Komposite, a creative products development company, founded by Noam Krasniansky has launched a new blockchain technology that, it claims, will solve the counterfeit problem that challenges brands worldwide.
The platform connects real products using blockchain technology and triple scanning technology embedded into products, making it impossible to counterfeit them, it says.
With counterfeiting affecting $1.8 trillion worth of goods in the global marketplace every year and counterfeiters becoming increasingly sophisticated, Komposite believes only technologically advanced solutions are able to address this problem.
Blockchain technology is having a profound impact on how the world operates, from finance to food and beverage. Komposite’s blockchain can play an important role in overcoming the counterfeit issue that diverts revenues and destroys profits for stakeholders and brands, according to the company.
The company says it is changing how product authenticity can be fortified. This new blockchain network allows brands to link their products to digital NFTs (Non Fungible Tokens), giving them a unique digital fingerprint married to an immutable security link.
As a result, a product becomes uncopyable, giving long-term assurance and security to global businesses while assuring product authenticity to end users and providing secondary revenue streams from untapped secondary markets.
The platform’s concept was born when the founder developed Ooonimals, which started as a game for children and then grew into a vision for a new type of technology. In the game’s Oooniverse real-world collectibles are linked to digital NFTs. As a result of realizing the potential of the concept, it was further developed as a real-world solution to combat counterfeiting for every product.
Komposite blockchain has four types of nodes. Stakeholders are represented in every node, offering their own specialized method of representation and interaction. Firstly, the Trusted Verifier Node (TVN) was designed for companies to become part of the blockchain.
This is how they control their product in a decentralized manner. The next two nodes, Clerk Node and Verifier Node work in organizing, directing and verifying transactions for the network. Finally, the User Node interfaces with regular users who can interact with the network.
The company believes the platform shifts slow, low-volume, expensive networks to high-volume, high-velocity inexpensive transactions. So real-world brands can establish clear proof of ownership, authenticity and control by using unique security links that create a digital bridge between customer and brands.
This article was created in collaboration with AIPIA (the Active and Intelligent Packaging Industry Association). Packaging Europe and AIPIA are joining forces to bring news and commentary about the active and intelligent packaging landscape to a larger audience. To learn more about this partnership, click here.