Humanity is blessed to be living in this modern, sophisticated era with ergonomic processes powered by promising technologies. There are fraudulent activities in every business from ancient days, but these modern era hacks are potential and highly risky. Supply chain organizations report around $700 billion worth of imported counterfeit goods every year, which is 4.3% of global imports percentage.
Giant brands are on a serious note to render authenticity, transparency of product traversing. Blockchain supply chain solutions are no more an abstract project; it has been implemented in leading sectors like agriculture, food chain, beverages, e-commerce, and manufacturing units. With advanced blockchain supply chain solutions, the brands can sketch their terms & conditions with smart contracts between distributors, sellers, logistics, then tracking products from raw materials to the factory outlet and then to end-users.
In this blog post, let’s dig deep about how the blockchain serves as a promising tech solution that prevents counterfeit attacks in industries!
Blockchain-The Savior of Industries!
Product traversing is not an easy joke. It may seem easy in the front end as we are used to e-commerce sites and online shopping. But, there is a dynamic technology and workforce behind it to track the authenticity of suppliers, transmitters, travels, and other intermediary processes. The e-commerce brands put on tiring efforts with existing technological solutions and workforce to deliver trustworthy, quality products to its consumers. Blockchain can simplify and enhance the entire process of the supply chain, strictly with no fraudulent attacks!
Let’s see how blockchain saves the industries from counterfeit goods!
Launching the decentralized product traversing
Blockchain is the distributed ledger technology that can operate without any intermediaries or central governance. To build an effective blockchain supply chain application, every entity involved in the product traversing, say, for instance, raw material suppliers, quality control, transportation, retailers, consumers, must be integrated as a decentralized network.
With tiring efforts, giant brands like Amazon and Walmart are already in the pilot projects of implementing blockchain-based supply chain applications. Once these applications are launched, the world will discover the true potential of blockchain infrastructure.
When it comes to product traversing, the blockchain coupled with IoT sensors, can pay off to a greater extent in avoiding fraudulent activities. The appropriate IoT sensors can be clipped based on the product that is traversed to enhance blockchain traceability. For instance, the liquid products may be clutched with sensors that detect leakage, package openings, holes, and other criteria, including diversion from routes, stocking in irrelevant locations, and much more on the queue.
IoT sensors and tags are available in a wide range of options. Based on the value of the product, the tags can be chosen by the manufacturer. Some provisionary products don’t need smart tags traceability; they can be tracked with economy tags. IoT provides RFID, smart, purpose-fit tags, high-resolution signatures, decentralized identifiers for traceability of goods. Hence, depending on the product’s sensitivity and budgeting, the manufacturers and retailers can pick their IoT sensors to track the product traversing.
Legit consumers as the nodes
Authenticating legit consumers to the decentralized blockchain network as nodes can help know the brands’ and end-users ‘ perspectives. This infrastructure of end users can enhance the customers’ trust in the brand, thereby promoting stakeholders to invest in brands.
You can start your consumer authorization program with loyalty rewards. If the consumer reaches a threshold limit with specific criteria, the miners can get users’ consent and them as a network node or redeem their points.
Wrap up advanced techs
The advancement of blockchain technology has included IoT, AI, ML, and other promising technologies to render flawless industrial solutions. The same goes for fighting against counterfeit attacks. The end users can scan the IoT sensor and glance at the product traversing or quality of products, and reach the chatbot for queries.
Every technology is the invention of overcoming the loopholes of previous technology. Hence, coupling the advanced technologies to build the solution to avoid counterfeit activities in the industries can bring about the best solutions.
Automate Quality inspection
Quality inspection is a tiring process for every manufacturing unit. Integrating governmental organizations and quality control teams of the industry can enhance transparency to the consumers on-board. Hence, the consumers can trust the quality that the brands produce their products as per the professional authorities’ guidelines.
Customized smart contract protocols can be employed to inspect products’ quality as per the norms at every phase. This can reduce the operational costs and the huge workforce employed in the quality control team.
Blockchain is considered the most important innovation since the inception of the internet. The Internet is considered the system that transfers information with P2P transactions, whereas the blockchain transfers values and assets! This disruptive technology would soon enhance our lives in every aspect in the upcoming decade as the internet does now!