The global impact of counterfeiting on the economy is said to reach a staggering amount of 2 trillion dollars by 2022 and is felt across the board of the economy. Blockchain might not solve the all the challenges caused by counterfeit products and piracy, but it will attempt to restructure the chains of commands and curb counterfeiting in the bud. With that said, some of the top cryptocurrencies / blockchain projects currently making positive impacts in curtailing the trail of counterfeit include:
Disclaimer: The purpose of this list is not to pick the ” best ” cryptocurrency. The fundamental purpose of this list is to encourage community engagement and intellectual debate among the supporters of different cryptocurrency projects. By bringing supporters of different projects together, we hope to unravel the actual value and sentiment of each project via civilized debates. p.s. Nothing in this article should be treated as financial advice.
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Devery is a project that strives to safeguard businesses and their customers from acquiring counterfeit goods and services using blockchain technology. Consumers can use the platform to verify and authenticate products online before paying for them on the Devery platform. Basically, it cements a better relationship online and protects consumers and brands from counterfeit using the power of blockchain technology to verify products and suppliers throughout the supply chain.
Walton Chain aims to combine both the RFID and blockchain technology to revolutionize supply chain management. Several advantages that the combination of these two technologies includes enhanced security, effective source tracing, efficient anti-counterfeiting, decentralization of supplychain, lowered requirements for credence as well as reduced labor costs.
Ambrosus is revolutionizing the food and pharmaceutical industry by creating a secure and seamless flow of information between manufacturers, suppliers, and consumers with a database that promotes quality assurance across the chain. Ambrosus aims to leverage on blockchain and internet of things to track products across the supply chain to guarantee the quality and origin of the good from the very top till when it gets to the consumers. The platform also aims to have an extensive database that consumers can easily access to check up on the authenticity any product.
OriginTrail aims to revolutionize the supply chain industry by building a decentralized protocol to allow businesses to interact seamlessly with each other globally without limitations. The OriginTrail decentralized network is built on the distributed ledger technology that promotes data integrity and validation between different organizations based upon globally recognized standards.
WaBi is one of the first cryptocurrency backed by physical product. The token aims to leverage on blockchain technology to stop the counterfeit epidemic, especially in China by protecting consumer label products. Consumers get rewarded when they used the platform to check for the authenticity of the item they intend to purchase.
VeChain is a supply chain management solution based on blockchain technology for products and information. The platform aims to present clients around the globe with a platform that fosters market transparency and the free flow of information concerning products and services on the market, from material sources to service history.
- Ticker Symbol: VEN
- Token Type: Own Blockchain
- Website: https://www.vechain.org/
- Whitepaper: Vechain Whitepaper
RealChain is a blockchain based protocol that leverages on machine learning and smart contract technology to develop a database for high-end consumer goods and service. The platform aims to improve transparency and trust in the supply chain and thus reducing the risk of counterfeit and piracy.
The Halalchain project aims to cater for the global Muslim population to ensure that the raw materials for foods, drinks, pharmaceuticals, and cosmetics are in accordance to the Islamic rules and law. The platform is combining the technologies of the blockchain, internet of things, and smart contract to establish an ecosystem to track the supply chain of all ingredients that make up the product from the beginning to the end of the supply chain. Halalchain will bring transparency and assurance that all products that come into Islamic countries meet the halal specification.
- Ticker Symbol: HLC
- Token Type: ERC20 Token
- Website: http://www.halalchain.ae/
- Whitepaper: HalalChain Whitepaper