Fake Product Identification System Using Blockchain and Decentralised Finance (Defi)

Abstract

Counterfeit products pose a significant threat to consumer safety, brand reputation, and the economy. To address this issue, this project proposes a solution that utilizes blockchain technology to create at am per-proof and transparent product identification system. The proposed system aims to enable consumers to verify the authenticity of the products they purchase by storing product data, including manufacturing and supply chain information, on the blockchain. The system also proposes the integration of smart contract-based incentives to encourage consumer participation in the verification process. The project offers the potential to reduce counterfeit products in the market, increase consumer trust, and improve supply chain transparency.