Developing a Smart, Integrated System Linked to Block Chain Technologies for Enhancing Product Trust
Vol. 9, Jan-Dec 2023 | Page: 24-28
The use of blockchain technology to identify counterfeit goods is the subject of this paper. Products that are counterfeit have emerged as a major problem on the global market, posing risks to consumers' health and safety as well as significant financial losses to businesses. By creating a secure and immutable record of the origin and movement of goods, blockchain technology has the potential to address this issue. We investigate the characteristics, advantages, and drawbacks of blockchain technology. We also discuss current product identification methods and how blockchain technology can improve them. An example of how blockchain technology can be used to identify counterfeit pharmaceuticals, one of the most important areas of concern, is presented in this case study. The findings demonstrate that the immutable record of product provenance, improved traceability, and decreased risk of fraud make blockchain technology an effective tool for identifying counterfeit goods.
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