Imagine a supply chain system that has hundreds upon hundreds of products passing along it every single day. It would take a significant amount of manual effort in order to ensure that each of them is genuine, and that none of them have been tampered with along the way.
It has therefore become essential to set up an efficient system to trace and authenticate products from the source to the shelf.
Understanding the effects of poor product security
Customers deserve to get exactly what they pay for; counterfeit products not only cause huge drains in money, but can often threaten the end user’s health and safety as well.
More often than not, product security issues in the FMCG and alcohol industries turn out to be quite fatal for customers. On the other hand, similar issues in the luxury and electronic goods industries result in massive monetary losses for both brands and customers.
Moreover, not being able to handle these product security issues is an embarrassment for businesses, and it usually becomes a serious blow against brand value and reputation. After all, most customers think it is the responsibility of brands to handle the security of their products.
Exploring alternate product security measures
We live in a time when the virtual world is almost as, if not more, important than the real one. Therefore, it is only natural to assume that adopting digital product security measures is the best way to address the most prominent flaws in the manual methods. For instance, what if we could manage each product without the need to use excessive manpower, time or money?
This is where non-fungible tokens come in.
Upgrading product security systems with NFTs
Anyone who is even remotely familiar with the blockchain space must have heard of non-fungible tokens (NFTs). While they are popularly used to represent famous artworks, videos, images, and so on, they are now transforming existing product security systems for the better.
For instance, the Authlink platform enables brands to create verifiable and traceable NFTs for each of their physical products, thereby ensuring data security and privacy from start to finish.
The following are the major ways in which NFTs revolutionize product security through the Authlink platform:
1. Ensures end-to-end traceability of each product along the supply chain:
Using NFTs, physical product provenance becomes easily trackable across the supply chain system for both brands and customers. This helps businesses keep an eye on their products better, while it provides reassurance to customers that their purchases are actually genuine.
2. Promotes cost and time efficiency while authenticating each product:
Manual product authentication methods consume a lot of time and money, even though in the end most of them turn out to be not that effective. However, making the digital switch using NFTs is a great way for businesses to save time and money while ensuring maximum efficiency in securing their products. For example, it is quite simple and inexpensive for customers to authenticate product NFTs on Authlink’s verification terminal.
3. Automates major security systems to bring down manpower requirements:
Security features like digital signature and digital fingerprinting are easy to use on the Authlink platform, and they simplify and automate the entire product data authentication process. Each NFT that is created on the platform is verified using such strong security features. They also ensure that the data is in complete control of the brand, leaving no room for data leaks or privacy breaches.
4. Cryptographically secures valuable data from malicious external threats:
All the product data uploaded into the Authlink gets irrefutable recorded under the unique digital assets. They cannot be tampered with or manipulated at any point; even the platform cannot intrude on business data records in any manner. Data that has been cryptographically secured is safe from both internal and external threats.
Adopting digital data security measures with Authlink
Ensuring product security is simple, convenient and effective on the Authlink platform. Apart from NFT-based services, the platform also provides detailed analytics that help brands strengthen their anti-counterfeiting solutions.