Counterfeiting has become a matter of concern for all businesses globally. Industry world-wide loses billions of dollars every year. First of all, industries which find themselves in direct competition with counterfeiters suffer a direct loss in sales. Indeed, some markets are even dominated by counterfeiters, creating barriers of entry for the producers of the genuine product.
Damage from Counterfeiting:
- Poor product quality.
- Deterioration of the brand.
- Concern for consumer safety.
- Decrease in company’s revenue.
Frontier Economic reports that the total global economic value of counterfeit and pirated goods worth as much as $653.77 Billion in 2016 and accounts for up to 7% of the global world trade annually. The report estimates that these costs could reach $4.2 trillion by 2022.
The worldwide losses to counterfeiting, based upon the most counterfeit products in 88 countries, calculates:
- Counterfeit Toys — $34 Billion.
- Fake Shoes — $12 Billion.
- Counterfeit Clothing — $12 Billion.
- Counterfeit Sporting Goods — $6.5 Billion.
- Counterfeit Cosmetics — $3 Billion.
- Counterfeit Watches — $1 Billion.
Counterfeits not only costs millions of dollars and jobs to industries, but they also pose a threat to consumers who, in some cases, don’t even know they’re buying fake products. By taking advantage of the fidelity people show towards brands, counterfeiters put profit over safety and sell potentially dangerous items — buying such items clearly poses a health risk.
How we can protect ourselves from counterfeit?
Labels and holograms do not work because they can be faked the same way the goods are. If there anything in the world that cannot be replicated? Something like your fingerprint? Yes, there is! The cracks of the glass are unique and non-reprodusible.
Solution that will commit counterfeiting
To protect the global market from the forgery and counterfeit we have invented and patented UATAG (unique authentication tag) - solution for product originality verification and counterfeit protection based on a two-level authentication technology:
- Physical — the uniqueness of the broken glass cracks, that play the role of product fingerprint. There no two identical glass patterns just like here are no two identical fingerprints in the world. It cannot be replicated by anyone, even by UATAG.
- Digital — blockchain technology. Blockchain provides the most stable digital registry, reliable data synchronization and protection against substitution of data.
UATAG innovation is used to secure, trace and prove the authenticity of products and packaging at premium, super premium and ultrahigh-end segment worldwide, including:
- Luxury Goods: Clothing, Shoes, Accessories, Jewelry, Watches, Cosmetics and Fragrances.
- Art: Paintings, Museum values.
We strongly believe that our invention can revolutionize the market completely and allow the companies to protect their brand, products, and customers using our unique authentication technology.