While the blight of counterfeit products is certainly not new, the onslaught of fake products in recent years is staggering in scale. It seems no supply chain is impermeable. Military aircraft and missile systems have been affected. Wine, milk, clothing, and so many other items are also under attack.
There is clear evidence that we should take further care to ensure the food we consume is from reliable sources and contains safe ingredients.
The most startling fact though is Interpol’s estimate that around 1 million people a year die from fake pharmaceuticals.
The problem of supply chain penetration and corruption is well known and the risks are clear. Many companies have seen value torn from their brands due to consumer uncertainty about the quality or reliability of their product. It is a particularly harsh blow when the questionable product may actually have been counterfeit goods posing as your product.
It is hard to measure the total losses that result from fake products. Havocscope, a website for global black market information has estimated that counterfeit goods could cost the United States $US225 billion and that Australia’s loss is $US2.8 billion.
There is also a problem with fake alcohol being sold in the U.K. The links between transnational organised crime, money laundering and counterfeit goods is well recognised by law enforcement.
The UNDOC has estimated that counterfeit sales worldwide are in excess of $250 billion per year. The range of products that are affected is startling.
TBSx3 can help defeat those threats through our “three layers of protection”.
The TBSx3 system will combine the use of military grade encryption with the special capabilities of blockchain technology to verify the unique identity of a particular bottle, packet, can or any other item. The third layer will be sophisticated logistics tracking backed by artificial intelligence that learns to monitor supply chain movements and to detect anomalies.
Brands, distributors and consumers will be given peace of mind because the movement of genuine items can be recorded, tracked, monitored and proven. The TBSx3 system will enable confidence and peace of mind can be restored to our supply chains.