Whether it is blockchain or nanotechnology—when people are asked about it, they barely have any knowledge about it. They are the transformational technologies that could not take place in people’s understanding and thus remain grounded in the business world, even after its wide-spread use.
FREMONT, CA: Apart from being the widely-known technology that supports cryptocurrency called bitcoin, blockchain technology can also be leveraged in several business areas such as finance, healthcare, and supply chain. Leading IT companies have invested big in making the right use of blockchain in the business enterprises for different applications as well.
Nevertheless, the blend of blockchain and nanotechnology can be used in a particularly challenging part of supply chain management, which is the enormous universal criminal market in counterfeit goods. Forged goods can hurt the business profits majorly and put severe impacts on brand trust, along with causing disappointing customer relationships.
Blockchain is popularly known for its tamper-proof nature with unchangeable data storage as a factor, as well. The technology, in short, prohibits sharing of information amongst multiple users after it is stored, significantly satisfying the appropriate collection of the data by various users. Blockchain is considered an incredibly secure way to store information and reliable with multiple members in a business network.
Coming to the big business of crime, some latest industry statistics reflect that counterfeiting is almost a $1.8 Trillion endeavor that covers the entire world. Products like luxury fashion accessories, auto parts, pharmaceuticals, and consumer electronics are mostly targeted by the counterfeiters, which have a significant impact on businesses, financially as well as reputationally.
Tech companies have developed nanomaterials, which are nanoscale semiconductor particles that hold beneficial optical and electrical materials. It measures from 1,000 to 100,000 atoms in size, nearly fitting the diameter of a human hair and generates light when energy is applied.
The innovation is also built-in commercial quantities of quantum dots that can be finely tuned to release programmed wavelengths of light that can create many unique optical signatures. The particles can also be incorporated within any physical item during the time of manufacturing, and give a unique light signature that brings absolute product identity. The generated identities are impossible to duplicate or clone, which helps in verifying if the product is genuine or counterfeited. Additionally, when the product is scanned, a digital representation is generated, which is stored on a secure and tamper-proof blockchain platform. The platform of blockchain allows tracking of products and helping in bringing out better transparency within a supply chain.
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