• Latest
Businesses Are Rapidly Embracing Blockchain To Fight Counterfeiting

Businesses Are Rapidly Embracing Blockchain To Fight Counterfeiting

November 11, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Alt Coin

Businesses Are Rapidly Embracing Blockchain To Fight Counterfeiting

coinnewsdaily by coinnewsdaily
November 11, 2018
in Alt Coin
0
Businesses Are Rapidly Embracing Blockchain To Fight Counterfeiting
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022

The move into real world applications is the next step for blockchain systems, and hundreds of companies across the globe are making plans to adopt the technology. Product manufacturers are expected to be among the earliest adopters because of the protection blockchain can provide against counterfeiting. In fact, the first steps have begun in the process, with promising results.

Earlier this week Seagate announced a partnership with IBM to fight the proliferation of counterfeit hard drives. The system will employ IBM’s Hyperledger, and will provide an immutable ledger to track all aspects of a Seagate product from its manufacture through its life cycle. This partnership is one of many that Big Blue is pursuing as it seeks to become a leader in the blockchain space.

Many other companies are planning to address counterfeiting with permissionless platforms, of which there are several designed for this very purpose. VeChain and Waltonchain, for example, both target supply chain and product management and have teams that are developing a wide range of tags, upc stickers, and other disposable tracking devices that will better enable goods to be followed across the blockchain network. VeChain’s team is even developing a temperature sensitive tag that will enable records to be kept of items that require constant refrigeration.

There is no doubt that these blockchain platforms address a serious issue for the modern global economy. Although precise numbers are unknown, counterfeiting is responsible for an estimated $600 billion dollars in lost revenue for manufacturers each year. This problem has persisted for decades, and the inability to solve it is a clear reflection of the limitations of centralized databases that do not cross communicate.

Perhaps one of the key reasons blockchain will soon be used to combat counterfeiting is that this step is relatively simple when compared to other more advanced distributed ledger applications, such as smart contracts or Internet of things (IoT). Also, implementing blockchain in supply chain management does not require government regulation, nor does it involve significant capital investment. In fact, by just about any measure adopting blockchain systems will result in significant savings. For example, Korean tech giant Samsung is developing a blockchain based shipment system that it estimates will reduce shipping costs by twenty percent.

Fighting counterfeiting will result in far more than cost savings for consumers and corporations. There are also notable safety and humanitarian benefits. The ability to securely track products from source to sale will enable consumers to avoid products made via unethical labor practices. Consumers and retailers will also have knowledge of a product’s environmental footprint as well as information such as a product’s place of origin, age, and shipping conditions. In many industries, such as pharmaceuticals and perishable goods, this data promises to save lives as well as money.

The first large-scale blockchain uses in supply chain and anti-counterfeit management are expected to begin by mid-2019. Although no doubt much development will take place over the next few years, there is little doubt that the use of the technology will become standard practice. In a larger sense, its embrace by this sector should play a much larger role in moving blockchain into the mainstream.

Tags: Alt CoinAltcoinblockchain networkblockchain systemsIBMproduct managementreal-world applications
Share76Tweet48
Previous Post

Star Trek’s Captain Kirk Defends ETH Decentralization, While Fake Elon Musks Overrun Twitter

Next Post

IBM Says Blockchain Can Power ‘Open Scientific Research’ in New Patent Filing

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum
Alt Coin

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
things you should know before investing in nfts
Alt Coin

Things You Should Know Before Investing in NFTs

April 24, 2022
Load More
Next Post
IBM Says Blockchain Can Power ‘Open Scientific Research’ in New Patent Filing

IBM Says Blockchain Can Power 'Open Scientific Research' in New Patent Filing

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$22,922.000.33%
  • ethereumEthereum(ETH)$1,632.330.01%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$328.580.76%
  • rippleXRP(XRP)$0.395549-0.93%
  • cardanoCardano(ADA)$0.385509-2.10%
  • dogecoinDogecoin(DOGE)$0.090745-1.93%
  • matic-networkPolygon(MATIC)$1.221.91%
  • okbOKB(OKB)$43.85-1.36%
  • solanaSolana(SOL)$23.19-0.43%
  • shiba-inuShiba Inu(SHIB)$0.000014-3.56%
  • polkadotPolkadot(DOT)$6.62-1.66%
  • litecoinLitecoin(LTC)$98.982.68%
  • tronTRON(TRX)$0.0639961.05%
  • daiDai(DAI)$1.000.06%
  • cosmosCosmos Hub(ATOM)$14.450.38%
  • chainlinkChainlink(LINK)$6.93-1.09%
  • leo-tokenLEO Token(LEO)$3.37-5.42%
  • ethereum-classicEthereum Classic(ETC)$22.43-1.18%
  • moneroMonero(XMR)$166.730.60%
  • bitcoin-cashBitcoin Cash(BCH)$132.73-0.38%
  • stellarStellar(XLM)$0.089599-1.15%
  • crypto-com-chainCronos(CRO)$0.080097-0.97%
  • filecoinFilecoin(FIL)$5.26-0.18%
  • algorandAlgorand(ALGO)$0.2631991.40%
  • vechainVeChain(VET)$0.0241321.07%
  • internet-computerInternet Computer(ICP)$5.55-0.13%
  • aaveAave(AAVE)$86.160.20%
  • eosEOS(EOS)$1.07-1.11%
  • elrond-erd-2MultiversX(EGLD)$45.923.26%
  • theta-tokenTheta Network(THETA)$1.132.71%
  • tezosTezos(XTZ)$1.16-0.55%
  • paxos-standardPax Dollar(USDP)$1.00-0.04%
  • huobi-tokenHuobi(HT)$5.48-1.78%
  • havvenSynthetix Network(SNX)$2.8311.38%
  • bitcoin-cash-svBitcoin SV(BSV)$42.56-2.76%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.502.60%
  • dashDash(DASH)$63.452.09%
  • iotaIOTA(MIOTA)$0.240473-2.20%
  • makerMaker(MKR)$716.864.10%
  • neoNEO(NEO)$8.840.61%
  • zcashZcash(ZEC)$44.391.31%
  • zilliqaZilliqa(ZIL)$0.0291461.52%
  • basic-attention-tokenBasic Attention(BAT)$0.276548-3.39%
  • compound-governance-tokenCompound(COMP)$53.982.79%
  • nemNEM(XEM)$0.040984-0.02%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$35.48-1.33%
  • bitcoin-goldBitcoin Gold(BTG)$17.03-1.33%
  • qtumQtum(QTUM)$2.830.20%
  • sushiSushi(SUSHI)$1.451.57%
  • wavesWaves(WAVES)$2.722.56%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • yearn-financeyearn.finance(YFI)$7,637.970.74%
  • golemGolem(GLM)$0.248639-4.53%
  • omisegoOMG Network(OMG)$1.66-1.53%
  • ontologyOntology(ONT)$0.229792-0.94%
  • digibyteDigiByte(DGB)$0.0111075.34%
  • umaUMA(UMA)$2.122.05%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%