Ahead of 315 World Consumer Rights Day, how Brands can use simplyBrand’s Blockchain Technology to Fight Counterfeit Goods
Celebrated on 15 March every year, World Consumer Rights Day promotes the basic rights of all consumers, and demands that these rights are respected and protected. Moreover, it, and addresses the market abuses and social injustices which undermine consumers.
To mark this occasion, we’d like to share with you how simplyBrand directly addresses consumer rights using advanced technology like blockchain.
Blockchain technology is touted to revolutionize the world as we know it. Targeting industries ranging from banking and real estate to the medical industry and IoT, the potential of blockchain technology is truly astounding. One underreported, but nevertheless important industry that it is set to make a considerable difference to is the online counterfeit goods industry.
That’s what we at simplyBrand have set forth to achieve. We want to harness the power of blockchain technology to halt the proliferation of online counterfeit goods. In 2017 alone, the total amount of counterfeiting globally reached 1.2 trillion USD. By 2020, the amount is projected to reach 1.82 Trillion USD by the year 2020.
What’s more, more than 70% of counterfeit goods are sold online, so there is a very real need for an effective solution to be implemented.
Keep reading to learn more.
What is simplyBrand?
simplyBrand is a blockchain company that endeavours to curb the sheer number of fake goods online. We already have prior experience in the anti-counterfeit industry, having long worked with well-known companies, such as Asus, to fight counterfeiting of their products.
Although our efforts were successful, we wanted to find an even more efficient and accurate means of detecting and eliminating counterfeit goods online. We believe blockchain technology can offer both of these features, which is why we established our more advanced, blockchain-based anti-counterfeiting solution.
5 Ways simplyBrand is Using Blockchain to Fight Counterfeits
Blockchain technology, along with AI and crowdsourcing, is at the heart of what we do at simplyBrand. There are a number of ways we utilize blockchain technology:
1. Leveraging blockchain’s immutable and distributed features
Perhaps the primary way we use blockchain technology is by drawing on its immutable and distributed features. We draw on these features in both our whitelist and blacklist services.
We provide each of our clients with a custom whitelist of data about the authorized sellers of their products. Each whitelist is encrypted, hashed, and put on our blockchain in order to not only ensure that the data remains secure, but also that the brands have full access and ownership of their respective whitelist.
Once we have gathered data about instances of fake goods online, we will publish a blacklist of the bad actors (the eCommerce businesses selling the counterfeit goods) on our blockchain. This blacklist will be available for the respective client affected by the counterfeiting to access, along with anyone from the general public who wants to view it.
How blockchain helps
The reason why publishing both the whitelist and blacklist data on our blockchain is so powerful is because the immutable nature of blockchain technology means that once the data has been published, it cannot be manipulated nor erased. Furthermore, the distributed nature of blockchain means that everyone who should have access to a specific data set is able to view the same version of the data — regardless of where they are located.
These two features will also work to eliminate the threat of the bad actors taking down the offending information — as could be easily possible if the data was simply published on a single, centralized website. Moreover, publishishing the blacklist on our blockchain will also work to disincentivize the bad actors to sell counterfeit goods online in the first place. If counterfeiter businesses know there will be substantial financial and reputational risks related to their malicious actions, they will be less likely to continue for fear of punishment.
2. To support the work of enforcement agencies
Blockchain technology will also support the work of the enforcement agencies on our platform. Third-party enforcement agencies will be able to utilize the vital data gathered and housed on our blockchain-based blacklist to quickly respond to any offending product pages. Ultimately, they will be able to remove them on behalf of companies so that they are no longer posing a financial or brand image threat to the targeted business.
How blockchain helps
While in the past, victims of counterfeiting either did not know their goods were being counterfeited, or did not have the necessary data or support to prosecute counterfeiters, our blockchain technology makes it possible for enforcement agencies to help businesses to effectively resolve any instances of counterfeiting online.
3. As a form of decentralized verification
Decentralized verification is yet another useful function of blockchain technology that simplyBrand takes advantage of on our platform. It provides a means for our validators to vote and verify whether given products are fake or genuine — a crucial component of supporting our AI technology to become more and more advanced.
How blockchain helps
Decentralized verification allows the total process to become sustainable and self-governable. There are many advantages to this. Specifically, it will both reduce the need for micromanagement, and decrease financial and efficiency costs dramatically. It will also allow for greater transparency in the execution of voting and verification processes, in turn creating greater trust in the entire simplyBrand ecosystem.
4. To fuel our blockchain platform
A further way we will use blockchain tech is by requiring our clients who use our anti-counterfeiting services to pay for our services in SBA, our native cryptocurrency token.
5. To incentivize and reward our validators
We will also use SBA to incentivize and reward the crowdsourced individuals (our validators) who help us to identify and validate instances of fake goods online.
Where Can I Learn More?
If you’d like to learn more about what we do, and how we’re using blockchain technology to fight counterfeit goods online, you can read our whitepaper, check out our website, or join in on the discussions on our many social media platforms, including Telegram, Twitter, Facebook, YouTube, and Medium.
simplyBrand is an advanced ecosystem that draws on artificial intelligence, blockchain technology, and crowdsourcing to eliminate counterfeit products in digital commerce. To learn more, visit the simplyBrand website.