This is How the Blockchain Technology Can Eliminate the Online Counterfeit Goods
The number of online shoppers has grown considerably in recent years. A study realized by Pew Research Center in 2016 concluded that 8 out of 10 American people are making purchases online.
Most buyers prefer to search on the global market, and the online platform is a simple and inexpensive way to do this. Unfortunately, there have been registered numerous cases where customers were disappointed in the services and products they received.
Buyers do not have full access to official information related to the originality of the purchased products, but neither the overall confidence that the item will reach the desired destination in time and safe. The negative side of the online shopping is that buyers often receive counterfeit products.
The industry of counterfeit goods reaches a $ 500 billion and we all know that the Chinese market owns a big part of it.
However, there seems to be a solution for adding the transparency to the information. Besides the global boom appeared around the crypto coins and their system, there is a technology that developers have not believed so far that it can be implemented in the supply chain system.
The consulting firm, named Deloitte mentioned that “Using blockchain in the supply chain can help participants record price, date, location, quality, certification, and other relevant information to more effectively manage the supply chain”.
How can the blockchain system improve the online shopping
We will analyze this statement using three arguments.
First of all, a blockchain controls the transitions. One of the useful characteristics of this technology is that using the Smart Contracts, both companies and customers are able to track the item’s information starting with the production activity. Also, they can check if the source is authentic.
Secondly, using the blockchain technology allows you to check the product’s records whenever you need. This feature is especially important for products considered valuable. In this way, customers will be able to check if the product is legitimate.
Thirdly, the blockchain technology proves identity. Online marketplace is a cheap and affordable way to promote the scam products and services. Using such a technology will remove this problem and allow buyers to verify the seller’s identity. In other words, they will have access to the base source.
The blockchain technology has a real potential to eliminate all the dilemma related to online shopping and not only.
Do you think that online businesses will improve their systems using the blockchain technology?