Did you know that 1 out of 3 digital shoppers get a fake product when they make their online purchases?
While the internet allows us to be connected across the globe encouraging interaction, business and communication, it also leaves users open to bad actors such as scammers and counterfeiters. Many big firms such as Amazon take actions like filing legal cases, delisting or blocking sellers who sell fake goods but these are mostly medicine after death as they only happen AFTER a scammed victim has reported the incident and in most cases it is already too late to recover their funds.
THE BLOCKCHAIN OFFERS A SOLUTION
If there is one thing the blockchain can do excellently, it's keeping records. SimplyBrand is an anti-counterfeit project that aims to use the immutable recording capability of the blockchain in conjunction with innovative machine learning and artificial intelligence to develop a system that can instantly identify the status of a product (REAL/original or FAKE/counterfeit).
The project is open to contributors and this helps to build up a robust database that the AI can efficiently use for its purpose. Contributors will receive token rewards as incentive for their submissions thus encouraging a community focused on stopping counterfeiters.
HOW DOES SIMPLYBRAND BENEFIT THE WORLD?
- SimplyBrand will help name-brand companies reduce losses to counterfeit products. Over $461 billion has been lost to counterfeit goods replacing real ones in the market.
- SimplyBrand will help buyers avoid the mistake of purchasing fake goods or losing their monies to scammers.
- SimplyBrand will reward contributors that aid in combating the proliferation of counterfeit goods. There are three ways people can contribute.
1. Verification - Users can verify the authenticity of a product (real or fake) and get rewarded if they are correct(if it matches the decision of the general consensus).
2. Reporting Links - Users can report the links/webpages of sellers pushing fake goods. This allows agencies, authorities or SImplyBrand to effectively block them.
3. Information - Users who have purchased fake goods can share the details of the trade, picture of fake goods and the receipt of payment with SimplyBrand to add to the database. They will be rewarded for the information.
- SImplyBrand will be very helpful to law enforcement as its database and community-contributed information will come in handy when tracking down fake products and their origins. The Agencies themselves also earn token rewards when they share their information or details of tracking down counterfeiters with SimplyBrand.
HOW DOES SIMPLYBRAND WORK?
SimplyBrand follows a simple methodology to combat counterfeit goods.
1. IDENTIFYING THE PRODUCTS - On the SimplyBrand platform, e-commerce websites and online shops will be assessed and scrutinized. Details and specific features of authentic goods will be noted and recorded on the blockchain.
2. VERIFICATION AND VALIDATION OF DATA - Contributions from users to the SImplyBrand database will be processed through the AI system, Natural Language Processing, Semantic Analysis, Image Recognition technology and Human Layer”
3. EFFECTIVE RESPONSE - In collaboration with law-enforcement agencies, SimplyBrand aims to take action against counterfeiters and remove their channels of operation (eg websites, links). Using validated data, SImplyBrand will be able to help agencies track down the sources of fake goods and stop them from destroying the market. SimplyBrand will also reward all whose contributions helped to checkmate these bad actors.
SIMPLYBRAND IS RUNNING AN ICO
SimplyBrand is already live and in the process of running its ICO. The ICO will run till March 23 and there will be bonuses for early investors. A project like this will require substantial resources but its results will most likely justify the expenditure.
BE A PART OF THE SIMPLYBRAND ICO
You can visit the SimplyBrand Website here
You can download and read the SimplyBrand Whitepaper here
Reach them on Social Media!
SimplyBrand Facebook | SimplyBrand Twitter | SimplyBrand Telegram | SimplyBrand Youtube | SimplyBrand Medium
DISCLAIMER
The information contained within this post is not to be taken as financial advice. I am not a financial advisor and none of your investment decisions should be carried out based on any information presented here. Please do you own research before investing in cryptocurrencies or any digital asset. You can lose all of your money by investing wrongly. The information presented in this article is for educational and entertainment purposes only.