The Cardano foundation announced the release of a supply chain traceability and anti-counterfeit solution in partnership with Scantrust, an application of blockchain technology that has grown in popularity over the past year.
Scantrust is a company focused on providing digitalization services for brand protection, supply chain traceability, and consumer engagement, having worked with Fortune 500 companies and small to medium enterprises (SME) across 168 countries.
This new solution allows companies to make use of Scantrust’s secured QR codes while taking advantage of the speed and low fees of the Cardano blockchain, while also improving security and preventing tampering to ensure the authenticity of the data.
First announced back in December of 2020, the platform was successfully tested with Baia’s Wine, a Georgian artisan wine produced, by using a proof-of-concept implementation. This implementation allows a detailed data visualization of the status of the product at all steps in the supply chain.
Blockchain solutions like VeChain have focused exclusively on improving the supply chain management process, gaining increasing popularity in early 2020 amid the Covid19 pandemic which caused chaos among companies who struggled when lockdowns and social distancing started around the world.
Blockchain Could Stop Counterfeiting
According to the International Chamber of Commerce, it is estimated that counterfeiting and piracy of goods will generate $4.2 Trillion in revenue by 2022, with consumers in many countries being unable to make sure the goods they pay for are genuine.
Artesanal businesses are one of the most susceptible to being affected by this illicit activity, which in turn affects emerging economies in a significant way due to the importance of this industry for their GDP.
With multiple studies suggesting that users are willing to pay more and be more loyal to brands that offer a way to ensure their product’s authenticity, companies have jumped at the…