One of the most significant issues the supply and manufacturing industry faces is counterfeiting. It is estimated that the value of illicit goods is around half a trillion dollars annually, a huge problem affecting companies producing original products. Years ago, this was a relatively small-time business, but it has since grown to become a significant issue for many companies. The counterfeiting industry is a complex business with devastating effects on the individuals and companies it affects. According to the World Health Organization, around 30% of the drugs in circulation are fake, and 1 in 10 medical products in developing countries is counterfeit, responsible for about a million deaths annually. Despite the fight against counterfeiters, it’s still not always possible to tell if a product is real or fake. Retailers must have the necessary tools and resources to combat this issue. Unfortunately, the various technologies used to combat counterfeits have failed. It is why blockchain technology could be a viable solution to help prevent fraud. This article discusses the various advantages of blockchain-based technology VeChain and its traceability solution that can help businesses prevent counterfeiting. What is VeChain (VET)? As one of the first blockchains built specifically for enterprise-level clients, VeChain aims to improve the efficiency of the supply chain. The project’s developers are focused on using distributed le...
