Changing the face of product authentication through blockchain | Article
Komposite, a creative product development company founded by Noam Krasniansky, has launched a new blockchain technology that, it claims, will solve the counterfeiting problem that challenges brands worldwide.
The platform connects genuine products using blockchain technology and triple scanning technology embedded in products, making them impossible to counterfeit, it said.
With counterfeiting affecting $1.8 trillion worth of goods on the global market each year, and counterfeiting becoming increasingly 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. Composites’ blockchain can play an important role in overcoming the counterfeiting problem that diverts revenue and destroys profits for stakeholders and brands, according to the company.
The company says it is changing how the product’s authenticity can be strengthened. This new blockchain network allows brands to connect their products to digital NFTs (Non Fungible Tokens), giving them a unique digital fingerprint married to an immutable security link.
As a result, a product becomes uncopyable, providing long-term safety and security to global businesses while ensuring product authenticity to end users and providing secondary revenue streams from untapped secondary markets.
The platform’s concept was born when the founder developed Oonimals, which started as a game for children and then grew into a vision for a new kind of technology. In the game’s Oooniverse, real-life collectibles are tied to digital NFTs. As a result of realizing the potential of the concept, it was further developed as a real anti-counterfeiting solution for each product.
Composite blockchain has four types of nodes. Stakeholders are represented in each node, offering their own specialized method of representation and interaction. First, the Trusted Verifier Node (TVN) was designed for companies to become part of the blockchain.
This is how they control their product in a decentralized way. The next two nodes, the Clerk Node and the Verifier Node, work to organize, route and verify transactions for the network. Finally, the user node interfaces with regular users who can interact with the network.
The company believes the platform shifts slow, low-volume, expensive networks to high-volume, high-speed low-cost transactions. So real brands can establish clear proof of ownership, authenticity and control using unique security links that create a digital bridge between customer and 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 about the active and intelligent packaging landscape to a wider audience. To learn more about this partnership, click here.
