The “made in ‘xyz’ country” tag isn’t enough to prove the authenticity of a product these days. It is easy to make such labels and affix them to products. Product counterfeiting is a monumental problem in the market. Many consumers have lost faith in certain brands because they have come in contact with counterfeit products. The big brands are seeing a significant decline in their revenue because the market is flooded with fake goods. Modern day technology has made it easy for forgers to create knockoffs of even the most iconic brand items. The available procedures and processes seem unable to stem the tide.
Blockchain technology holds the key to creating a viable product authentication matrix if appropriately implemented. The Vottun project is leveraging the power of distributed ledger technology and smart contract to provide a blockchain-based product authentication service. Our solution is designed to offer efficient and cost-effective verification of products. The tamper-proof blockchain ensures that forgers can no longer get away with counterfeit products as customers will be able to ascertain the authenticity of a product quickly.
VALUE PRESERVATION, FIGHTING COUNTERFEITING, RESTORING CONSUMER CONFIDENCE
By incorporating supply chain information in the authentication process, the value of the product will be beyond dispute. Customers will be able to separate fake items from the original ones easily. Manufacturers will no longer have to worry about dwindling product sales because of the influx of substandard and counterfeit products.
Consumers were to be sure of the quality of the items that purchase. These days, quality goes beyond the prestige of the brand into areas like ethical production methods and the need for sustainability. Consumer culture is continuously evolving, and there is an increase in the desire of consumers to purchase products that conform to specific preconceived standards. For example, consumers concerned with environmental preservation will always be on the lookout for tags like biodegradable, recycled, upcycled, etc.
Vottun creates a framework for secure product authentication with specialty tags that have full traceability features. With a simple scan, consumers can know without a doubt whether the product is a genuine article or a cheap knockoff. Our platform bridges the gap between consumer quality requirements and producer profit aspirations. We create value for all participants in the commercial value-chain. With permanent blockchain records, Vottun provides a framework for trusted product authentication.