade. However, none of them appears to have a significant impact. What is clear is that the blockchain is the only solution that will work. Block Verify has already run a successful pilot program with a Swiss pharmaceutical company that has a presence in the UK.
Other Goods That Can Be Verified
The project is not only going to target drugs, but they are also going to target luxury goods. Every year, billions of fake luxury products flood the markets. For one, it means that the makers of these products are denied of revenues. Besides that, it hurts their brand when these products begin to break down. Other products that are verified are diamonds and electronics.