If we just consider the FMCG sector a total of Rs. 1 Trillion Rupees was lost to the company in the current financial year i.e 2019. It’s increasing every day. It’s just not a revenue loss for the company but also a money loss for the Consumer. This application of blockchain can eliminate duplicate products from the market.
If we compare all the sectors the loss is much much more than 100 Billion USD. The Logo, The Hallmark are all very traditional ways to ensure that the product is genuine. Before we discuss any further let’s try to understand the key properties of Blockchain. if you want to learn more about blockchain please refer to this link what is blockchain?
Key Benefits of Blockchain Application
- Keeps immutable records of Transactions
- Keeps records of Ownership of Digital assets or records
- It’s Public
- A record can never be modified the only owner can transfer the records
How Blockchain can help to remove duplicate products
For a Video explanation of how blockchain can prevent duplicate products please check out the below video.
The below step will explain to you, how easily the application of Blockchain can remove duplicate products from every sector. This will help businesses as well as consumers. The consumer will get value for money and businesses will spend more and more on research to produce quality goods for consumers.
- Whenever a product is created, we will create a record in Blockchain Every company, I mean only companies, will have access to create the product on the application of blockchain. Once the product is created it can only be modified by the creator of the product. Now the product will be shipped to the Distributor. As soon the product is shipped its ownership in the blockchain network will be transferred. Now even the creator of the product i.e companies cannot manufacture the product.
- Transfer the Records to the Distributor and then to retailers The manufacturer will transfer the product to the distributor when the product is shipped. When the distributor ships the product to a retailer, the ownership of the tire is transferred to the retailer.
- When User Purchases the Product, he will scan the product in Blockchain App When a user goes to purchase the tire, he will scan the id of the product and the blockchain application will tell him the product is original. It will confirm that the product is coming to the right owner. If the retailer is selling a duplicate product, the blockchain application will show that the product was never manufactured. It may say that the product was already sold. whatever the reason you will be saved.
Well, this was the simple application of Blockchain. With this concept implemented rightfully after taking out all stakeholders into confidence, we can change the world.
If you want to develop this application, you can contact the Techaroha team for blockchain application development.