The rising counterfeit industry poses a threat to world’s biggest electronics, pharmaceutical, fashion, and food industry brands. Anti-counterfeit actions are always in progress in one form or another. Sometimes, it’s the law enforcement authorities seizing millions of dollars of counterfeit goods and, at other times, it’s the retailers blocking unauthorized sellers’ accounts.
But these actions are meager compared to the size of the counterfeit industry and how well-organized it is. From fake products that look the exact copies of originals to fake reviews that exalt the counterfeiter and malign original brands, counterfeit market is huge and brands seem to be living on the losing side as of now.
Cartier’s Huge Loss against Counterfeiters
Owner of IWC, Montblanc and Cartier, Mr. Richemont has recently been handed down a decision on its fight against counterfeits. Richemont was able to obtain injunctions’ right from the court that had allowed him to push Internet Service Providers (ISPs) to take actions against websites that sell counterfeit goods. But, now if the brands want IP access of the sellers of counterfeits to be blocked, then they will have to pay for cost that’s involved in catching them, blocking them and implementing any technologies to keep further counterfeiting in check.
This ruling in the UK court that has come as a result of the Cartier & ORS v BT & Anor has shocked the brand owners. As a result of the ruling from the court, ISPs are now completely free from the responsibility of implementing any policies and technologies that help them block counterfeiter websites. On the other hand, it is now a responsibility of the brands to pay for the costs for the implementation of a blocking access to the websites that sell the counterfeited goods.
It Is Not Cartier, It’s Every Brand Out There
The most important thing to come out of the proceeding is that brands have to realize their position in the war against counterfeiters. They don’t have ISP allies anymore to help them win this battle against fake goods sellers. In short, every brand has to fight their own battle and if they can’t come up with perfect applications, they will have to suffer in the hands of counterfeiters. That’s not a good sight and if things continue to go this way, you can expect the following.
- Brands will keep losing their profits.
- Consumers will continue to pay more for low-quality, unoriginal and fake products in the name of branded products.
- End customers will continue to lose trust in brands, which will be a huge win for the counterfeiters.
- Honest suppliers, retailers and wholesalers will keep losing their business due to the unauthorized building their stronghold in the supply chain.
- Brands that are not able to keep up with the shrinking profit margins will disappear.
- Counterfeiters will continue to malign authentic brands and their products through fake reviews.
This call could become a reality but there is one ray of hope in the form of Bonafi.
Bonafi Can Change All of This
Bonafi might just have arrived at the right time. It has a cryptography enabled NFC tag which it calls a Crypto-Tag™ solution to put counterfeiting to an end. Bonafi is blockchain-based and aims at making the world friendly for authentic brands, authorized sellers and the end consumers. By registering products and storing their supply chain information on the blockchain, and making that information available with the scan of Crypto-Tags™ , Bonafi is giving consumers, retailers, suppliers, wholesalers and most importantly, the brands the power to reclaim their right to sell and purchase authentic goods.
The best thing Bonafi has done is that the consumers are protected prior to online purchase with Bonafi browser extension. This extension will allow buyers to locate information about the authenticity of a product as they are shopping prior to a purchase. The extension will allow users to know whether they product they are about to buy is real or not. The use of Bonafi will be powered by Bona tokens, the currency that will let users verify products before buying them.
At a time when a court ruling has weakened the brands grip around counterfeiters, Bonafi is the most intelligent solution. It empowers users, takes away the responsibility from ISPs and lets brands fight their battle against counterfeiters without bearing the costs of creating their own applications. Once Bonafi becomes a standard to beat counterfeiters around the world, there is no reason to not believe that the world will be nearly free of counterfeiters in the coming decade.