Providing indisputable product authenticity is unprecedented in supply chain management and one of the many benefits that deploying blockchain will allow. Verified provenance of product origins will assure consumers they are, in fact, purchasing what they intend.
Blockchain will build consumer trust like never before. And that same transparency will be available through every phase of supply chain management.
Accountability within verified and trackable steps through blockchain technology will fend off most, if not all, counterfeit goods.
This problem is referred to in the cybersecurity sector as brand abuse.
Brandjacking is the use of deceptive or practices at the expense of brand equity and consumer trust. Counterfeiting is the sale of fake goods through all distribution channels.
Between 2010 and 2014 alone, the EU, US, and Japanese customs seized an estimated €624M EU/$1,270.6M US/¥130M JA in counterfeited products.
Brand abuse affects the best suppliers and sellers
Fraud can infiltrate at every stage of a product’s lifecycle: design, specification, development, pilot production, and commercialization. The financial impact of Brand Abuse may be difficult to monetize.
Thankfully, blockchain tracking will help keep tabs on authorized sales channels as-well-as help flag products of dodgy origins.
As blockchain becomes more widely adopted--not just for payments, but for the entire supply chain--consumers and businesses will enjoy the assurance of top quality goods.
Blockchain encryption will “rubber stamp” the journey a product has made on its way to the consumer: from the earth as raw materials, through harvesting, manufacturing, packaging, and shipping, all the way until it reaches its destination a consumer outlet or your front door.
The Lantah Solution
Product authenticity made clear through blockchain processes, will enable assured age and quality of products. Other technologies such as RFID and IOT will support this process along the way.
Lantah is taking a forward-looking stance to incentivize producers to incorporate these technologies when applicable.
Blockchain technology will allow Lantah to record a global, trackable, and shared record of every transaction associated with an asset, even before it reaches the borderless marketplace. And, consecutive blockchain entries will be visible to those participating in blockchain transactions.