Seal Networks is the new disruptive blockchain solution which aims to stop the counterfeiting which is out of control in supply chains throughout the global economy. In 2013, trade in counterfeit goods was estimated at $461 billion dollars and projected to increase to $1561 billion by 2022! This increase in pirated goods is a major problem for manufacturers; unfortunately, a problem that is passed on to consumers who are paying more for products to offset the cost of futile attempts at stopping counterfeiting which are being used today. However, the future is bright, as Seal Network has developed a system that will help protect both brands and customer from falling victim to counterfeiting activities.
Seal Network has developed a game changing product verification system built on top of the Ethereum blockchain that will subscribe a unique ID to each product that will be verifiable using Seal’s proprietary API interfaced into Apple and Google apps. What makes Seal Network’s solution different from its’ competition is that they are using NFC micro chips which are embedded into each product and can be updated to reflect the real time status of the product on the Ethereum blockchain. The dynamic environment of NFC chips will allow customers to validate authenticity, transfer ownership information, register the product with ease, and aid in recovery; in the event the item is stolen via the smartphone API.
For brands and manufacturers, it will make it less profitable for counterfeiters; as now there is a method of verification which can not be copied or manipulated; due to the high level of security and immutability offered by data processed on the blockchain. It will also help to stop illegal overruns of production and parallel importing, which is the most threatening to profitability; as the counterfeit products are produced by the same subcontractors employed to produce the actual products. Seal’s solution will also allow bands and manufactures to communicate information to customers whenever they interact with the NFC chip with their smartphone app to receive product updates and possible recall information.
One of the the other great things about the Seal Network anti-counterfeiting consensus mechanism, it that it will allow brands to share in some of the profits generated from second and third party resale. Customers will have to interact with the blockchain authentication mechanism by using Seal tokens as payment for verification, updating information, and ownership transfer; and brands will be able to receive a percentage of the tokens transfered between buyer and seller for maintaining the data on the blockchain to authenticate products. This is a first on history and a big win for all involved.
Although many new blockchain solutions have appeared recently seeking to address the problems from counterfeiting; however, none is as perfectly poised to disrupt the industry as Seal Network. With the backing of the International Anti-Counterfeiting Coalition (the world's largest non-profit organization devoted solely to protecting intellectual property and deterring counterfeiting), Seal will be very likely the organization to finally put an end to counterfeiting as we know it. For more information, please visit the following links:
Website: https://seal.network/
Whitepaper: https://seal.network/seal-whitepaper.pdf
Twitter: https://twitter.com/r/seal_network
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