The world is facing something of a counterfeit crisis but the ability to track the legitimacy of goods through Manufact and the BSV blockchain (BSV) is a game changer, says Ali Beydoun, Founder and CEO of Manufact.
‘Manufact is the new way of confirming trust within the luxury goods market. What we’ve studied in the last few years is that many industries have more than 90% counterfeit products within the market,’ he said.
‘So as an initiative to restore customer trust and restore company reputation we decided to combine BSV blockchain with existing technologies such as RFID and NFC to create traceability.’
Why Manufact chose BSV as blockchain infrastructure
Beydoun added that the BSV is fundamental to Manufact’s product offering, by acting as a fast and secure repository for data.
‘BSV integrates into our system through the collection of data. We push it into the blockchain where it is stored and we review the processes of companies which we tap into and enhance – we don’t try to change anything.’
‘We build our processes on top of theirs, so they can push their own data. By the time it gets to the consumer, there is a clear track history of where it started and where it ended. It is because of BSV we can scale that to millions and millions of products for a very cheap fee.’
Beydoun provided the example of the luxury perfume market, a niche sector with production overseen by just a few fashion houses. These perfumes are prime targets as counterfeiters and thieves tamper with bottles or just outright replace them.
He added that the technology also works with other consumer goods and products, with some companies already using blockchain technology to source and track fish around the world.
Keep an open mind about blockchain
While the transport and logistics sector has existed for centuries, Beydoun said it is important for businesses to be open to new technologies such as blockchain and see how they can be beneficial to their operations.
‘Keep an open mind first and foremost about blockchain. I know there’s a bit of a buzz happening where we’re falling between new generations. One that is old school in their way of thinking, and then you have the new age coming through and they speak about blockchain.’
‘I advise using BSV because it is quite a scalable product. If we had Samsung and Sony Ericsson creating the same exact phone and Samsung has the power to buy parts for a really low cost, and their phone will be much cheaper on the market, people will tend to go to the one that sells for cheaper and gives them the same value. That’s what BSV does.’