Effect of Counterfeit Goods on The Economy
Wesley Weber who was one of the world�s most famous counterfeiters (forging millions of bank notes) is arguably the first image that comes to mind when counterfeiting is being discussed. However, no matter the product existing in the marketplace, there is every chance that a fraudster is working hard to release a cloned version.
Fake goods and the global economy
By 2020, counterfeit goods might cost the global economy about half a trillion dollars. Global counterfeiting is on the rise in every industry; from the fashion industry to the retail sector, food industry, and virtually any sector you can think of. It may surprise you to know that counterfeit items cost the fashion industry a whooping sum of �5 billion in annual revenue.
Effects of counterfeit goods on the economy
The FBI stated in a report that about 7-8% of the world�s trade every year is in forged products. Counterfeit goods have been a nuisance for Alibaba, Taobao, and many top brands. Alibaba said in a statement, �We have continued to ban sellers and take down suspicious listings on our site every day.�
Nike also faces a similar problem. According to a report by soapboxie.com, �Nike shoes are worth $5 to $200 on the counterfeit market�. Nike is one of the most valuable sports brands in the world that generates over $2.7 billion in revenue per month.
The blockchain solution
A solution proposed to tackle ever-increasing fake products in the marketplace. Blockchain aims to develop a decentralized business network that facilitates the flow of information privately and securely.
In plain English, to use the power of the blockchain technology to solve the problem of product traceability across various industries. In its current form, Blockchain allows manufacturing companies like Nike for example, to collect and manage data for their shoes and share this with their vendors and customers. By doing so, the professional athlete�s patronizing Nike won�t be scammed into buying a fake pair of shoes.
The People believes that Blockchain has significant applications in the retail, fashion, and logistics industry. Blockchain can be used to keep track of all the products in the above sectors.Blockchain�s vision of a phrase is �harmony in governance.�
Fake goods and the global economy
By 2020, counterfeit goods might cost the global economy about half a trillion dollars. Global counterfeiting is on the rise in every industry; from the fashion industry to the retail sector, food industry, and virtually any sector you can think of. It may surprise you to know that counterfeit items cost the fashion industry a whooping sum of �5 billion in annual revenue.
Effects of counterfeit goods on the economy
The FBI stated in a report that about 7-8% of the world�s trade every year is in forged products. Counterfeit goods have been a nuisance for Alibaba, Taobao, and many top brands. Alibaba said in a statement, �We have continued to ban sellers and take down suspicious listings on our site every day.�
Nike also faces a similar problem. According to a report by soapboxie.com, �Nike shoes are worth $5 to $200 on the counterfeit market�. Nike is one of the most valuable sports brands in the world that generates over $2.7 billion in revenue per month.
The blockchain solution
A solution proposed to tackle ever-increasing fake products in the marketplace. Blockchain aims to develop a decentralized business network that facilitates the flow of information privately and securely.
In plain English, to use the power of the blockchain technology to solve the problem of product traceability across various industries. In its current form, Blockchain allows manufacturing companies like Nike for example, to collect and manage data for their shoes and share this with their vendors and customers. By doing so, the professional athlete�s patronizing Nike won�t be scammed into buying a fake pair of shoes.
The People believes that Blockchain has significant applications in the retail, fashion, and logistics industry. Blockchain can be used to keep track of all the products in the above sectors.Blockchain�s vision of a phrase is �harmony in governance.�
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