BLOCKCHAIN BASED FRAMEWORK FOR PRODUCT AUTHENTICATION AND COUNTERFEIT ELIMINATION

Abstract

Blockchain technology, while primarily recognized for its applications in monetary transactions, has the potential to revolutionize a wide range of sectors. Its key advantages include transparency, faster transactions, and the elimination of trusted intermediaries. This paper explores the potential of blockchain technology in reducing counterfeiting. A review of various anti-counterfeit solutions, blockchain frameworks, and their suitability for this application is presented. Three novel approaches are discussed, along with ongoing efforts to improve existing system foundations. The study emphasizes that technical solutions alone are insufficient to curb counterfeiting; complementary measures such as public education, judicial enforcement, reliable warning systems, and tamper-proof packaging are also necessary. By integrating these strategies with blockchain, a comprehensive approach can be developed to effectively combat counterfeiting.