Blockchain DNA Tagging Is The Next-Level Solution For Fighting Counterfeit Industry

Counterfeit industry has always been one of the biggest problems for the luxury world. The total amount of counterfeit goods produced annually has reached 1.2 trillion USD. Producers of fake goods are getting more and more sophisticated. It became very difficult to distinguish high-quality fake goods from real ones. Even you might have bought one unknowingly.

Luxury bag industry has also been suffering from this problem. Despite numerous government regulations prohibiting the production of fake handbags, the counterfeit industry is still growing and prospering. Even terms like “super fakes”, “triple-a fakes”, and “line-for-lines” were introduced in the recent years due to the increased quality of fake handbags. ⠀⠀⠀⠀⠀⠀⠀⠀⠀

“Authentication is a little bit like viruses in the software industry in the sense that those who create the viruses tend to go faster than technology,” explains Rebag CEO and Founder Charles Gorra. “Our whole mission, to provide certainty on goods, is always to try and supersede the trends and that’s a really hard thing to do.”

The first thing blockchain had to offer to luxury industry was assigning a unique authentication barcode to each piece of luxury good, which could be tracked in a system. However, such barcodes can be easy to copy and transfer to a fake item. ⠀⠀⠀⠀⠀⠀

DNA technology offered by Everledger, involves adding unique DNA molecules to the product, which can be tested with a special scanning machine. This way producers will be able to kill to birds with one stone. A unique DNA molecule will not only prove the authenticity of the product, but also let a buyer to track its whole life cycle. This way if the barcode cannot be tracked at every stage of a production cycle, the buyer will know that there is something wrong with the product.

Everledger Founder & CEO Leanne Kemp stated, “If an asset does not have an identity, it does not have ownership, value or existence. In the high-end products market, authenticity, provenance as well as value, cannot be separated. By incorporating a forensic layer to uniquely identifying an asset, we can provide the added confidence in the data captured and tracked on our blockchain-enabled platform.⠀
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