Block chain: A Technology for an Anti-Counter...

Block chain: A Technology for an Anti-Counterfeit Solution

Author Name : Arun Raghu Babu

ABSTRACT

Counterfeiting has become one of the greatest challenges in the today’s business economies. Existing solutions are based on reliance on trust on a third party trusted entity that introduces a logical friction between merchants and consumers.

The block chain technology with its decentralized implementation and security capabilities provide an alternative to existing anti-counterfeiting mechanisms. One can envisage a scenario, in which brands, merchants and marketplaces are part of a block chain network with nodes storing information to validate the authenticity of the products. With the use of this technology, stakeholders in the supply chain need not rely on a centralized entity for authenticity of the branded products.

Keywords: Anti-counterfeit, Block chain, Decentralized, Supply chain, Digital.