IBM is turning to the blockchain to try and aid with reducing bicycle theft
“The Blockchain network can represent a search engine, where users can register their property and report loss or theft. Then, on the other hand, users can also verify the ownership status of items,” said Mourad
The blockchain thus offers irrefutable proof that an individual owns a particular good, but it also allows that good to be registered immutably as genuine. Fraud is a huge concern in all sectors dealing with expensive and luxury goods. “Besides the damages incurred through counterfeit-related loss in general, damages caused through image loss need to be urgently considered, as the number of customers that reject such brands is substantial. From our point of view, many industries have been addressing the issue of counterfeiting at the wrong end, as we see little use of available technologies integrated into products.”
The same sort of use case can be utilized for protection of counterfeit goods once the blockchain is introduced. That ledger can transparently make available the true nature of high end, often counterfeited, luxury goods.When the likes of IBM and other significant players start getting involved in the technology and can put forward small, but valuable uses cases, such as the bike blockchain, it begins to put things into motion for more prominent potential uses.
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