Bonafi Supply Chain Blockchain Company - Fighting Counterfeit Goods

Originally published on Freight Waves on September 5, 2018 by Chad Prevost: ORIGINAL ARTICLE

America has a global trade problem worth nearly half a trillion dollars a year. It comes in the form of brand counterfeiting. It’s a gigantic black market, and originates most often from China—about 85% according to the OECD, an organization for the promotion of economic and social well-being of people around the world.

The U.S. is hit the hardest for the simple reason that it is the largest of all consumer markets, and also the richest in intellectual property. Whether it’s pharmaceuticals, food and beverages, electronics, auto parts, hygiene and cosmetics, even fashion goods and toys, virtually any commodity is at risk. Pharmaceuticals alone account for an estimated $200 billion in illegally copied goods.

It could be a health or safety-related scam, or it could just be consumers thinking they have purchased an authentic brand name product like Nike, Coach, Gucci, etc. and have no way of checking if the product is genuine or a fake. Is there a way to protect consumers in this multi-billion dollar market?

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HOW WE’RE FIGHTING COUNTERFEITS

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