Product authentication – how does this modern blockchain-based technology work?

0

Authorization blockchain systems have the ability to deliver enhanced visibility and data across supply chains. Common applications include the digitization of documentation and streamlining of processes, process transparency, product authenticity and provenance, and product traceability.

The global counterfeit market is a problem worth billions of dollars, and the problem is only getting worse. A considerable fraction of that number is due to fake luxury items, including well-known brands behind accessories, shoes, clothing and handbags. Many people who end up buying counterfeit branded products are generally unaware that the items are counterfeit. This may be due to the fact that they purchased the products online through a reputable website.

Product authenticity monitoring

In today’s supply chain systems, there is no easy way to track the authenticity and provenance of a product. Some of the more sophisticated centralized systems have used RFID technology, unique electronic product codes (EPCs) and bar codes to track products throughout the supply chain.

These systems, however, rely on centralized CAs and centralized databases, which means they are inherently insecure due to their single points of failure, which means they can end up being vulnerable to damage. internal fraud and cyber attacks.

The blockchain allows the tracking of products for authenticity and traceability

Immutable and decentralized blockchain systems allow the tracking of products up to origin (traceability) and at each stage of the supply chain, i.e. authenticity. Based on this, many projects on the blockchain have already deployed decentralized applications.

Authena is a company that leads the way in product traceability, as it has been set up for complex B2B and B2C environments, ensuring end-to-end traceability and anti-counterfeiting so that business owners can operate with confidence. Too many manufacturers and companies today are plagued by counterfeiting and traceability, yet solutions like Authena offer an answer to this.

Such an approach will follow the product or components of the product at every step of the chain, for example, via an integrated NFC or RFID chip. At each step of the chain, the RFID chip is read, and then a smart contract will be executed. After that, a number of trusted nodes will verify that the data is correct before it is written to the blockchain ledger.

Every entry in the blockchain ledger will be cryptographically signed and encrypted, meaning that fraud is deterred and the risks of hacking are reduced as well.

Because the entire supply chain process eventually becomes transparent, this means that it is possible to validate the authenticity of a product quickly and inexpensively. Any product that does not allow dApp-based authenticity then becomes suspect, which will discourage fraud.

Overall, with product fraud being such a huge problem today, it’s great to see solutions being developed on the blockchain to help with product authentication.


Source link

Leave A Reply

Your email address will not be published.