According to International AntiCounterfeiting Coalition’s projections for the year 2015, the total value of global trade in counterfeit and pirated goods stood at a whopping $1.77 trillion. The data also states that in the country of China alone, nearly $1.1 bln worth of infringing and counterfeit products were seized in the year 2014.
One of the main reasons for the ever-growing counterfeit market is the unavailability of basic infrastructure for easy and instantaneous detection of fake products. While there are many platforms which the authorities make use of to authenticate and verify goods, but their huge reliance on centralized databases ends up making these platforms exposed for easy target for data alteration and tampering.
Seeing this lack of infrastructure, Riddle&code, a Blockchain-based Internet of Things platform provider, decided to develop a Blockchain-based IoT platform that will give goods manufacturers power to embed intellectual property and digital fingerprints of their products onto a public ledger, which can be easily accessed to any party involved in the network. Since Riddle&code’s Blockchain technology is decentralized in nature, it ends up making the ledger tamper proof, which in return maintains the proper security measures of the Blockchain-based IoT platform.
In order to embed the data of physical goods produced using 3D printing technology onto a Blockchain network, Riddle&code decided to enter into a partnership with Innogy Innovation Hub.
Innogy Innovation Hub, which is an innovation center established by one of Europe’s leading energy company and other top companies, have announced “Genesis of Things,” a project that will be making use of the Blockchain technology to securely share properties of 3D printed products and IP designs in a ecosystem which is robust and tamper proof.
According to a statement given by riddle&code’s CEO Alvaro Mier, Riddle&code is very excited to be a part of the Genesis of Things project, and take it as a recognition for having the most advanced and convenient solution in the market. Talking about its role in the project, Mier said their main responsibility is to ensure that every and each product that comes out of this factory is fully secure.
Most of the tagging solutions currently in use aren’t tamper proof. But, the unique combination of riddle&code’s tagging, cryptography and Blockchain provides manufacturers with more secure tagging solutions. Further, several new features like Proof of Authenticity or Ownership can now be added to a product.
The rate at which consumer-focused platforms and mobile applications are developing nowadays have also majorly contributed in easing the verification process. For example, while making use of the Genesis of Things network, a user can simply make use a mobile application to instantly verify the origin and legitimacy of products.
Since Riddle&code tags don’t require any battery or power supply to function, they can be operated anywhere and everywhere by anyone to find out if the pair of sneakers on which they’re spending a huge part of their hard earned money is actually genuine or fake.
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