The counterfeit and piracy market is rising at an alarming rate; from $1.7 trillion in 2015, it is estimated to reach $2.3 trillion by 2023. Companies and users across the world regularly purchase counterfeit and pirated products and perhaps no one is safe from it anymore. Which is why it is crucial to have fool-proof security that will guarantee products as well as data is safeguarded against being misused. Korean Block Odyssey is backed with strong blockchain technology which uses a digital signature embedded QR code technology. This will enable to user to track the logistics process from the beginning to the end. It is also creating an integrated logistics platform to prevent forgery and alteration and manage reliable logistics information.
The promise of transparency
Until now, the data on logistics and distribution information was managed by various stakeholders. This makes it difficult to share data reliably. With the digital signature facility, every stakeholder, including the customer, can see and monitor the stage of production or distribution the product is at. The transparency in the process will go a long way in discouraging and counterfeit/modulation of products.
The activation is carried out in three steps – data tracking at the distribution stage, scanning algorithm according to area, and certified after purchase. Every time a step is added, the security becomes higher. Block Odyssey’s biggest strength is the fast transaction processing and external security based on private blockchain. The technology supports flexible node change by using PoET.
A promising market for anti-counterfeiting products
According to 2017 statistics, the global anti-counterfeiting market is $215 billion. With its world-class blockchain technology, Block Odyssey targets the Pharmacy, Cosmetics, Electronics/IT market which is the high demand markets for stopping counterfeit products. It has partnered with global leaders such as LG, AmorePacific and Guerbet to integrate its technology. The company aims to grow into an easy, secure and reliable data connectivity platform between the enterprise and consumer and hopes to achieve the sales targets of $16 million by 2021.
Block Odyssey’s team will be attending the GITEX TECHNOLOGY WEEK to be held from October 6 to 10 in Dubai, supported by the Korea Institute of Startups & Entrepreneurship Development (KISED). The GITEX is the biggest tech show in Middle East, North Africa and South Asia that attracts many prominent leaders from global companies, major media outlets, and influential investors.