iTRACE Technologies is one of the most effective forms of defenses on the blockchain, specifically supporting secure Anti-Grey Market and Anti Counterfeit Solutions.
— iTRACE Technologies (@iTRACETech) May 16, 2018
As of May 15th, 2018, the company has announced their new Secure 2DMI Making Service, which is planned for Dongguan China. This type of service is specifically meant to fight and reduce the risk of Counterfeit, Grey Market Division, and Production Overrun of the products from iTRACE.
Any of the products that get their security from the 2DMI Making Service can be linked directly with the blockchain, which defines the connection between the product and the ledger. This creates a solution to a common issue with these types of implementation, which often leaves the link between the two sides weakened, which is how most counterfeiters get through.
Even with the secure packaging that this security service provides, that is not enough to provide protection. These product-blockchain transitions, along with barcodes, data matrix, and QR-codes, are easily recreated and left at risk for infiltration. No matter what the blockchain tells the investor, the authentic quality of the asset is questionable.
How Will 2DMI Making Service Works?
Certain components that qualify can be sent through the 2DMI Making Service within their current region, where they will be marked to show their participation in the service. Those components then come back to the manufacturing partners of the brand that they came from, but in the form of secure tokens. Those tokens seamlessly integrate into the final setup of the product.
By using security measures that are unattached to the original brand, security does not need to be their business’s priority. Additionally, it automatically prevents them from creating products that may be deemed authentic, but are still unlicensed. Even though this seems like the brand is unable to control their own products, which is not the case, because they can withdraw participation freely.
CEO Mark Manning (of iTRACE) says,
“Third shift or production overrun is traditionally the most difficult counterfeit to detect as the product that goes out the back door of a contract manufacturer is made by the same trained people, on the same production processes, with the same materials as the genuine licensed product. To all intents and purposes, it’s the real product, only the brand and their retail or distribution partners never see any revenue from the sale.”
After iTRACE has secured the products with their services, the participating brand can use the tool to eliminate the potential for counterfeit products. The authentication software they enable will ensure that their consumers continue to receive the products that they intended to purchase.