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Retail Business Review | Tuesday, February 08, 2022
Blockchain and nanotechnology are transformational technologies that bring transparency to supply chain management.
FREMONT, CA: Besides being the well-known technology that endorses cryptocurrency called bitcoin, blockchain technology can also be utilized in several business areas like healthcare, finance, and supply chain. Knowing the broad potential of this technology, many IT companies have invested big in it in business enterprises for different applications.
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While there are several challenging parts in supply chain management, the enormous universal criminal market in counterfeit goods, the meld of blockchain and nanotechnology can address this. Forged products can majorly affect business profits and severely impact brand trust,y ruining customer relationships.
Blockchain is famous for its tamper-proof nature and unchangeable data storage factor. In short, technology halts information sharing amongst multiple users after being stored. Therefore, blockchain is considered the most secure way to store data and is reliable with numerous members in a business network.
Centering on the big business of crime, recent industry statistics indicate that counterfeiting is nearly a $1.8 Trillion endeavor that covers the whole world. Counterfeiters generally target products like luxury fashion accessories, pharmaceuticals, auto parts, and consumer electronics, which considerably impact businesses financially and reputationally.
Several tech companies have developed nanomaterials, known as nanoscale semiconductors, that hold valuable optical and electrical materials. It gauges from 1,000 to 100,000 atoms in size, equivalent to the diameter of a human hair.
The invention also built-in commercial quantities of quantum dots that can be finely tuned to create programmed wavelengths of light that can create several singular optical signatures. The particles can also be integrated within any physical item during manufacturing, producing a unique light signature that brings absolute product identity.
Furthermore, the generated identities cannot be duplicated or cloned, which helps verify if the product is genuine or counterfeited. Moreover, while scanning a product, a digital representation is generated and stored on a secure and tamper-proof blockchain platform. The blockchain platform, therefore, allows tracking of products and helps bring better transparency within a supply chain.
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