simplybrand: using blockchain technology to fight against counterfeit products.
Introduction
Ever since its inception, the digital world is constantly being expanded with new platforms and developments capable of providing services that didn’t exist before, and generally, this means new technology being created that can offer superior capabilities than the ones previously available.
Due to said expansion, year after year the number of people doing activities in digital platforms increases, and the same can be said about the amount of money involved in digital activities, we all know that every time big money is involved, the possibility of having scammers and fakers trying to figure out ways to get some of that money is very high, and this is certainly the case when it comes to this industry.
Since the digital world is practically everywhere, the same happens with digital commerce, it is one of the most important industries in the entire world, so much so, that right now if we check the Forbes’s billionaires list we will see that Jeff Bezos is in first place, all thanks to the wealth created by Amazon’s e-commerce activities. I think it is also important to note that today Amazon offers other services that are very different from their e-commerce activities, but this nonetheless remains their main revenue source as can be seen in this info-graphic.
Having said this, the trend is very clear and it won’t change, the digital industry will continue to grow as more people get used to participate in this type of platform, and as people from developing countries start to become active participants, therefore, it is important to have solutions to protect the users against scammers and fakers trying to get away with their money.
The growing risk with e-commerce activities: counterfeit products
It is very likely that more than one people reading this article has suffered from purchasing counterfeit products by mistake, it can be hard for the untrained eye to identify the differences between an authentic product and a fake one, and it is a very sad fact that this type of products have sales from all over the world that surpass a trillion dollars.
Besides, according to some reports 1 out of 3 people purchasing products on a digital platform will receive counterfeit products, it seems there is something similar to an epidemic where fake products are everywhere regardless of strategies to track them down and eliminate them from the market.
It is therefore extremely important to figure out the way to provide a solution for this problem that has been growing nonstop and is affecting more and more people as time pass.
A blockchain-based solution appears: simplyBrand
SimplyBrand is an innovative anti-counterfeit platform, that through the use of blockchain, specialized AI and machine learning, is planning to develop the ultimate solution that could become a cornerstone in the fight against counterfeit products, making it easier to identify this type of product, and eliminate them from the market.
One of the benefits of using blockchain technology, is that due to its inherent decentralization, anyone can participate and contribute with the platform’s activities, and just like other platforms using this technology, participants can receive crypto tokens as a reward for their collaboration, which will effectively allow internet users to join forces in the fight against counterfeit products.
Who benefits from using simplyBrand?
A platform like simplyBrand would bring a lot of benefits to the entire e-commerce industry, these can be divided into 4 categories:
Benefit for companies with their own original brands.
This benefit is quite obvious, companies that invest their resources and time into creating attractive and original products can lose sales if counterfeit products enter the market and deceive users into believing the counterfeit product is the original, this results in a lost of money to the original company. With simplyBrand, companies are going to be less hurt by counterfeit products.
General users
As mentioned before, anyone will be able to participate in simplyBrand’s activities, there will be 3 types of rewards depending on how the user decides to participate:
- Verification rewards: this is awarded if the user can differentiate counterfeit products from authentic products as long as if the user’s decision matches the general consensus.
- Reporting URLs with counterfeit products: if a user reports an URL, and it is later confirmed that the URL was selling counterfeit products, the user will receive a reward for his collaboration.
- Informing when receiving counterfeit products from a website: if a person purchases a product, but after receiving it he realizes the product is fake, this person will be able to report this fact to simplyBrand’s platform, and as long as all the necessary information is included (like a picture of the fake product, and its receipt) a reward will be awarded.
Enforcement agencies
SimplyBrand will aid enforcement agencies in their fight against counterfeit products by providing them with substantial proof that can speed up the process of taking down fake products from the market, even more, these enforcement agencies can also receive rewards for collaboration with simplyBrand once they take down URLs selling fake products and share this fact with simplyBrand’s platform.
The entire process summarized in 3 steps
Identifying the products: simplyBrand’s platform will collect information by scanning a substantial number of e-commerce websites, and this way, the necessary info to identify the authentic products and differentiate them from the fake ones will be collected and safely stores on the blockchain.
Verifying and validating the data: the data received from the users “will be analyzed using AI, Natural Language Processing, semantic analysis, image recognition technology and Human layer” to guarantee its authenticity. Source
Taking real action to fight counterfeit products: after the data has been validated, then it is time to eliminate the counterfeit product from the market, after this is reported by the corresponding party, simplyBrand will issue a reward to them.
simplyBrand is running an ICO right now!
For those interested in getting involved and provide support for this project, they are currently running an ICO that is going to last until March 23, there are some bonuses for those that decide to participate in the ICO. For more information feel free to visit the project’s website, more information about the token sale can be found here.
DISCLAIMER
The information contained within this post shall not be taken as a financial advice. I am not a financial advisor and none of your investment decisions should be carried out based on any information presented here. You can lose all of your money by investing. The information presented in this article is for educational and entertainment purposes only.
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