Riddle&code, a Blockchain-based Internet of Things (IoT) platform provider, has entered into a strategic partnership with innogy Innovation Hub to embed the data of physical products produced using 3D printing technology onto a Blockchain network.
Innogy Innovation Hub, an innovation center established by a leading European energy company and other top-tier companies, announced the development of a project called “Genesis of Things,” which will utilize the Blockchain technology to securely share IP designs and properties of 3D printed products in a tamper proof and robust ecosystem.
Alvaro Mier, riddle&code CEO, says:
“We are very excited to be part of this project. We take it as a recognition for having the most advanced and convenient solution on the market. Our responsibility with this project is to secure every and each product that comes out of this factory. Anyone can be assured that the product is original and it has been manufactured according to specific requirements.”
The value of counterfeit goods sold globally amounts to trillions of U.S. dollars
According to the International AntiCounterfeiting Coalition (IACC), the projected value of global trade in counterfeit and pirated goods in 2015 amounted to $1.77 trillion. In China alone, the IACC stated that nearly $1.1 bln worth of counterfeit and infringing goods were seized in 2014.
One major reason behind the exportation and importation of counterfeit goods is the lack of necessary infrastructure to easily detect fake products instantaneously. Currently, there exist several platforms which most authorities rely on to verify and authenticate goods. However, their dependence on centralized databases leaves platforms vulnerable to tampering and data alteration.
A Blockchain-based IoT platform designed by riddle&code enables manufacturers to embed the intellectual property and digital fingerprints of their products onto a public ledger, which is accessible to anyone in the network. The decentralized nature of the Blockchain technology also makes the ledger tamper proof, which maintains proper security measures of the platform.
Proof of ownership and authenticity
“The vast majority of today’s tagging solutions is not tamper proof. The combination of riddle&code tagging, cryptography and Blockchain provides a much more secure tagging solutions. In addition, new features such as Proof of Ownership or Proof of Authenticity can now be easily added to a product,” said innogy SE Executive Carsten Stocker.
He further emphasized that the rapid development of mobile applications and consumer-focused platforms eases the process of verification. For instance, in the Genesis of Things network, users can simply use a mobile app to verify the legitimacy and origin of the products within seconds.
“Riddle&code tags can be operated everywhere and independent of any power supply or battery. Now, everyone can simply check with his phone whether an industrial spare part, an Adidas T-Shirt or a bottle of Champagne is genuine or fake,” Stocker added.