Internet technologies are slowly replacing conventional ways we communicate in the growing digital world. Users along with business representatives from every sphere find themselves interacting with a variety of tools provided by the different platforms in order to establish a better communication channel while at the same time secure the everyone’s private space on the global network.
At a certain point, the evolution of technology and the introduction of new concepts unlocks new digital dimensions, which are opened for everyone to explore. The introduction and the eventual consolidation of the Blockchain platform is one such example of the limitless potential of the practical applications of such tools. Product identity has been a topic of discussion for a while now and fake goods still have their considerable share of the global market. Blockchain provides the means to tackle these issues.
Companies like ReCheck try to expand on the Blockchain technology by offering a new level of interactions between users and business entities via a mobile application. One such service implements creating a unique product identity for an item, by the user, who can store this information on the blockchain with the addition of contributing more facts to it, thus showing the entire history of the item. This can potentially increase the value of the product and since the user can later decide to transfer ownership – be sold at higher price. This case also refers to storage of important documents such as certificates, diplomas or intellectual property.
Because blockchain uses decentralized storage, it provides immutable filling by the latest security standards and therefore is becoming a more preferred platform for document safekeeping. Such applications bring the utilization of products related to the verification for authenticity, and namely the NFC (Near Field Communication) stickers and tags. Companies like ReCheck combine best of both technologies in order to verify if products are fake or genuine. By featuring an NFC sticker or a tag, the product contains its entire history as a secured entry on the blockchain.
This is also great for businesses who are struggling with cheap imitations of their products that end up in the hands of consumers. The described cases are used for the establishment of communication channels between businesses and end users in order to validate authenticity, give more information about products and provide better services in future.