Receive all Cointelegraph news immediately in Telegram.
Counterfeiting and brand misrepresentation can be fought using the Blockchain technology in conjunction with other collaborative entities.
Expert opinions on the ability of the Blockchain to fight counterfeiting.
Blockchain, Counterfeit, Internet, Ribbit.me, Bitcoin, Ledger, Token, Gucci, brand protection
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.
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 CoinTelegraph:
“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.”
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 for every piece they manufacture, you can then put them on the Blockchain in many ways.”
He remarks that this method should be first used for protecting author rights for digital products like music, videos and photos and go from there.
The Development Lead at Blockchain Tech LTD, Stefano Paulello sees the scenario as interesting, yet difficult one. He thinks that there have been innovations that attempt to use the Blockchain to fight fake brand or fake goods. It's just not easy and the technology needs to evolve.
“Blockchain will be part of the technology stack, may be a central part, but not the only one. I think it's a really exciting time now to see the evolution of this new technology.”
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details