Counterfeit prevention

Posted by on Jun 26, 2017 in Thoughts | No Comments

As many scramble to find the “killer app” for blockchain technology, one great use case is counterfeit prevention. After all, thats what bitcoin does well. Stops counterfeits or double spending of digital money.

Some new, and well funded startups, like Everledger, are using blockchains to stop counterfeit of diamonds. Luxury goods like high end handbags, sneakers and other such items. What has value, will be stolen or counterfeited. Some other not so obvious items are protected and endangered native trees in Australia. Something I’m passionate about.

The Queensland Government’s attempt to stop illegal trading of these, is to simply issue a tag such as the one below. Using a blockchain to issue these tags would potentially eliminate fraud and counterfeits, and ultimately help protect our native flora.