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Bonafi is on a mission to defend all brands and retailers big and small, and protect consumers from counterfeits by implementing a fail-safe authentication system using blockchain technology.
Current Global Problem
According to International Chamber of Commerce and a study done by Frontier Economics, it was estimated that the total global economic value of counterfeit and pirated goods was projected to be almost $1.8 Trillion by 2015.
The negative impacts of counterfeiting and piracy are projected to drain US$4.2 trillion from the global economy and put 5.4 million legitimate jobs at risk by 2022.” – International Chamber of Commerce
In 2013, the OECD (Organisation for Economic Co-operation and Development) estimated the value of imported fake goods worldwide was at $461 Billion. And, according to PwC (PricewaterhouseCoopers), total counterfeit market in 2013 generated $1.9 Trillion USD in revenue. The counterfeit pharmaceutical market was estimated to be $188 Billion, and the Electronics & Fashion Industry made up around $180 Billion.
The combination of counterfeit goods multiplying every year, and the lack of resources to combat these illegal activities, consumers are being tricked into paying for fake goods while the counterfeit companies steal market share from legitimate brands.
Our Crypto-Tag™ does not run on battery. Once scanned by an NFC enabled mobile device, power is sent through the air and the Crypto-Tag™ will automatically authenticate the product.
The mobile application will be used by brands, retailers, and consumers to communicate with the Crypto-Tag™ and add additional data onto the blockchain.
Genuine data for each individual item and the journey through the supply chain will be permanently recorded on the Blockchain, allowing anyone to verify the authenticity of the products.
It Starts With the Crypto-Tag™
A Crypto-Tag™ (U.S. Patent Pending) is embedded within the product which will serve as the Crypto-Engine. The Crypto-Tag™ can be manipulated into virtually any type of material, making our Crypto-Tag™ versatile for any product on the market.
Supply Chain Authentication
As each item moves through the supply chain from distributors, to wholesalers, to retailers, additional data will be recorded onto the blockchain via the Crypto-Tag™ & enterprise applications. This authentication process will not only protect the brand, but also protect those selling the brand.
Consumers and third-party sellers will scan products with their mobile devices to verify the authenticity and also register purchased goods adding the final layer of authentication.