Fake Product Restriction using BlockChain

Abstract

Recently, blockchain has become more popular as it fosters trust between untrusting participants. This paper uses blockchain technology to combat the sale of counterfeit products. In today’s global marketplace, fake goods detection is a problem that is becoming more and more significant. The growth of fake products can harm consumers, cause brand reputation damage, and cost real firms money. The usage of blockchain technology is one potential fix for this issue. Blockchain is a distributed ledger technology that makes it possible to trace transactions securely and openly. Blockchain can aid in preventing the creation and sale of counterfeit goods by creating an unchangeable and impenetrable record of the supply chain. Smart contracts can be used in this situation to automate the verification process and make sure that only genuine goods are sold through legitimate channels. This essay will examine the drawbacks and potential advantages of using blockchain technology to identify counterfeit goods.