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Counterfeiting is a massive economic problem that results in billions of dollars in lost business revenues each year, and it exposes corporations to fraudulent materials and defective parts.
Within the global pharma space, between $75 billion and $200 billion in counterfeit drugs are sold each year. In the electronics industry, fake parts cost component manufacturers about $100 billion annually. And in the European luxury goods market, about 10% of all items for sale are counterfeited, representing approximately $28 billion in lost value.
IoT provides unique identification and traceability, and blockchain provides a tamperproof chain of custody information. Pairing them can create a shared, distributed ledger capable of recording the origin, location, and ownership of raw materials and products at each stage of the value chain—giving manufacturers, partners, and customers the transparency and authentication they need. Blockchain with IoT, because of its ability to immutably track and share genealogy across multiple stakeholders, can inhibit counterfeiting in ways that traditional technologies cannot.
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Stamping Out Counterfeit Goods with Blockchain and Internet of Things (IoT)
Over the past year, Boston Consulting Group and Cisco Systems have explored the promise and impact of blockchain and the Internet of Things (IoT). The result is a three-part series that studies the practical applications and economic benefits of using blockchain with distributed IoT networks.
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