THE $4.2 TRILLION PROBLEM.
The black market for stolen and counterfeit goods costs producers and consumers over 4 trillion a year as well as causing untold harm to brands and fuelling crime. All because of a lack of information - blockchain technology means that it’s possible to track the history of all products at low cost meaning no one will ever have to buy a counterfeit or stolen product again.
Origin
Authenticity
Ownership
Manufacturers are already spending a whopping $82.05 billion each year trying to prevent goods from being counterfeited, but that figure is also set to skyrocket. Counterfeiters have moved into almost every sector of manufacture, from fashion labels and luxury watches to bags and batteries. Every item bought and sold faces the problem of identity. And with $23.45 trillion worth of goods being sold worldwide each year, it’s a colossal problem. It demands a universal, worldwide method of authentication, not just for new goods, but for all goods. In order for manufacturers, distributors and customers to buy and sell with confidence, we must be able to answer these three questions with certainty:
The Cost of Counterfeit
$4.2 Trillion
Counterfeit goods and piracy to cost the Global
Economy $4.2 Trillion a year by 2022.
$1 Billion
Estimated counterfeit watch sales
in 2013 alone.
50% Of art
50% of art in circulation is either forget or
misattributed.
$82 Billion
Spent each year on brand protection and trying
to prevent goods from being counterfeited.
$82 Billion
Spent each year on brand protection and trying
to prevent goods from being counterfeited.
$1 Billion
Estimated counterfeit watch sales
in 2013 alone.
50% Of art
50% of art in circulation is either forget or
misattributed.
This creates many issues for
Consumers
- Dangerous/Poor quality products;
- Unsafe Products;
- Unfair buying price;
- Illegal to resel.
Brands
- Dangerous/Poor quality products;
- Unsafe Products;
- Unfair buying price;
- Illegal to resel.
Government
- Criminal;
- Sustainability;
- Loss of tax and duties.
Insurers
- Riskier products;
- False claims;
- Inaccurate valuation.
Insurers
- Riskier products;
- False claims;
- Inaccurate valuation.
Brands
- Dangerous/Poor quality products;
- Unsafe Products;
- Unfair buying price;
- Illegal to resel.
Government
- Criminal;
- Sustainability;
- Loss of tax and duties.
The Cost of Counterfeit
Each jacket could have been market as stolen. Using a QR code linked to the products GDP “Goods Digital Passport” attached inside the jacket. This would make stolen goods easy to identify. Help protect brand reputation against counterfeit goods. And allow consumer protection to ensure items are not stolen and are genuine.
When John Bell bought a counterfeit watch on eBay it took months to get the company to refund the purchase.
Modigliani paintings once thought to be worth tens of millions now denounced as fakes.
Guaranteeing the eBay Money Back Guarantee
Art museums around the world have even created exhibits specifically showcasing the art and science of detecting fakes. From intrinsic coding to analyzing paint strokes, the science behind identifying fakes and forgeries can be tedious beyond compare.
GDP Produce
There???„?s an expanding demand for organic produce and an increased popularity of farmers???„? markets, as people want to know exactly where their food comes from, and how it was grown or raised.
Detecting Fakes in the Art World
Art museums around the world have even created exhibits specifically showcasing the art and science of detecting fakes. From intrinsic coding to analyzing paint strokes, the science behind identifying fakes and forgeries can be tedious beyond compare.
