Technology company Veritise is developing a blockchain-based application which aims at combating counterfeiting in the supply chain.
The key aspect of Veritise’s application will make it possible for customers and suppliers to verify the link between a manufacturer and its product, and will be available at the end of this year.
Through a subscription, companies will be able to provide various pieces of information by using tamper-proof stickers with unique codes, designed in partnership with established printing companies; Veritise codes printed by their own means on their labels and packaging; and RFID and NFC blockchain secured solutions.
The company says that goods will be handled with traceability and visibility in mind.
“Each time a unique code is created, an irreversible event is generated on the blockchain. The Veritise system allows the blockchain registry to be checked to establish, almost immediately, the link between the manufacturer and the product”, explains Cormac Lucking, the CEO of Veritise.
Through the traceability of the technology and event recording, companies can offer an ‘unprecedented level’ of transparency. Being able to see the life cycle and origin of products, Veritise suggests, will increase brand loyalty by mitigating counterfeits.