In a world of interconnected supply chains, products often journey through numerous hands and cross borders before reaching their final destination. Throughout this intricate network, counterfeit goods can infiltrate at any given stage. This issue of fraud and counterfeiting is significantly draining our economy, permeating sectors such as pharmaceuticals, consumer packaged goods, automobile parts, and alcohol, among others.
Shocking statistics have drawn attention to this surreptitious menace firmly entrenched within our economic system. Remarkably, the value of counterfeit and pirated products in international trade has surged by over 80% in merely a decade. Predictions suggest that by 2022, counterfeit goods could siphon $4.2 trillion from the global economy, jeopardizing 5.4 million jobs.
Counterfeiters often find it relatively simple to replicate traditional packaging and barcodes, creating convincing enough duplicates to deceive unsuspecting customers. This practice results in staggering financial losses across industries and funnels funds toward criminal enterprises.
Counterfeiters exploit the fruits of inexpensive replication, conveniently sidestepping the legitimate expenses businesses incur, such as investment in intellectual property rights and product development costs, which often include consumer health and safety considerations.
Counterfeit products undermine the value of brands by flooding the market with subpar goods under the guise of reputable brand names. Brand owners face the daunting task of tracking and mitigating these counterfeits from the global market, a task made even more challenging as they also need to deter future incidents. Governmental organizations and business owners have long collaborated in the battle against counterfeit goods, with intelligent technology integrated into packaging emerging as a crucial tool.
Basiq360’s Production Authentication system offers a substantial defense line in this battle, providing robust anti-counterfeiting packaging solutions. As a result, the demand for this kind of protective packaging is soaring, ensuring the authenticity of products from manufacturers to consumers. The protective packaging developed by Basiq360 employs various technologies such as security inks and coatings, security printing and graphics, RFID tags, holograms and QR codes, mass encoding, and other measures like electromagnetic and surveillance technologies.
Basiq360’s system provides serialized holograms within systems that blend authentication with traceability, creating track-and-trace systems. These systems marry on-pack security devices with database management and field-tracking services. Thus, the system effectively records a product’s journey, giving transparent information about its history and intended destination. This capability has become critical for many companies’ production and logistics operations, particularly when mandated to identify a product’s origin and history.
Basiq360’s Production Authentication system provides each product SKU with a unique QR code. The system generates these codes using a sophisticated algorithm, resulting in random, unpredictable, and non-duplicable codes. Customers or supply chain participants can verify units by scanning the code with a smartphone.
The system instantly provides details about the product upon the query. It can also track & trace the supply chain, act as a platform for promotion and advertising, and offer analytics and reporting capabilities for market/consumer analysis.
The pervasive menace of counterfeiting demands urgent attention and action. While it’s near-impossible to eliminate product counterfeiting, implementing innovative technologies like Basiq360’s Production Authentication system can significantly curb the proliferation of counterfeits in the market.