You will protect the “Made in Italy” label against counterfeiting with solutions based on blockchain technology – cryptocurrency

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The Italian government has achieved a technological solution for blockchain to protect both the “Made in Italy” label and the work of the artisans behind the training and production of Italian luxury products.

The Budget of 15 million euros allocated by the Italian government, is used in the development of the blockchain solution as well as other technological solutions to protect the label, according to a recently published report by Dgen, Where The impact of new technologies on the protection of luxury products and brands in Italy is being examined.

“Made in Italy” distinguishes itself from other labels by synonym for luxury and fashion and secures the work of Dgen, making sure “If it were registered as a brand, this label would be the largest in the world, only behind Coca Cola and Visa.”they mention.

The trade of Italian artisans and retailers are affected by online trading because the requirements are much faster than the production cyclesAs a result, companies are adapting to respond to existing requirements.

As a result The number of vehicles is decreasingThese are the ones that are seen the most affected by the increasing counterfeiting of their designswhat ends up eventually Impairment of products in the luxury sector mainly.

They only point this out in the report In 2016, retailers and wholesalers in Italy lost 7.9 billion euros in sales on the counterfeit market, which means not only massive sales losses, but also resulted in the loss of 2.1% of employees Full time.

Blockchain solution against counterfeiting

The document notes that While blockchain alone cannot eliminate counterfeiting, the secure distributed ledger can provide a system for tracking products. If you want, this is the most important area because Supply chains have up to 50,000 suppliers and sub-suppliers.

Blockchain platforms are already in development and will offer more to several companies Supply chain solutions. The Italian government hopes that The blockchain solution improves other areas such as the authentication of goods and raw materialsin addition to the rights of Intellectual property safe and up to date, Customer service and Authentication certificate of products.

In memory of Supply chain experts stressed how beneficial and positive this can be for themas reflected in a survey that we report Recently.

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