While applications of blockchain are wide and varied, one of the most interesting ones is its use in the supply chain as well as they used in the authentication of physical goods. Because blockchain creates an irrefutable transaction ledger, it has been applied in a number of industries to ensure the authenticity of physical products. This includes universities and various academic institutions issuing their certificate via blockchain and also with sports merchandising which helps to prevent the prevalence of counterfeit goods in the market and it seems this is been applied in other sectors.
It seems blockchain will now be applied to online shopping as the “Real Items Foundation” is reportedly testing is Shopify plug-in which will use blockchain to authenticate goods that are bought online.
Online Shopping Made Authentic
The plug-in in question makes use of blockchain technology to create nonfungible tokens that can be scanned by consumers to ensure that the item they have purchased is authentic. According to the CEO, a number of firms including wellness, cosmetic and fitness firms are already beta testing the plug-in and the official plug-in will be released by the end of the first quarter of 2020.
According to him, shoppers will not need to download any additional apps to verify products bought on Shopify stores and this will greatly improve the user experience and provide what he calls consumer protection 3.0.
“We are trying to push consumer protection 3.0 by putting the tools in the end consumers’ hands. There are no apps to download – consumers simply use their smartphones to scan a QR-code to verify the authenticity of an item. Consumers can also use WeChat to scan items to ensure that they are real,” he said.
Shopify is home to over 500,000 stores but it is estimated that 753 stores are selling fake products and the use of this plug-in will help in combating the menace of counterfeit goods that will not only benefit the consumers but also the producers of authentic good as they will not have to compete with cheaply made counterfeit versions of their products.