Blockchain Technology to Combat Counterfeiting

At the beginning of April, over 500 participants from around the world gathered at the Munich #Blockshow2017 conference. There was a focus on fintech but discussions about the legal aspects of the Internet of Things and using blockchain to protect virtual identities raised a lot of interest. At the event, Russian e-commerce player, Ulmart stated its intention to explore whether the blockchain technology can help combat counterfeit products.

Brian Kean, Ulmart’s Chief International Officer, stated: “It’s all about blockchain. We keep talking about the 4th Industrial Revolution as if just by saying it things will change and we will become more tech savvy. However, the heart and soul of this revolution is the blockchain. Consumers complain to us about this issue and ask us to do something. The blockchain will let us join forces with major manufacturers and anyone can then merely point a bar-code or QR-code and follow the entire history of the product from production line to Ulmart’s fulfilment centre,”

 

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