Making its debut as support for cryptocurrencies, the Blockchain technology is now extending its usefulness to other industries as well, including pharma, agricultural, food, and even apparels. There is no particular database for data storage, but the information is distributed over the entire chain, that tracks every detail of a transaction, whenever made.
The blockchain platform stores information in such a manner that it is widely distributed, transparent, immediate, and decentralized. The features and security proportion offered by Blockchain is now making its way towards brand protection by gearing up to address counterfeiting of products prevailing in the industry. Blockchain helps in anti-counterfeiting for brand protection by various mean, including:
Securing Supply Chain
Blockchain plays a crucial role in securing the supply chain network across the industry. As soon as a product is manufactured, all the necessary information about the product such as the manufacturer, supplier, barcode, serial number, etc. are saved on the blockchain with a Unique Identification (UID). The product can be easily searched amid the vast information available on the blockchain using the assigned unique product id, and all the associated details shall be available on the screens. This reduces the chances of counterfeiting by improving the chances of detection of any misstep, disappearance or change of the product amid supply chain transits.
Verifying Product Authenticity
The blockchain process helps in promoting product authenticity and brand loyalty among the consumers by reducing the counterfeiting levels. Often fake products are supplied to the users posing as fine products delivered right from big brands and they happen to affect the brand image in the market. The adoption of the blockchain process helps in protecting brand equity with UID, authorized access, and end-to-end encryption that makes data theft the least possible risk.
Promoting Privacy
Static databases often store information with them and then sell the stored information to the highest corporate bidders, which increase the threat of duplication and replicas taking over the market. However, information stored on the blockchain is not accessible directly by private technical firms, and only a part of the necessary information required for verification purposes is made available on a temporary basis. Also, blockchain comes with a benefit wherein the owner holds power as to who can access the information, how long can the information be accessed and how much of the information can be accessed.
Transparency on the Go
The digital distribution ledgers of a blockchain can either be public or private. Also, any transaction, whenever made on a blockchain, every data, step or values of the transaction are added to different blocks of the chain, without the requirement of any special permission. The auto-recording of all the data makes blockchain highly reliable and very transparent.
