Komposite Unveils Blockchain to Resolve Counterfeit Issues
Komposite has rolled out a blockchain powered platform to resolve the counterfeit issue that creates a lot of issues, in addition to revenue losses for brands across the globe. The blockchain driven platform guarantees original goods through the use of blockchain and triple scanning technique incorporated into its products, making it difficult to create products imitating global brands.
Due to knockoffs, counterfeiting has turned out to be one of the largest illegal industries in all parts of the world. Internationally , counterfeiting impacts markets worth $1.8 trillion, indicating that it is the most prevalent offense. The Komposite blockchain technology offers an answer solution to this issue. Due to the rising level of top notch technology used by criminals, technical innovations are required to resolve the problem. From the financial sector to the food and beverage industry, blockchain based platform has a significant influence on the global economy. With the launch of Komposite, it may play a significant part in resolving the counterfeiting problem, which turns away revenues and damages earnings for investors and also popular brands.
Komsposite, which was set up by Noam Krasniansky, is likewise redefining the manner in which product originality may be validated. This latest blockchain powered platform enables companies to connect their goods to virtual NFTs (non-fungible tokens), providing them with a distinct electronic fingerprint and an irreversible security connection.
Consequently, a product turns out to be uncopyable, offering global enterprises with long-term confidence and safety, ensuring product originality to end consumers, and generating additional cash flows from unexplored secondary markets. Only when creator created Ooonimals, an Oooniverse where physical items are connected to digital NFTs, the notion for this system was conceived. As a consequence of understanding the concept’s likely capabilities, the system was further improved as a real-world anti-counterfeiting tool for all product companies.
The Komposite blockchain features four distinct kind of nodes. In each node, stakeholders are symbolized with their own unique manner of engagement and depiction. Firstly, the Trusted Verifier Node (TVN) was created for businesses to join the blockchain. And that is the manner they decentralize ownership over their goods. The following two nodes, Clerk Node and Verifier Node, are responsible for arranging, coordinating, and confirming network activities. The User Node is the gateway via which typical network clients will engage with the system.
The new approach of the Komposite blockchain, which transitions from slow, limited-volume, costly networks to high-volume, increased speed, low-cost trades, physical-world brands can define effective proof of ownership, validity, and control through the use of distinct security ties that generate a digital connection between customers and brands.
As an influential tool for exposing counterfeit firms answerable, Komposite wants to bring equilibrium to the retail industry.