From a small enterprise to a business tycoon, one of the most critical problems faced by manufacturers across the world is counterfeiting. Counterfeiting has increased manifold in recent years in every industry due to various reasons. The manufacturers are witnessing massive losses due to the influx of fake products in the market. The traditional way of combating hoax products seems to be insufficient in front of high-tech counterfeiters. Considering the seriousness of the issue, we are listing out some of the DeepTech solutions to combat counterfeit products.
What is Counterfeiting?
Producing and selling a fake copy of an original product with the trademark of a trusted brand. The counterfeit products are made of inferior quality but designed to look identical to the branded product. Counterfeiters use packaging ad trademarks of an established brand on a hoax product that is difficult to trace if merged with original products. Be it shoes, watches, medicine, or soap, counterfeiting has entered every industry at a greater scale. Due to the huge inflow of fake products, the companies witness heavy losses in terms of reputation and finance.
Let’s have a look at the top 7 DeepTech solutions to combat counterfeit products:
AI-Based Image Analytics
Artificial intelligence (AI) has emerged as a tool to track and trace counterfeits using image analytics. AI-based image analytics tools are being used by top eCommerce businesses to verify authentic products and uncover fake ones. This technology uses computer algorithms to scan and compare the images to figure out counterfeit products.
AI-Powered with Blockchain Technology
The integration of AI with blockchain technology has ramped up the detection of counterfeit products. The blockchain-based ledger streamlines and automates the tracking of the supply chain from the plant to retail stores, while AI analyses the product’s properties to verify the authenticity. With the integration of AI and blockchain, software giant IBM has developed Crypto Anchor Verifier which uses ML, neural networks, and video analytics to detect hoax products.
The smartphone app allows the manpower in the supply chain to verify the authenticity of a product with a single touch. The app-based easy-to-use and cost-effective solution help the manufacturers to track and prevent counterfeiters instantly. This method entails tagging products or packaging with a Unique Product Identifier (UPI) which can be scanned through a smartphone app to detect the product’s authenticity. The UPI consists of information such as brand name, manufacturer part numbers (MPNs), and global trade item numbers (GTINs).
Conventional product packaging is prone to be replicated by the infringers effortlessly, which does not have features to be differentiated from the fake one. The DeepTech innovators are working towards developing smart packaging that prevents counterfeiting. Smart packaging includes equipping the products with tiny Bluetooth, LED, loudspeaker, NFC, or RFID chip to monitor product status. These tools raise alarm if a product’s status is manipulated against the programmed instructions.
Unlike traditional product tagging with barcode and serialization, smart tagging uses blockchain technology to ensure the authenticity of the product. The blockchain-based smart tagging includes:
- RFID Tags (Radio Frequency Identification Tags): Radio waves are used in RFID tags to establish the identity of the product. To track the status of a product, a radio wave receiver is used that emits radio waves to communicate with RFID tags to detect the product.
- Harmonized Commodity Description and Coding System: This method of smart tagging is used on products made up of metal or ceramic. In this method laser marking machines are used to engrave barcodes or graphics on produce with a hard texture.
- QR Codes (Quick Response Codes): QR codes are affixed on different layers of the packaging of the product to establish the product identity. The QR code stores a lot of data related to a product and can be scanned easily using a smartphone or to verify the identity.
Blockchi uses blockchain technology to generate NFT-enabled QR codes, which ensures real-time tracking of the product throughout the supply cycle. The QR codes are geo-tagged, which helps the manufacturer to get the real-time movement of the product, and it also raises alarm if there is an attempt to authorize an alien product through a computer or mobile QR scanner. The end to end track and trace by Blokchi flags the counterfeit product when a similar QR code is scanned more than once.
Since pharma is one of the most profitable sectors, it is also prone to rampant counterfeiting. Medicines are counterfeited with ordinary salts or syrups and sold with the trademark of trusted brands. It does not only damage the brand’s reputation but can cause serious life threats to the customers. To counter the counterfeited medicines in the pharma sector, and help the manufacturers stop their losses, medSure has emerged as a one-stop solution. medSure has blended blockchain technology with artificial intelligence to create an NFT-genrated QR coding system that enables the manufacturers to put a check on the entry of fake medicines into their supply chain. These QR codes are printed on multiple layers of packaging to keep track on a real-time basis.
As the business community battles the menace of counterfeiting, the above-mentioned solutions may help you choose the best possible DeepTech solutions to combat counterfeit products in your business. With that, we are committed to bringing more solutions based on new-age technologies like AI and blockchain to help the business grow.