GenuineMark is now using Nikoin Blockchain to disrupt the Supply Chain with Provenance
Infiltration of counterfeit products into the mainstream market has posed huge difficulties both in terms of revenue and quality. Reports suggest that, about 7–10% of the entire world trade accounts to counterfeit products, which amounts to a staggering 2.5 Trillion USD.
The circulation of low-quality duplicate products affects the consumers in terms of quality, retailers in terms of consumer trust, and the government in terms of tax & revenue generation.
If technology can enable the end users to verify the integrity of a product at purchase, then a brunt of these counterfeit products would become useless, thus enforcing an element of trust within the entire consumer-brand ecosystem, which would be beneficial to all both in terms of quality and money.
GenuineMark has come up with an innovative solution where brands can apply a unique label to their products at a designated ‘point of origin’ within the supply chain. This shall create digital counterparts of the listed products on the blockchain, containing information including a unique product identification, product profile, geographical and demographical data. GenuineMark checks and synchronizes the existence of the product with its digital counterpart (blockchain asset) by scanning the QR code displayed on the physical product, through the GenuineMark Mobile App, consumers will be able to verify the integrity of the product and trace entire movement of the product through supply chain, thus bringing trust and transparency.
Complete details and records of each and every product are stored on a blockchain network, rather than a centralized repository, which ensures the uniqueness of digital identity of products and maintains a secured link between digital & physical assets and brings trust amongst all the stakeholders involved. GenuineMark has collaborated with Nikoin and plans to incorporate Nikoin’s Blockchain as a Service Platform to implement this solution aimed to enable product integrity and authenticity across multiple sectors. GenuineMark has decided to utilize Nikoin’s ‘plug and play’ blockchain architecture, thus seamlessly enforcing its idea about product integrity through a simple and cost-effective blockchain solution.
The GenuineMark solution is already being used by industry leaders like Patanjali, ApexBattery, MyProtein etc. Its collaboration with Nikoin is aimed to further optimise supply chains through Blockchain.
If you wish to learn more about GenuineMark, go through their whitepaper at http://genuinemark.org
Nikoin’s Blockchain as a Service Platform is solely designed for businesses, thus enabling them to incorporate such solutions for existing real-life problems. Join their telegram group https://t.me/nikoinglabal to know more.