Multiple research have shown that counterfeits are posing great threat to individuals, companies, industries and even countries. With the technology advancement of the internet, the negative effect has now been magnified and cause a larger scale of damage. Most brands choose to invest a large amount of money into implementing NFC or RFID technologies into their products, but the result were still limited and the costs still high.
simplyBrand has the solution to this problem. We aim to establish a platform with built-in AI model and machine learning technology to identify counterfeits. Crowd-sourced participants will be incentivized to assist in verifying the unidentifiable items throughout the whole process. The information of the counterfeiters will then be published on the blockchain, which is immutable and totally public for everybody to read. In addition, two major functions will be released along the way and will result in more parties joining the platform to complete the goal of evolving the platform into a self-governed ecosystem. By combining these cutting-edge technologies, and also designing mechanisms to govern the platform by itself, our solution would be able to solve this problem at a larger scale and high effectiveness.
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