Counterfeit, simply put fake or forgery is to imitate something authentic, with the intent to steal, destroy, or replace the original, for use in illegal transactions, or otherwise to deceive individuals into believing that the fake is of equal or greater value than the real thing.
Blockchain is a public decentralized distributed ledger of information through networks. Blockchain technology have made transactions between peers to be transparent, trustworthy and ease the way of doing business.
By what we have above, blockchain technology have made it impossible for counterfeiting to thrive in the society but for only those that adopt it.
Recently, The EUIPO launched a new forum designed to encourage the development of cutting edge technological solutions to combat counterfeiting.
The Executive Director of the EUIPO, Christian Archambeau, said that the Blockathon had brought the public and private sectors together with coding teams to try and make “on-the-spot” progress in developing innovative solutions in the area of supply chain management.
He called on private sector organisations, and all interested individuals to join the anti-counterfeiting forum to build on the encouraging results of the Blockathon and help develop and test solutions that would successfully combat the “global plague” of counterfeiting.
Qitmeer Network is the next generation public chain based on BlockDAG which is dedicated to serving the ecosystem of Islamic Finance, ethical finance, and socially responsible investment, thereby enhancing financial inclusion and creating social impact.
Qitmeer network developed by halal chain foundation pointed out counterfeiting as one of the problems it’s technology is here to solve which will make transactions easier and more comfortable.