Home Blockchain Changing the Face of Product Authentication with Blockchain | Article

Changing the Face of Product Authentication with Blockchain | Article

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Changing the Face of Product Authentication with Blockchain |  Article

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Komposite, a creative product development company, founded by Noam Krasniansky, has launched a new blockchain technology that it claims will solve the problem of counterfeiting that challenges brands around the world.

The platform connects real products using blockchain technology and triple digitization technology embedded in the products, making it impossible to counterfeit them, he says.

With counterfeiting affecting $1.8 trillion worth of goods in the global market every year and counterfeiters becoming more and more sophisticated, Komposite believes that only technologically advanced solutions are capable of solving this problem.

Blockchain technology is having a profound impact on how the world works, from finance to food and drink. Komposite’s blockchain can play an important role in overcoming the problem of counterfeiting that diverts revenue and destroys profits for stakeholders and brands, according to the company.

The company says it is changing the way product authenticity can be enhanced. This new blockchain network allows brands to link their products to digital NFTs (Non Fungible Tokens), giving them a unique digital fingerprint married to an immutable security bond.

As a result, a product becomes uncopyable, providing long-term assurance and security to global businesses while ensuring product authenticity to end users and providing secondary revenue streams from untapped secondary markets.

The concept of the platform originated when the founder developed Ooonimals, which started as a children’s game and then morphed into a vision of a new kind of technology. In the game’s Oooniverse, real-world collectibles are tied to digital NFTs. Following the realization of the potential of the concept, it was developed as a concrete solution to fight against counterfeiting for each product.

The Komposite blockchain has four types of nodes. Stakeholders are represented in each node, providing their own specialized method of representation and interaction. First, the Trusted Verifier Node (TVN) was designed for businesses to become part of the blockchain.

This is how they control their product in a decentralized way. The next two nodes, Clerk Node and Verifier Node, organize, direct and verify transactions for the network. Finally, the user node interfaces with regular users who can interact with the network.

The company believes that the platform moves slow, low-volume, and expensive networks to low-cost, high-volume, high-speed transactions. Thus, real-world brands can establish clear proof of ownership, authenticity and control using unique security links that create a digital bridge between the customer and the brands.

This article was created in collaboration with AIPIA (Active and Intelligent Packaging Industry Association). Packaging Europe and AIPIA join forces to bring news and commentary on the active and smart packaging landscape to a wider audience. To learn more about this partnership, Click here.

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