The Bonafi platform is here to authenticate the current supply chain by using the ever-growing blockchain technology. By the integration of the crypto tag and also the use of mobile applications with the blockchain technology, the company is able to do and offer a lot. This is from empowering the various brands, consumers, and retailers, giving them the ability to fight against the counterfeit products that flood the market.
What Is Bonafi?
Bonafi has been designed as a blockchain company that is based in Los Angeles. The company has established a team of experts who are dedicated to the current problem facing many businesses in the market, the problem of counterfeit products. The company is personally invested in ensuring they eradicate the problem from the society.
The primary mission of the company is to ensure they defend all brands and also retailers; this is whether they are big or small. At the same time protect the end consumers from these counterfeit product, this is by implementing a fail-safe authentication system thanks to the blockchain technology.
The Problem Bonafi Seeks To Solve
According to a research carried out by International Chamber of Commerce and also a study that was done by Frontier Economics has brought forth an issue of concern. It has been estimated that the current total global economic value of the counterfeit products and also the pirated goods have been projected to be almost $1.8 Trillion, this is by 2015.
In the year 2013, the Organization for Economic Co-operation and development referred to as OECD also carried out a research. They estimated the value of fake goods that are imported worldwide to be about $461 Billion. While a research conducted by Price Waterhouse Coopers, PwC, in 2013 the total counterfeit market had generated about $1.9 Trillion in USD revenue.
While the counterfeit pharmaceutical market was estimated to be at $188 Billion, while Electronics and Fashion at $180 Billion, it is undoubtedly a global problem that needs to be addressed soon. With the number of counterfeit goods multiplying every year and the lack of adequate resources that could combat these illegal activities, the consumers are the biggest sufferers.
It is because they are being trickled down to pay for fake goods while these counterfeit companies are stealing the market share of the legitimate companies in the market.
Bonafi Blockchain Crypto-Tag Brand Counterfeit Protection Solution
The companies crypto tag has been designed in a way it does not run on battery. Once the NFC has scanned it, the enabled device, power is immediately sent through the air, and from here the crypto tag will automatically go ahead to authenticate the product.
The platform also has a mobile application, which could be used by retailers, brands, and consumers to effectively communicate with the crypto Tag. This will also help in adding additional data to the blockchain platform.
There is genuine data for each individual item that is in the market and with the use of the blockchain technology the journey through the supply chain is permanently recorded. As a result, this will allow any individual to verify the authenticity of the product.
Bonafi BonaS Token ICO Details
The perimeters of the ICO are to be disclosed after Bonafi gets SEC approval.
Bonafi has undoubtedly identified a problem that we have all been struggling with for years, that is having to deal with counterfeit products. Thanks to the blockchain technology we can soon say that this will be a problem of the past.