Enhancing Product Trust Using Blockchain

Abstract

Counterfeit products have become a major issue in the global market, causing significant economic losses to businesses and health and safety risks to consumers. Blockchain technology has the potential to address this problem by creating a secure and immutable record of the origin and movement of products. This paper explores the use of blockchain technology for identifying counterfeit products. We examine the characteristics of blockchain technology, its benefits, and limitations. We also discuss the current approaches used for product identification and how blockchain technology can be used to enhance these methods. We present a case study on how blockchain technology can be implemented to identify counterfeit pharmaceuticals, one of the most critical areas of concern. The results show that blockchain technology can be a useful tool in identifying counterfeit products, as it provides an immutable record of product provenance, enhances traceability, and reduces the risk of fraud.