Counterfeiting is an increasingly lucrative criminal enterprise that is expensive to track and mitigate, with damaging consequences for consumers. A blockchain-based supply chain that serves as both a digital database of events and participant activity, as well as product origin, can prevent fraud and increase overall transparency by facilitating an easy and fast reporting process, assurance of product authenticity and streamlined information sharing. Blockchain’s immutability and instant auditability of data can also help manufacturers significantly improve their compliance with anti-counterfeiting legislation at relatively low cost without impacting the existing IT or application infrastructure.
Learn more about how an Exonum blockchain increased transparency in government auction services, helping to combat misinformation and fraudulent bids
Exonum Blockchain: Your Platform for Trust
Issues Facing Counterfeit Prevention:
- Lack of trust and low transparency
- Poor traceability and absence of real-time control and distribution
- Non-compliance and legal issues
- Potential safety risks
- Risks to company sustainability and brand damage
How Exonum Blockchain
Transforms Counterfeit Prevention:
Transforms Counterfeit Prevention:
- The Exonum blockchain stores impersonal data only, with access rights distributed amongst partners
- Only verified parties can add information to the blockchain
- All information is immutable, and cannot be deleted or changed
- Each verified participant can check the operations of the others, helping to spot potential counterfeit activity
- Quick and easy auditing allows for faster response and mitigation of counterfeit activity