Solving the Problem of Counterfeit Goods with a Decentralised Ledger
From clothes, software, intellectual property, to digital media, we are surrounded by counterfeit goods.
In the United States alone, the cost of counterfeit goods is put at a whopping USD 600 billion per year.
As per a report by the International Chamber of Commerce, counterfeiting is projected to drain as much USD 4.2 trillion from the global economy by the year 2022. Not just that, as much as 5.4 million jobs are put at risk because of the fake goods industry.
The disappointing aspect is that the lack of regulatory framework, international laws, and non-cooperation, all hinder the successful eradication of counterfeit goods from the world’s economy. That’s not all, the ineffectuality also results from a variety factors such as the innumerable array of consumer products, opaque supply chains, increased costs associated with enforcement, lack of resources, and large volume of international trade.
With a distributed ledger, the revolutionary Blockchain has the potential to streamline processes and subsequently put an end to the industry of counterfeit goods.
