Non-Fungable Tokens (NFT's) have come a long way in the history of blockchain technology. Because of their extensive use in the digital representation of artwork, many simply think of NFTs as just digital art. But then, NFTs continue to have real life application in other sectors and not just art.
In this article, I will look at how NFT's can be used as a blockchain solution to counterfeiting in:
- Fashion and..
- Medicine
Counterfeits in Fashion - the problem
Counterfeiting in fashion is a global problem with no universal solution. Luxury brands make fashion wears and accessories that are supposed to be intellectual property - copyrighted and protected by law. But then, the reality on ground is that no amount of brand copyright protection have stopped the unauthorized reproduction and sales of luxury designer wears and accessories elsewhere.
In many parts of the world, smaller fashion makers simply copy the colors, designs and patterns of big fashion brands. They comfortably use the name of such big brands and their hot-selling items to make money without proper authorization. This is illegal and costs the big brands a fortune. Sometimes, consumers are tricked into buying counterfeit fashion accessories because they feel they are buying the original brands. And since there is no way of verifying that they are buying the original brand, counterfeits in fashion continue to flourish as big business.
If there could be a way to verify the authenticity of such fashion accessories by consumers, that would be very much welcome. Fortunately, there is. NFT's to the rescue!
Counterfeits in Fashion - the NFT solution
The fashion industry will find NFT's very useful in fighting counterfeiting. NFT's will provide a means for consumers to verify that the fashion wear or accessory they are purchasing is authentic. Each product will have a digital equivalent in form of an NFT. The digital equivalent will carry information about the material, source, quality, brand and other other information about the fashion product. In fact, all identifying information about the product and brand will be stored on the blockchain in the NFT twin.
Before a customer pays for the cloth or other fashion accessory, they will have access to the NFT and run a check to ensure they are not buying a counterfeit item. Of course, any product that does not have the NFT is simply counterfeit. Utilizing NFT will seriously cut down the counterfeiting big business which have undermined original brand owners and cut the losses they record as a result of this fraud in fashion.
Once luxury fashion makers tap into the great opportunity offered by NFT's to secure their brands and ensure consumers are not cheated, they will make more money too. Originality will be guaranteed. And since the blockchain cannot be manipulated by any fake parties, consumers will have the peace of mind to purchase verified fashion wears that paired with NFT twins.
Let us also look at another industry that is already loosing the war against counterfeits and how they will benefit from the use of NFT's. - Medicine.
Counterfeits in Medicine - the problem
Counterfeit medicine and medical equipment continues to kill more people than some illnesses. This is more of a problem in developing countries where fake drugs are produced in unhealthy environment and sold as original. The gross consequences of consuming fake medicine cannot be over-emphasized. It has and can lead to organ failures, deformations, allergic reactions, and in the worst cases - death.
Health expects, drug manufacturers and distributors continue to implement various ways of tracking counterfeit drugs. The more they try, the more these fake drugs enter the system and cause damages. Is there not an effective way to fight counterfeit drugs and ensure the availability of only original health products for patients? The universal solution could be in form of NFT. Lets see how that will solve the problem of counterfeit drugs.
Counterfeits in Medicine - the NFT solution
NFTs will be the ultimate solution to counterfeit medicine. Each batch of drugs will be have an NFT clone or copy attached to it. The nature, production process, active ingredients, production and expiry dates, and other relevant information about each drug will be permanently stored on the blockchain through the drug NFT. Healthcare experts should be able to verify each drug before administration. Using the drug NFT, they will authenticate that the drug is coming from the original manufacturers and has not been compromised.
Patients will also have access to each drug NFT so as to also independently verify that they are genuine before consumption. Since the blockchain is free, fast and immutable, all information about each drug stored in the NFT can be trusted.
Drug NFT twins will be the best and universal way to fight counterfeit drugs, since the blockchain is tamper-proof. There will be no fears as to the possibility of any of the players - like drug distributors - doing foul play along the way. Once all the necessary information about each drug is stored on the NFT and can be verified, counterfeit medicine will be reduced to the barest minimum, if not eliminated.
Conclusion
The fashion industry and Medicine are no strangers to counterfeiting. The cost of such fraud runs into millions of dollars for the original brands. The blockchain solution in form of NFTs will be a welcome development to ensure that both fashion accessories and medicine are from the original manufacturers.
Since we have seen that NFTs are not just for art, it is left for all parties in the fashion and medical fields to tap into this blockchain solution, and fight counterfeiting in their sectors - once and for all.