Counterfeiting and brand misrepresentation can be fought using the Blockchain technology in conjunction with other collaborative entities. Say experts.
Counterfeiting and brand misrepresentation are issues that have been tricky to handle by internet users. Product protection, especially for artists have posed an insurmountable task due to the anonymous nature of the internet. Even when counterfeiting and brand misrepresentation is detected, managing such cases have also been difficult. We can attach a smart token to a Gucci purse to “prove” it is real
Jurisdiction, location, adequate proof and a few more are factors that have made prosecution difficult in the fight against counterfeiting and brand representation. Even though the blockchain technology is still evolving, there have been opinions that the blockchain will fight, and eliminate the negative phenomenon of counterfeiting and other related vices.
Christopher Franko, a Blockchain Scientist with Ribbit.me , says to CoinTelegraphCT r: 33 : “I think these are really two separate issues. I don’t think counterfeiting is driving internet companies to only pay for marketing. I think they are just doing whatever makes them the most money. It’s all about ROI. However, blockchains by design are distributed ledgers so we could easily attach a smart token to a real world tangible product and track it on chain as a way to "prove" its really a Gucci purse. Whether that is what the customer will want is another question.” We can start with digital products The Legal representative of Serbian Bitcoin Association, Nikola Cvijovic believes that the Blockchain could be a part of a system to check counterfeiting and brand misrepresentation.
Cvijovic explains to CoinTelegraph: “Of course, like in almost every aspect of our lives, Blockchain technology can help us. Although, in preventing counterfeiting goods there is lot more to do on the manufacturer’s side. Once they have unique numbers […]
