In fact, manufacturers are already wasting $82.05 billion a year attempting to prevent goods from being counterfeited, but their efforts are not viable nor are they sustainable. The problem lies in the fact that piracy is everywhere. From high end apparel to priceless art and even prescription medications, there truly is no end to what thieves will attempt to steal and resell, or sell as counterfeits. For many crooks, piracy is a full time job. Meaning, they are as professional as doctors and lawyers in their “field.” With so many bogus goods on the market, the ability to confidently and effortlessly know the origin of a product, who owns it, and if it is genuine, would mean everything. So what’s the solution?
Enter Goods Digital Passport. Here’s how it works: GDPs are built using blockchain technology. They create an unbreakable, verifiable, decentralised digital chain between a product and its origin. All new goods manufacturers can register to be authorised by Goods Digital Passport (GDP). Once authorised, all new goods produced by that manufacturer can be given a Goods Digital Passport, consisting of a unique QR code and blockchain hash, which is linked exclusively to that specific item. That means, anyone who wants to know the origin of an item with a GDP, can view the origin of that product and its current owner, using its unique QR code. Moving forward, whenever these goods are bought and sold, the transfer of ownership will be recorded on the GDP. And only the current owner of a product will be able to transfer the GDP, which will also help eliminate theft and the resale of stolen goods.
Best of all, GDP works for pretty much everything that can be bought and sold, and of course, stolen and resold. Perhaps you are a shop owner selling high end apparel, an art dealer interested in purchasing priceless works of art, a watch collector, or a mother giving medication to her children, the GDP solution exists for endless scenarios.
This global solution is the start of a worldwide eco-system, which will not only look to have a significant impact on counterfeit goods; it will allow consumers to understand the products they purchase. Utilizing a suite of applications, consumers will not only be able to store their products using Goods Digital Passport, but also keep track of their collective value using an online wallet. It will help generate vital footfall into brands stores by allowing post registration of products from verified outlets.
In addition, GDP will provide seamless insurance quotes, proof of ownership and accurate values, directly to insurance companies and comparison sites. Providing real time price and part exchange information and enabling people to sell their products directly onto the marketplace. It allows consumers to share their wallet, proving proof of ownership and verifying its value for insurance needs, which will help to speed up claims processes.
Goods Digital Passport is the solution we’ve all been waiting for.