Understanding blockchain and how industries are leveraging blockchain technology.

Understanding Blockchain:

  • Why blockchain came into the picture?
  • How blockchain works.

How "Great" leveraged blockchain technology?

Summary: Fashion industry is the major market for the counterfeit products. Within the fashion industry, sneakers hold the 40% cap of the total counterfeits which sums to $240 billion.

 

Few eye opener statistics:

  • ~ $600 billion worth of counterfeit products in the fashion industry.

  • 40% of all counterfeit goods are sneakers. ~ $240 billion

  • ~ $100 million worth of sneakers were seized by U.S. customs in last one year


 

Why is counterfeit a problem?

  • A company does R&D and spends a lot.

  • Product launches to market.

  • In few days counterfeit reaches.

  • Difficult to recover R&D cost.

 

To overcome these counterfeits, big companies followed some traditional approach like changing the manufacturing process and material science which added a lot of cost to the product. Few companies came up with authentication certificate for their products, but a piece of paper is easier to fake.

 

“Great” leveraged blockchain technology to win over counterfeits and used:

  • 3-D printed smart tag with a unique identification code for each pair of sneakers.

  • Tags with NFC chips.

  • A mobile app to scan and verify authenticity(by blockchain)

Brendan Eich(JS creator and co-founder of Firefox) working on Blockchain:
Welcome to the ad-free world(Brave browser)