RE: Nike, Macy’s & Kohl’s Turn To Blockchain Tech To Combat Fakes
With the massive amounts of counterfeit/fake products out there these days, this application of blockchain technology is really good to see…
Retail Giants Nike, Macy’s and Kohl’s Turn to Blockchain Tech to Combat Fakes
“Big retailers are turning to blockchain technology to shake off the multi billion-dollar industry of fake goods and deceptive counterfeiting. Auburn University’s RFID lab is tackling a sophisticated and highly lucrative industry that has pushed worldwide losses to over $1 trillion.
Auburn has created the Chain Integration Project (CHIP), which uses blockchain technology to allow data sharing between supply chain partners such as Nike, Macy’s and Kohl’s. This allows them to see data up and down the supply chain, in order to combat counterfeiting, settle disputes, and slow inventory shrinking.
Overall an estimated 80% of the world’s fake goods come from China.”
The counterfeiting market is out of hand, the amount of fakes grew immensely with the rise of the internet and is now huge beyond belief. Bitcoin and blockchain technology can and will change our world immensely, and for the better.
