Conversations about blockchain have long been relegated to the cryptocurrency sphere. Autify Network is the startup creating a seismic shift in this conversation with a scalable decentralised blockchain solution for a global problem.
The real-world problem at hand:
That the leaps and bounds made in technology has led to the expansion of markets is an indisputable fact. Another rather unfortunate indisputable fact is that the same technology that has enabled brands to have a global scale presence has also led to the rampant proliferation of counterfeit goods. This criminal activity has been further aided by the relentless growth of e-commerce which allows counterfeiters unfettered access to products from across the globe while offering a distribution channel that frees them of any accountability.
The global scale of counterfeiting
This problem has continued to grow unchecked and now costs global markets 1.8 trillion dollars. This number is expected to increase to $2.8 trillion and cost companies 5.4 million jobs by next year. This problem has affected the biggest names in the industry – even Apple has reported that 90% of the “Apple” power accessories sold on Amazon are fake. The loss of revenue is not the only problem for brands however, the reputation and relationship with consumers are put in serious jeopardy due to counterfeiting.
In a post-pandemic world, this has serious implications with fake vaccines, medicines and vaccination certificates in circulation severely undermining the fight against COVID-19. A feasible solution is necessary and urgent.
How can blockchain help?
While many brands have tried to counter this issue through lengthy legal battles or specific means of verification, they are neither cost-effective nor adaptable. Blockchain as an infrastructural technology is uniquely positioned to solve the problem with trust-less data transfer and when it comes to counterfeiting, blockchain can trace information on any product right down to the fundamental level of the materials used. For example: the buyer of a candy bar can not only learn what ingredients are used, rather they can trace the product right down to where it was produced, the methods used, how it was transported and the process by which the ingredients came together. Furthermore, all information pertaining to the product is stored at every step and cannot be tampered with or deleted. The application of blockchain to the counterfeit problem can create a real paradigm shift to existing brand-consumer relationships and change the face of global markets forever. This is exactly what Autify intends to do with their pathbreaking solution.
The Autify solution
Autify believes that the true potential of blockchain remains untapped and they are looking at a comprehensive blockchain trust protocol that can combat this global problem. Through Autify SCAN, users will be able to digitally authenticate anything they are buying. Buyers will be able to scan a completely unique smart tag (QR code/RFID/NFC/IoT) and get verifiable information about the origin, authenticity, and integrity of any product or service. This unique solution blends artificial intelligence, image recognition, bio-inspired technology and blockchain to realize this goal. The immutable records instantly protects the brand identity and offers complete information on the product via a cryptographically signed digital ledger.
Autify is different in that it doesn’t rely on hashing algorithms that can only handle computer files. In fact, Autify is harnessing the power of blockchain with a little help from AI image recognition that will verify information at a deeper level, for example, verify who signed which document at what particular time and in which place.
The team making the difference
The team of experienced entrepreneurs, blockchain engineers, cryptographers, operational and marketing experts are looking at unveiling the true scale of the solution through promising e-commerce collaborations. The inviolable protocol when used by marketplace APIs will immediately identify counterfeits and make it impossible for anyone to list the product on the platform making the online shopping experience much safer in the future. The organization is focussed on empowering both brands and users with independently verifiable tamper-proof data. To solve the problem at the root, the brand is exploring transformative partnerships with big names to reach as many people as possible and as soon as possible.
So is the sun setting on the counterfeit empire? With Autify at the helm, the end seems very likely!