One of the greatest concerns that product dealers in the eCommerce space face is the challenge of verifying the authenticity of the products that they receive from their suppliers and how it can be incredibly difficult to distinguish between counterfeit products and legitimate ones. This issue is
becoming increasingly prevalent in the modern world, with counterfeit goods having an estimated $323 billion in damages to the global economy in 2019. It can be said that the average business owner would struggle to overcome this problem due to the sheer complexity of the work that would be required to prevent this.
Token Network blockchain will be working together with VeChain in order to solve this problem. VeChain is an open-source blockchain for supply chain management which enables business owners and consumers to show the product’s journey from the supplier to the end-user. To support this we aim to create an easy to use UI/UX as well as allow easy and effective integration of our system into the existing legacy systems of businesses. This means businesses won’t have to incur heavy costs of maintenance and will be able to easily migrate their existing systems to a blockchain-based system.
Example Case Rolex Watches
Counterfeit watches are one of the key issues that Rolex International have been working on as there are a large number of counterfeit watches in circulation all around the world. Presently, in order to circumvent this problem, Rolex gives licenses to specific businesses in particular jurisdictions to sell to consumers via a verified retail store. However, Rolex still faces challenges in enforcing the watches are sold via a verified retail store. In particular, how there are many things that can go wrong when shipping these goods from the HQ to overseas countries as these goods can go through multiple changes of hands and thus potentially be swapped out for counterfeit ones.
From a consumer perspective, we recognise the importance of transparency when it comes to tracking the journey of your product from start to finish when and by implementing a supply chain management solution to the master merchant store, we are able to provide customers with the assurance that they will be able to identify if the product is legitimate and find out exactly where and who it was sourced from.